What will 2.95 million jobs get you?
It takes 120,000 new jobs a month, and maybe more, to keep the unemployment rate unchanged.
So what would it take to get the unemployment rate to come down at a rate of, say, 1 percentage point a year? There were about 155 million people in the American labor force in June, so about 1.5 million jobs would need to be created over and above the labor force growth number to bring the jobless rate down by 1 full percent. On a monthly basis, that would be 125,000 jobs.
Add 120,000 and 125,000, and you have the depressing answer: We need employers to create about 245,000 net new jobs each month to bring the unemployment rate down 1 percentage point a year.
To answer the question in the headline, creating 2.95 million jobs in a year will get you a one-percentage-point decrease in the unemployment rate.
July 16, 2010; 3:24 PM ET
Save & Share: Previous: (Late) Lunch Break
Next: The incredible obviousness of the Democrats' political fortunes
Posted by: mschol17 | July 16, 2010 3:57 PM | Report abuse
Posted by: andrewlong | July 16, 2010 3:58 PM | Report abuse
Posted by: eggnogfool | July 16, 2010 10:56 PM | Report abuse
Posted by: eggnogfool | July 16, 2010 11:13 PM | Report abuse
The comments to this entry are closed.