Quick Takes | Jobs and Unemployment

Job growth strengthens but insufficient to cure sick labor market

November’s job growth of 120,000 was enough to allow the share of the working-age population with a job to nudge up one-tenth of a percentage point. Revisions to earlier months were positive as well. However, at this pace of job growth, it will be more than two decades before we get back down to the pre-recession unemployment rate. Moreover, a shrinking labor force is not the way we want to see unemployment drop.  At this rate of growth we are looking at a long, long schlep before our sick labor market recovers.

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