Unemployment Rate at 8.1%

May 4, 2012

Jobs gap chart generated by The Hamilton Project at The Brookings Institution.

The Bureau of Labor Statistics released April 2012's jobs numbers:

Nonfarm payroll employment rose by 115,000 in April, and the unemployment rate was little changed at 8.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in professional and business services, retail trade, and health care, but declined in transportation and warehousing.

As the U.S. Chamber’s updated jobs chart below indicates, the economy, based on a 39-month recovery following the end of the recession, would have to create almost one million jobs per month between now and September to return to pre-recession job levels.

Based on The Hamilton Project’s jobs gap generator, at the current rate of job creation, it’ll be past 2025 before jobs numbers return to pre-recession levels. Double the rate to 230,000 jobs created/month and it’ll take six years and ten months. Triple the rate to 345,000 jobs created/month and it’ll take three years and ten months.

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