Pethokoukis, Economics, U.S. Economy

America’s 8 million missing jobs –in one chart

122013epi

From the Economic Policy Institute:

In November 2013, the labor market had 1.3 million fewer jobs than when the recession began in December 2007. Further, because the potential labor force grows every month, the economy would have had to add 6.6 million jobs just to preserve the labor market health that prevailed in December 2007. Counting jobs lost plus jobs that should have been gained to absorb potential new labor market entrants, the U.S. economy had a jobs shortfall of 7.9 million in November 2013.

 

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3 thoughts on “America’s 8 million missing jobs –in one chart

  1. The jobs gap isn’t as large as portrayed by EPI. The EPI potential labor force increase is ~0.8%-points per year (6.6 million divided by 6 years divided by a base of 138 million).

    Population growth is only ~0.7%-points per year and there are more boomers turning 65 than teenagers hitting age 16.

    The potential labor force increase is probably only 0.5%-points per year or a total of jobs not gained of 4 million through the end of 2013. So it will take ~3 more years to close the job gap at the current rate (2.2 million per year) of job creation.

  2. Employment ..
    Jan., 2008 138.056 million, Population 303.8 million ….
    Nov., 2013 136.765 million, Population 317.2 million ….

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