US job market recovers losses yet appears weaker

1.       The U.S. economy has finally regained the jobs lost to the Great Recession. But go easy on the hallelujahs. The comeback is far from complete.

 

2.       Employers added 217,000 workers in May, more than enough to surpass the 138.4 million jobs that existed when the recession began in December 2007. But even as the unemployment rate has slipped to 6.3 percent from 10 percent at the depth of the recession, the economy still lacks its former firepower.

 

3.       There are still 1.49 million construction jobs missing. Factories have 1.65 million fewer workers. Many of these jobs have been permanently replaced by new technologies: robots, software and advanced equipment that speeds productivity and requires less manpower, said Patrick O’Keefe, director of economic research for the advisory and consulting firm CohnReznick.

 

4.       The recovery hasn’t kept up with the expanding U.S. population. Researchers at the liberal Economic Policy Institute estimate that 7 million more jobs would have been needed to keep up with population growth.

courtesy of Happy Chang – Princeton Capital

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