http://www.bls.gov/news.release/empsit.nr0.htm
In addition, the economy needs to add 150,000 jobs a month just to keep up with population growth.
Population growth is a little under 3 million a year. So 1.8 million jobs (60% participation rate) is well within the acceptable norm of new jobs needed.
Also, I suspect there will be a lot of people who were planning on retiring to remain in the labor force. Not to mention retirees which have seen their "wealth" evaporate and are forced to return to the labor force. So the actual number may need to be a tad higher than 150k since college grads are no longer replacing retirees.
Essentially we're going to have a million additional people each and every month looking for work. Erroneous unemployment rate numbers do not tell story of how bad the economy is becoming.
Even if Obama's plan to create or save 3 million jobs pans out, we're still fucked. The Federal Reserve saved the banks, but they're not going to be able to solve the employment situation.
In addition, the economy needs to add 150,000 jobs a month just to keep up with population growth.
Population growth is a little under 3 million a year. So 1.8 million jobs (60% participation rate) is well within the acceptable norm of new jobs needed.
Also, I suspect there will be a lot of people who were planning on retiring to remain in the labor force. Not to mention retirees which have seen their "wealth" evaporate and are forced to return to the labor force. So the actual number may need to be a tad higher than 150k since college grads are no longer replacing retirees.
Essentially we're going to have a million additional people each and every month looking for work. Erroneous unemployment rate numbers do not tell story of how bad the economy is becoming.
Even if Obama's plan to create or save 3 million jobs pans out, we're still fucked. The Federal Reserve saved the banks, but they're not going to be able to solve the employment situation.
