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The local government education sector has now lost 339,400 jobs since its recent peak in November 2009.Sticky wages = job loss. (see: Why Wages Don't Fall in a Recession by Truman F. Bewley)
The Employment situation in January
Meanwhile Catherine Rampell, at the Times, reports that "Getting the economy to 5 percent unemployment within two years — a return to the rate that prevailed when the recession began — would require job growth of closer to 284,984 a month."
Jobs added this month: 157k
BLS puts job growth in 2012 at 181,000 per month. At that rate, the country will return to full employment 10 years from now.
1 comment:
Nothing an open border and another 11 million immigrants won't fix.
Think of all the children they'll bring as they re-unify their poor, suffering families. The schools will be packed! We'll have no choice but to hire more teachers. It's a growth industry! What could go wrong?
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