WASHINGTON (MarketWatch) — The recovery of the U.S. job market from the Great Recession is finally beginning to pick up steam. For each of the past three months, the Bureau of Labor Statistics has reported the creation of more than 200,000 jobs in the U.S. labor market. Hopefully Friday’s numbers for the month of May will show that trend continuing.
Our nation’s job prospects are improving, as these numbers indicate. But it’s premature to celebrate, as unemployment will likely remain high for many years to come. And some recent policy developments are clearly counterproductive, and could potentially reverse some of the progress that has painstakingly started to occur. Read more about Friday’s report on job growth in May.
The nation’s unemployment rate remains stuck at 9%, and millions who have left the labor market altogether are not even included in that measure. At the rate of job creation we’ve observed in the past three months, it would take roughly eight more years to reduce unemployment rates to what existed in 2007, before the Great Recession began.