Obama Administration Presiding over Slowest Jobs Recovery since Records Were Kept
At the November Pace, It Will Take Until 2016 to Recover Lost Jobs
Friday, December 02, 2011
In January 2009, the President’s economic advisors projected that his trillion-dollar stimulus plan would keep unemployment from rising above 8 percent, and the unemployment rate would be 6.2 percent today. Instead, we’ve now had 34 consecutive months of unemployment above 8 percent, and the current unemployment rate is 8.6 percent. Going ahead, if jobs continue to be created at the November pace of 120,000 jobs per month, it will take 99 months – until 2016 – to recover jobs lost due to the recession. That means this would be the slowest jobs recovery since official job data was first collected in 1939 by the Department of Labor.
*If employment continues to increase at a pace of 120,000 per month - the same number created last month.
Source: National Bureau of Economic Research, Bureau of Labor Statistics, and Ways and Means staff calculations.