This morning’s jobs report from the Bureau of Labor Statistics showed 175,000 jobs were added in May. This rate of growth is right in line with the average growth rate of the last year (176,000) and is a perfect example of the ongoing slog in the labor market. At this pace, it will take more than six years to get back to the prerecession unemployment rate.
Our jobs deficit stands at 8.5 million jobs (taking into account both the number of jobs we are still down from before the recession began, plus the number of jobs we would have needed over this period just to keep pace with growth in the potential labor force). Thus, we need more than 300,000 jobs per month to get to full employment by May 2016, three years from now and six months before the next presidential election. At the job growth rate of the last year, we will still have a deficit of 4.6 million jobs in May 2016.
The unemployment rate held roughly steady in May (ticking up less than a tenth of a percentage point from 7.51 to 7.56 percent).
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