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.
Nothing an open border and another 11 million immigrants won't fix.
ReplyDeleteThink 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?