2 Center for American Progress | Drivers of Job Creation
Te economy saw a rapid increase in unemploymen, rom 5 percen in December 2007 o a peak o 10 percen as o Ocober 2009.
Tis decline in employmen exceeded ha o any recession over he pas ew decades
and was he ﬁrs on record o wipe away all o he previous job gains o he mos recen economic expansion.
I has been nearly ﬁve years since he oﬃcial end o he recession,
and he economy coninues o recover. 2013 was he hird sraigh year in which privae-secor employ-men rose by more han 2 million jobs.
And as o las week’s jobs numbers, he U.S. economy has seen 50 sraigh monhs o privae-secor job growh, adding a oal o 9.2 million privae-secor jobs.
While he signs o improvemen are encouraging, here is no doub ha he pace o he recovery in erms o growh and jobs has been modes and underwhelming when we consider he poenial labor-orce growh during his ime. Subbornly high unem-ploymen and low labor-orce paricipaion coninue o deﬁne oday’s workorce. As o April 2014, he Unied Saes had an unemploymen rae o 6.3 percen, down nearly 4 percenage poins rom he labor marke’s recession peak.
While here has been seady privae-secor job growh over he pas 50 monhs, he pace has been oo slow o resore us o ull employmen.
Te curren share o workers eiher working or looking or work alls below he rae a he beginning o he recession66 percenand is equal o he lowes paricipaion rae since around 1978.
Te long-erm unemployed have suﬀered remendously as we coninue o see an abnormally high number o Americans who wan o work bu are unable o ﬁnd employmen. As o April 2014, here were 3.5 million Americans who have been acively searching or a job or 27 weeks or more.
A 35.3 percen, he curren rae o long-erm unemploymen as a share o he unemployed alls below he peak during he recession bu is ar and away he highes level on record.
Among hose ages 20 o 24, here is an unemploymen rae o 10.6 percen, more han 4 percenage poins higher han he naional average.
According o Adam Hersh o he Cener or American Progress, he economy is cur-renly growing a around 60 percen o he pace se by he prior hree U.S. expansions rom as ar back as 1982.
Since he June 2009 rough, “he economy has grown jus 11 percen overall.”
O he las six recoveries, he mos recen recovery ranks behind all bu December 2001, wih he smalles share o monhs wih job growh above 200,000, or 33 percen.
Moreover, a he curren average rae o job growh, analysis done by CAP’s Michael Madowiz using Te Hamilon Projec’s esimaes demonsraes ha he U.S. economy will no reach is ormer level o employmen unil 2019.