The new unemployment numbers are in - and the overall picture has not changed much. Unemployment is still at 9.6% and underemployment is at 17%. While the economy added jobs, it did not do enough to close the gap between its current state and full employment. For that we need more growth, and more jobs. The hard part, beyond the current numbers, is how long it will take the economy to get back to full employment. The Brookings Institution has a good report on the effects of long-term unemployment, which contained this graph showing how long it would take the economy to return to full employment based on the number of jobs created every month. For reference, only 151,000 Jobs were created in October (its not even on the chart!).
No comments:
Post a Comment