Tags: Economic | Recovery | Slow

Economic Policy Institute: Pace of Recovery Remains Slow

Friday, 09 March 2012 03:11 PM

The United States added 227,000 nonfarm payrolls in February and while an improvement, the number shows the pace of recovery remains slow, says Heidi Shierholz, an economist at the Economic Policy Institute.

"We have 5.3 million fewer jobs now than we did before the recession started, and we should also have added around 4.6 million jobs over this period just to keep up with normal growth in the working-age population," says Shierholz, according to CNBC.

"Even at the quite strong average growth rate of the last three months (245,000 jobs added per month), it would take roughly five years to get back to full employment in the labor market," said the official at the nonprofit, nonpartisan think tank.

Editor's Note:Wall Street Whistleblower Warns of Meltdown, See His Uncensored Interview

The unemployment rates stands at 8.3 percent, unchanged from January, as more people returned to the labor force to look for work.

The unemployment rate measures the number of people out of work but are actively looking.

As the economy improves, frustrated workers who quit looking for work will jump back in the labor market, which pressures the percentage rate higher.

Other experts point out that the jobs market is improving, but remains fragile.

In 2010, the labor market showed promised although it later weakened during the year.

"Maybe we're starting a new trend, but I've seen this movie before. Just a year ago we had some strong employment gains at the turn of the year, then a pullback in the spring," says Alan Levenson, chief economist at T. Rowe Price in Baltimore, Maryland, according to Reuters.

Still, average weekly hours are on the rise, which would mean employers will need to hire as existing employees cannot handle more work.

"The bottom line to me is I think the economy is on firmer footing than it was a year ago," Levenson adds.

Editor's Note:Wall Street Whistleblower Warns of Meltdown, See His Uncensored Interview

© 2021 Newsmax Finance. All rights reserved.

Friday, 09 March 2012 03:11 PM
Newsmax Media, Inc.
Newsmax TV Live

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

© Newsmax Media, Inc.
All Rights Reserved