Thursday, November 3, 2011

Jobs Numbers for October Are In: U.S. Job Growth is Still Anemic

According to the payroll provider, ADP, which I have long maintained is the most accurate data source for private sector job growth statistics, reports that 110,000 new private sector (non-farm) jobs were created in October over the previous month.

Given that the U.S. economy needs to create approximately 150,000 new jobs every month just to keep up with population growth and new entrants into the labor market, this 110,000 figure is simply not good enough. Indeed, even at an average job clip over 200,000 month, it is estimated it would still take over 3 years for the aggregate number of Americans employed to equalize at pre Great Recession levels.


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