1. Note that HPS puts the demographically-adjusted unemployment rate at 9.7%. The way I calculate it, the rate could be anywhere between 9.2% and 10.4%, roughly. So 9.7% is nice ballpark figure
2. Also, HPS puts at 4.2 million the number of jobs needed to get back to the pre-recession peak. But that doesn’t catch us back up to trend. For that, we need around 13 million new private sector jobs.