paulitician
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- Oct 7, 2011
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America remains mired in the longest jobs recession since the Great Depression. It's been 49 months since the U.S. hit peak employment in January 2008. And with nonfarm payrolls still 5.33 million below their old high, the jobs slump will continue for several more years.
The previous jobs recession record 47 months came during and after the comparatively mild 2001 recession, which saw unemployment climb to only 6.3%. The average job recovery time since 1980 is 29 months, not including the current slump.
The labor market won't truly return to health until some 10 million positions are created to rehire all those who lost their jobs and to absorb new workers.
The longest jobs recession in decades coincides, not coincidentally, with the longest stretch of anemic economic performance on record.
U.S. gross domestic profit hasn't risen 4% or more in any quarter since the first quarter of 2006. That's by far the longest such stretch on record going back to 1950. The only other sizable sub-par stretch was a three-year span from late 2000 to mid-2003 during the prior recession and sluggish recovery.
The current expansion, which began in mid-2009, is particularly disappointing, given the deep recession that preceded it. The best growth was a three-quarter run of 3.8%-3.9% gains.
Longest Jobs Recession Since Great Depression; Subpar GDP Growth Streak Worst On Record - Investors.com
DRUDGE REPORT 2012®
The previous jobs recession record 47 months came during and after the comparatively mild 2001 recession, which saw unemployment climb to only 6.3%. The average job recovery time since 1980 is 29 months, not including the current slump.
The labor market won't truly return to health until some 10 million positions are created to rehire all those who lost their jobs and to absorb new workers.
The longest jobs recession in decades coincides, not coincidentally, with the longest stretch of anemic economic performance on record.
U.S. gross domestic profit hasn't risen 4% or more in any quarter since the first quarter of 2006. That's by far the longest such stretch on record going back to 1950. The only other sizable sub-par stretch was a three-year span from late 2000 to mid-2003 during the prior recession and sluggish recovery.
The current expansion, which began in mid-2009, is particularly disappointing, given the deep recession that preceded it. The best growth was a three-quarter run of 3.8%-3.9% gains.
Longest Jobs Recession Since Great Depression; Subpar GDP Growth Streak Worst On Record - Investors.com
DRUDGE REPORT 2012®