After six years, the US economy got its jobs back

June 6, 2014

“The scariest jobs chart ever”, which Bill McBride at Calculated Risk has been updating month by month for years, is finally ready to be retired.

That’s right — with the 217,000 jobs added in May, the US economy is finally, finally back to the pre-recession employment level.

Screen Shot 2014-06-06 at 11.30.08 AM.png

And yet, while US employment is technically at an all-time high, we’re still behind. While the US now has more jobs than before the recession, the population has grown a lot in the last six years, and the labor force participation rate is the lowest it has been since 1978.

Breathe a sigh of relief at this milestone, but know we still have a long way to go.

Comments

Obama was right. The plan worked. Deal with it.

Posted by AlkalineState | Report as abusive
 

No thanks to Republican obstructionism

Posted by bucklj | Report as abusive
 

Shane,
Your headline creates the impression that it is mission accomplished. Since most will never read your comment after a quick look at the chart, your suggestion that there is still a lot to get done will be lost. This is a real shame.
What’s worse is that the data only describes a part of the reality. What’s hidden is the fact that no one knows how well do “new” jobs compare to “old” ones and how much more labor years will Babyboomers require before retirement. The answers to these issues will determine the amount of effort needed to restore the labor market. Unfortunately, I am not convinced a single economist has a handle of such answers. When economists suggest that participation is lower due to retiring boomers, yet data shows that it is the twenty year olds who are not participating; it is evident that something is amiss.
In my opinion, Boomers are broke. Before retiring, they will need to continue to earn an income for many more years. As a result, they are taking anything they can since good jobs requiring experience are MIA. By taking low quality part time jobs, they are in effect pushing young workers out of job opportunities.
If my thesis is true, then the nice chart shown above is totally misplaced; as it does not depict the dire position of both Boomers and twenty-somethings.

Posted by JustProduce | Report as abusive
 

Finally an article that communicates facts in perspective, with only a hint of adolesence. Thank you.

Posted by ANZUS | Report as abusive
 

That only cost 30 trillion more in global debt, 21 trillion in corporate debt, and 12 trillion in published and unpublished money printing. Just to name a few indicators but not all.

I wonder how much the next cycle of central bank boom and bust will cost and how large that arch will be?

Posted by Bmwmc | Report as abusive
 

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