So how bad is the US job market?
The United States still has 866,000 fewer people employed today than when the recession started, but the working age population as grown by 14 million. That is a recovery? There is no comparable recovery. Since Obama became president there has been a 3.5 million increase in jobs but 12 million new working age people. In other words, that the increase in jobs equals only 29.2 percent the increase in the working age population. It gives an idea of how far we are losing ground.
Labels: unemployment
posted by John Lott at 1:13 AM
1 Comments:
Hi John,
Unless I am reading these incorrectly, BLS shows 945 thousand fewer employed today than in Dec/2007. More importantly, the Not in Labor force size has grown by 12 million!
Now the kicker. The working aged population has grown by 13.929 million. So for almost every single person reaching working age, someone has left the labor pool.
Dec/2007:
http://www.bls.gov/news.release/archives/empsit_01042008.pdf
Feb/2014:
http://www.bls.gov/web/empsit/cpseea01.htm
Working age population:
http://research.stlouisfed.org/fred2/graph/?s[1][id]=CNP16OV
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