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kpete

(71,984 posts) Thu Jun 5, 2014, 09:28 AM Jun 2014

Expect more tumult about prisoner exchanges & Benghazi--U.S. soon to recover all jobs lost in crisis

'Set your sights on this number: 113,000.

That's how many jobs the U.S. economy needs to hit its break-even point, to finally recover all the jobs lost in the financial crisis.

Get ready, because we're about to get there this Friday.

That's when the U.S. Department of Labor will release its May jobs report, and the outlook is rosy. Economists surveyed by CNNMoney expect the U.S. economy added 200,000 jobs in May.

Meanwhile, a separate report released Wednesday by payroll processor ADP, shows the private sector added 179,000 jobs in May. While that report was weaker than economists' expected, it's still enough job growth to get us over the hump.

Breaking even is a key milestone, but was a long time coming. It took just two years to wipe out 8.7 million American jobs, but it took more than four years to recover them all, making this the longest jobs recovery on record since the Department of Labor started tracking the data in 1939.

MORE:
http://www.clickondetroit.com/money/U-S-soon-to-recover-all-jobs-lost-in-crisis/26320884

8 replies

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Expect more tumult about prisoner exchanges & Benghazi--U.S. soon to recover all jobs lost in crisis (Original Post) kpete Jun 2014 OP

in the face of the greatest obstruction in american history randys1 Jun 2014 #1

If not for the un-American, anti-worker, anti-middle class GOP slowing recovery... onehandle Jun 2014 #2

And they might actually have been good jobs, instead of what passes for a "job" these days. n/t winter is coming Jun 2014 #8

So how many jobs are we still behind? Erich Bloodaxe BSN Jun 2014 #3

LOL. Wrong graph? PSPS Jun 2014 #4

I thought we had already gotten there underpants Jun 2014 #5

Are those full-time jobs, or are part-time jobs counted in there as well? djean111 Jun 2014 #6

the only meaningful graph would be Wages returned over last 20 years. dixiegrrrrl Jun 2014 #7

randys1

(16,286 posts)

1. in the face of the greatest obstruction in american history

Reply to kpete (Original post)

Thu Jun 5, 2014, 09:30 AM

Jun 2014

Wow, maybe Obama is Superman

onehandle

(51,122 posts)

2. If not for the un-American, anti-worker, anti-middle class GOP slowing recovery...

Reply to kpete (Original post)

Thu Jun 5, 2014, 09:31 AM

Jun 2014

Those jobs would have been recovered years earlier.

winter is coming

(11,785 posts)

8. And they might actually have been good jobs, instead of what passes for a "job" these days. n/t

Reply to onehandle (Reply #2)

Thu Jun 5, 2014, 11:19 AM

Jun 2014

Erich Bloodaxe BSN

(14,733 posts)

3. So how many jobs are we still behind?

Reply to kpete (Original post)

Thu Jun 5, 2014, 09:42 AM

Jun 2014

Yes, we're back or about to be back where we were 7 years ago, but don't we need to add something like 150k jobs a month to keep pace with population growth? If so, we're still down 12.6 million jobs from where we actually need to be to have kept the percentage of the population working the same as it was 7 years ago, no?

(I'm not slamming the current administration here, btw, just pointing out that 'getting back to where we were most of a decade ago' is not the same as 'being where we need to be'.)

PSPS

(13,590 posts)

4. LOL. Wrong graph?

Reply to kpete (Original post)

Thu Jun 5, 2014, 09:50 AM

Jun 2014

I agree that the domestic/corporate media is the wrong place to go to get anything useful (Benghazi, etc.,) but the graph and article in that piece leaves out an important detail: The economy needs to add about 150,000 jobs per month just to keep up with population growth. So, with many millions of jobs lost/gone as of 6 years ago, and, say, 179,000 jobs gained per month, that's a net gain of 29,000 jobs in a month. At that rate, it would take almost three years to recover just 1 million jobs. and if the number of new jobs is under 150,000 in a month, that's really a net loss of needed jobs and the unemployment rate goes up.

The graph shows only the number of jobs, not the labor force or unemployment/underemployment rate. The graph will have to surpass 146 million in April 2014 to approach even an unchanged unemployment/underemployment rate.

underpants

(182,763 posts)

5. I thought we had already gotten there

Reply to kpete (Original post)

Thu Jun 5, 2014, 09:57 AM

Jun 2014

I saw something about a month ago. I thought. Of course I would have only seen it ONCE in our media.

djean111

(14,255 posts)

6. Are those full-time jobs, or are part-time jobs counted in there as well?

Reply to kpete (Original post)

Thu Jun 5, 2014, 10:41 AM

Jun 2014

I will poke around at the link, but I am curious as to whether the jobs can be broken down by wages paid and things like H-1b visa jobs.

dixiegrrrrl

(60,010 posts)

7. the only meaningful graph would be Wages returned over last 20 years.

Reply to kpete (Original post)

Thu Jun 5, 2014, 10:45 AM

Jun 2014

Number of jobs counts part time, and minimum wage, and below minimum wage jobs.
And of course does not count those who are not on unemployment rolls but still not working.
doesn't count lost wages, lost benefits since the dot com bust in '99...
income for the 99% has been on a downhill slide ever since then.

edited to add...just found this:
Workers' Wages Sink as 'Domestic Outsourcing' Grows

http://www.democraticunderground.com/10025052444

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