Friday, May 06, 2011

Chart of the day: job loss in America

Note on this chart at the source: Horizontal axis shows months. Vertical axis shows the ratio of that month’s nonfarm payrolls to the nonfarm payrolls at the start of recession.

So, how many more jobs ought we to be adding?

There are 6,955,000 fewer nonfarm payroll jobs today than there were when the recession officially began in December 2007. If the pace of job growth from April (244,000 jobs added) continues each month going forward, it will take 29 months before we have the same number of jobs as we had when the recession began.
And we should have more jobs than we had before the recession began. After all, the population is growing, and more and more Americans reach working age each month.
What, me worry?

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