The US jobs-gap (3 graphs)
from David Ruccio
With 217,000 new jobs created in May, the U.S. economy is finally—finally, after 50 months!—back to the pre-recession employment level.
Except it isn’t. Not by a long shot. Not when we consider the “jobs gap”—which we can calculate in one of two ways: by the amount of time it will take at this rate to get back to pre-recession employment levels while also absorbing the people who enter the labor force each month (4 years) or by the difference between payroll employment and the number of jobs needed to keep up with the growth in the potential labor force (6.9 million jobs).
And that’s not even considering the kinds of jobs that have been created or the pay for those jobs or the percentage of the unemployed how have been without a job for 27 weeks or more.
Or, for that matter, the fact that all those how have been lucky enough to keep their jobs or to get a new job are forced to have the freedom to work for a small number of employers who are able to capture and do what they will with the profits their workers create.