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America's jobs gap: 9 million (And climbing now)
CNN Money ^ | November 9,2012 | Tami Luhby

Posted on 11/09/2012 2:33:04 PM PST by Hojczyk

America has added 5 million jobs since February 2010, when employment hit its Great Recession low. But the nation still needs to add another 9 million jobs just to get back to pre-recession unemployment levels, according to data crunched by the Economic Policy Institute.

While that is a pretty big number, the jobs gap is starting to shrink as the economy picks up steam. A year ago, the deficit was 10.3 million jobs. And in September 2010, it was 11.3 million.

"We've reduced the gap, but it's still massive," said Heidi Shierholz, an economist at the left-leaning Economic Policy Institute.

The improvements in the economy shouldn't mask the continued weakness of the labor market, Shierholz said.

There is still a lack of demand for workers, with 3.8 million fewer jobs in the labor market now than before the recession. On top of that, the labor market should also have added another 5.2 million jobs by now just to keep up with the growth in the working-age population over the past five years, Shierholz said.

To eliminate the jobs deficit over the next three years, the economy would have to add 330,000 jobs a month -- twice the rate it is today. At the current pace, it would take until mid-2020 to get back to an unemployment rate of 5%, which is where it was in December 2007. The unemployment rate was 7.9% last month.

"Let's not forget how far we have to go," she said. "We're in a big hole."

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Business/Economy; Crime/Corruption; News/Current Events
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1 posted on 11/09/2012 2:33:07 PM PST by Hojczyk
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To: Hojczyk

One of the big issues I wonder is simply, what’s the net gain? Or the net loss? Over the course of the past month? Past Years? I say this because net changes speak more than weekly or monthly claims of rising employment.


2 posted on 11/09/2012 2:35:53 PM PST by Morpheus2009
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To: Hojczyk

Four years from now those figures will seem like the “good old days.”


3 posted on 11/09/2012 2:37:16 PM PST by Huskrrrr
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To: Hojczyk

Whats with the media and all they job reports all of a sudden? I thought that the economy was in recovery with last Friday’s job report??


4 posted on 11/09/2012 2:44:33 PM PST by snarkytart
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To: All

check out

http://www.dailyjobcuts.com


5 posted on 11/09/2012 2:47:01 PM PST by CharlotteVRWC
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To: Hojczyk

Hey CNN, that can’t be true. 9 million jobs? Wasn’t that guy who you continuously called a “liar” and “who’se numbers don’t add up”, Mitt Romney, saying the 9 million jobs figure throughout the campaign? Guess he wasn’t a “liar” after November 6th....


6 posted on 11/09/2012 4:09:23 PM PST by FURINOS1978
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To: Hojczyk

Total BS.

See the following link - the blue line is reality:

http://www.shadowstats.com/alternate_data/unemployment-charts

The lies worked.


7 posted on 11/09/2012 4:14:46 PM PST by paulk
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To: Hojczyk

Why would an economist at a “left-leaning” institution worry about jobs?

In the Baraqqi new normal” world it’s all about the free government benefits.


8 posted on 11/09/2012 4:18:30 PM PST by nascarnation (Baraq's bankruptcy: 2016)
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To: Hojczyk

If we were having a recovery, it probably peaked in October.


9 posted on 11/10/2012 12:20:47 AM PST by clearcarbon
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