Saturday, April 02, 2011

What Job Growth?

Before everyone gets too giddy over the positive (and welcome) job growth figures, let's put them in perspective.

If jobs continue to increase at the current pace, sometime in 2014 employment will return to 2008 levels.

That would be good only if the population had stopped growing in 2008 and the number of people in the labor pool remained the same.

Therefore, moderate job growth is a positive, but it's going to take an economic tsunami to create enough jobs for real, rather than nominal, growth.