The US labor market continues to meander along, adding 175,000 jobs last month. As JP Morgan notes, that February jobs gain essentially matches the six-month average gain of 177,000 and twelve-month average gain of 180,000. (And over the the past 12 months, the average gain is 189,000.)
But what kind of jobs are being created? There are still 4.1 million fewer full-time workers today than in November 2007, just before the Great Recession began. About 81% of workers are full-time now vs. 83% prerecession.
To push this further, the CBO says employment at the end of 2013 was about 6 million jobs short of where it would be if the unemployment rate had returned to its prerecession level “and if the participation rate had risen to the level it would have attained without the current cyclical weakness.”
So in terms of total, full-time positions, we are 7.7 million jobs short of where we would be if the labor market were fully recovered.
Two other quick job-market insights, these courtesy of the New America Foundation. First, real wage over the course of the recovery are flat:
Second, more than half of job creation has been in low-wage positions: