“President Barack Obama on Friday said he recognizes the economy isn’t growing fast enough, as a report showed job losses in June and a broad slowdown.
Nonfarm payrolls fell by 125,000 last month as 225,000 government workers hired for the 2010 census lost their temporary jobs, the Labor Department said Friday. Only 83,000 private-sector jobs were added last month, compared with economists’ expectations for 110,000.”
Lets deal with reality, job growth is nothing close to robust. As a result of the great recession (see: What Caused the Great Recession?), the U.S. economy has lost around 8 million jobs.
At the rate of adding 100,000 jobs a month, it will take 80 months (or 6.5 years to recover – which puts us into 2016). Assuming job growth leaps to 200,000 new jobs created each month and can sustain that pace, it will take over 3 years to recover jobs lost — putting full employment recovery in the year 2013.
Long story short, plan to operate your business our challenging economic conditions for the foreseeable future.
Welcome to the new normal.Tweet