The payroll gains in March were good. But we’d need eight years of consistent monthly gains just like that — taking us to the year 2019 — to bring the economy back to full employment.
The labor market lost almost 8.8 million jobs from the peak for payrolls in January 2008 (138 million payroll jobs, when the unemployment rate was 5%) to the trough in February 2010 (129.2 million). Since then, the U.S. has added 1.5 million jobs.
If the March gain of 216,000 jobs were to continue, payrolls would return to their peak in 34 months — early 2014.
Have you seen ”the chart,” lately?
What is striking is how the data is following the shape of the “no recovery plan” curve.
It’s like the job market is following its own natural recovery trajectory, regardless of the stimulus money spent in such a pointless and profligate fashion.
Just like Obama projected might happen if the entire stimulus plan hadn’t been voted in and spent (squandered).
@NanG
Don’t you mean the stimulus money that Pelosi/Reid/Obama spent in giving their liberal campaign backers their kickback for getting them elected?