Bureau of Labor Statistics Releases Report
The American job market hit a high last month, as the private sector renewed all jobs lost from the financial crisis of 2008.
Today, the Bureau of Labor Statistics announced that the economy supplemented 192,000 jobs, while the 6.7% unemployment rate remained. The labor market is now at its pre-crisis peak, when examining the private sector only.
Current employment restoration has been the slowest since data tracking began in 1939, by the Labor Department. The collected data also doesn't consider the ever-growing American population. As Economic Policy Institute Labor Economist Heidi Shierholz commented, "I think it's an economically meaningless benchmark...We need so many more jobs to have the same job market conditions". She added that the statistic is only a mere, "psychological milestone".
Approximately 10.5 citizens are unemployed, with a 36% jobless rate for six months or more. 7.4 million full-time job seekers presently only work part-time. Federal Reserve Chair Janet Yellen feels both these figures are way to high and the economy needs intensive stimulation. Yellen commented on Monday: "In some ways, the job market is tougher now than in any recession".