Advanced Search
MyIDEAS: Login to save this paper or follow this series

The Urgent Need for Job Creation

Contents:

Author Info

  • John Schmitt
  • Tessa Conroy

Abstract

Many lawmakers, policymakers, and economic commentators do not appear to recognize the depth of the current labor-market recession. Between December 2007 – the official first month of the recession – and December 2009, the U.S. economy lost more than eight million jobs. Even if the economy creates jobs from now on at a pace equal to the fastest four years of the early 2000s expansion, we will not return to the December 2007 level of employment until March 2014. And, by the time we return to the number of jobs we had in December 2007, population growth will have increased the potential labor force by about 6.5 million jobs. If job growth matched the fastest four years in the most recent economic expansion, the economy would not catch up to the expanded labor force until April 2021. Absent policy changes such as a major jobs bill, the Congressional Budget Office’s most recent projections suggest that the economy will not return to December 2007 employment levels until June 2013, and will not cover the intervening growth in the potential labor force until August 2015. This report examines the depth of the current labor-market recession and sketches the possible recovery path under several historically based job creation scenarios.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.cepr.net/documents/publications/urgent-need-2010-07.pdf
Download Restriction: no

Bibliographic Info

Paper provided by Center for Economic and Policy Research (CEPR) in its series CEPR Reports and Issue Briefs with number 2010-17.

as in new window
Length: 10 pages
Date of creation: Jul 2010
Date of revision:
Handle: RePEc:epo:papers:2010-17

Contact details of provider:
Postal: 1611 Connecticut Ave, NW Suite 400, Washington, DC 20009
Phone: (202) 293-5380
Fax: (202) 588 1356
Email:
Web page: http://www.cepr.net/
More information through EDIRC

Related research

Keywords: unemployment; recession; stimulus; deficit spending;

Find related papers by JEL classification:

This paper has been announced in the following NEP Reports:

References

No references listed on IDEAS
You can help add them by filling out this form.

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Punabantu, Siize, 2010. "The Origin of Wealth," MPRA Paper 24730, University Library of Munich, Germany.
  2. Michael Isaacson & Aleksandre Revia & Enrique Lopezlira & Jassmine Gaines, 2012. "Jobs and the Future of the US Economy: Possibilities and Limits," The Review of Black Political Economy, Springer, vol. 39(1), pages 5-28, March.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:epo:papers:2010-17. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ().

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.