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Obama Administration Presiding over Slowest Jobs Recovery since Records Were Kept

At the November Pace, It Will Take Until 2016 to Recover Lost Jobs
December 2, 2011 — The Jobs Search   

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.

SUBCOMMITTEE: Work and Welfare    SUBCOMMITTEE: Full Committee