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The Long Road Back

Last week the U.S. economy finally recovered all the jobs lost in the worst recession since the Depression.  Last month 138.5 million Americans were working, exceeding the 138.4 million working during December 2007, the first month of the recession. It has been a long-road back, taking over two years longer for jobs to recover than any other post-WWII recovery.

labor market graph

Celebration isn”t called for though, because we now have more than 6 million new working age Americans in the workforce and there are still 10 million unemployed workers, with more than a third of them having been out of work for over six months. So while employment has returned to pre-recession levels, the unemployment rate has remained high.

Still, there have been some encouraging signs in recent weeks as the U.S. economy shakes off the winter doldrums.  Here are a just a few in case you or someone you know is looking for a job:

  • The U.S. economy had 4.5 million job openings at the end of April, the highest level since September 2007, and up 16% from a year ago.
  • The number of unemployed workers for each available job is approaching 2, down from 7 workers for each job during the recession.
  • The National Federation of Independent Businesses reports that 46% of their members are having trouble finding suitable staff for vacancies-the highest since 2007.
  • The Manpower Employment Outlook Survey’s net employment outlook improved to its highest reading in six years during May.

If you or someone you know is transitioning between jobs or contemplating retirement, please contact us today! Learn how All Star Financial can help manage & transition your 401(k).

Spring has sprung-time for America to get back to work!!!

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