Pethokoukis, Economics, U.S. Economy

There are still 4 million fewer full-time jobs in America than before the Great Recession

020714jobs1

I will write up the January jobs report — lousy (establishment survey), pretty good (household survey) —  later, but I wanted to toss something out there. The recent CBO report on the labor market effects of Obamacare has raised the general issue of whether the US is moving away from work.

Here is a stat, reflected in the above chart, to think about: Before the Great Recession, there were 122 million full-time jobs in America. Now 4 1/2 years after its end, there are still just 118 million full-time jobs in America despite a labor force that is 1.6 million larger and a nonjailed, nonmilitary adult working-age population that is 14 million larger.

Follow James Pethokoukis on Twitter at @JimPethokoukis, and AEIdeas at @AEIdeas.

6 thoughts on “There are still 4 million fewer full-time jobs in America than before the Great Recession

  1. Adding more cheap labor through central american immigration only solution imho / Boner’d

    Before the great recession we were in a massive credit bubble with resources poorly allocated as a result.

    That bubble inflated (heh) your “equilibrium” number. Who knows what the right number for basis should be, but it damn sure isn’t 122M.

  2. Excellent blogging. We see PCE deflator under 1 percent and falling and stagnant job creation. The answer? The Fed says “taper.”

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