CHARTS: The Depth Of The Jobs Hole

The Bureau of Labor Statistics announced today that the economy added 96,000 jobs last month, dropping the unemployment rate to 8.1 percent. The number was below economists’ expectations of 125,000 jobs added. According to the Federal Reserve Bank of Atlanta, with the current level of labor force participation, it would take three years of monthly job gains averaging 193,000 per month to bring unemployment down to six percent. The required number of jobs more than doubles if the labor force grows to the level at which it was in December 2007. So despite 30 consecutive months of private sector job growth, the hole which the nation needs to dig out of is still quite deep, as these charts from Calculated Risk and Reuters show: