Economist Michael Darda of MKM Partners:
The U.S. lost 8.87 million private sector jobs during the Great Recession; since job growth resumed in March 2010, 4.73 million private sector jobs have been created, just more than half of the job losses suffered. However, the level of private sector jobs remains 12.6 million below the pre-crisis trend. …. In other words, a trend growth recovery has succeeded in stabilizing broad measures of labor market health, but catch-up growth is required for meaningful improvement.
We are only getting trend jobs growth, just enough to deal with population growth –but not enough to close the jobs gap, as defined by Darda. We won’t fill the jobs gap unless we get much faster growth than the 1.5%-2% GDP rate we are growing at at right now.