Total jobs recovery could take as long as two years

01.25.2013


Total jobs recovery could take as long as two years
Total jobs recovery could take as long as two years

As the unemployment rate continues to hover right around 8 percent, many people are beginning to wonder when, exactly, all those millions of jobs that were lost during the recession will come back, AOL Jobs reports.

According to the news source, many experts are wondering if the U.S. will ever be the job-creating machine it was in decades past. Yes, the country has added about 157,000 jobs every month throughout the recovery, but to reach employment levels last seen in 2007, it could be a while. Two years, in fact, and that's if 165,000 jobs are added every month in that period, the Center on Budget and Policy Priorities estimates.

CBPP also stated that if the economy hopes to reach full employment, even more jobs will have to be added on a monthly basis, "since the population and potential labor force are now larger." This could bode well for temporary staffing agencies, which offer companies several hiring services during difficult periods.

So far, 4.8 million jobs have been recovered since 2010. This marks a little more than half of the 8.7 million jobs that were shed between December 2007 and the early part of 2010.

A recent article in The Economist noted that employment growth has indeed been stable, though, even if the growth has been slower than many would like. As of December 2012, it had been half a decade since the beginning of the Great Recession, and work has certainly been done to improve the hiring climate.

The article stated that at the rate at which jobs were recovered in the last two years, the 138 million jobs in the country that existed prior to the recession won't be recouped until March 2015. But this estimate has some analysts scratching their heads, considering that rate would mean the unemployment rate would be between 6 percent and 6.6 percent - much lower than official estimates from the Congressional Budget Office. These figures peg full employment to be equal to an unemployment rate of about 5.5 percent.

All of this sentiment is based on the latest employment situation release from the Bureau of Labor Statistics. The numbers drew mixed reviews from analysts, but at its core, the report suggested that the workforce is indeed increasing.

In December, employers added 155,000 jobs, and the unemployment rate hung steady at 7.8 percent. The healthcare, food services and drinking places, construction and manufacturing industries all so marked improvement in hiring, the report noted.