Is This a Job-Less Recovery or a Job-Loss Recovery?

By Dr. Gerard Lameiro

In a powerful editorial this week, Investor’s Business Daily talks about our current anemic recovery with high unemployment. They point out that today’s unemployment rate of 9.6% is actually higher that when the recession ended in June 2009, a date that the National Bureau of Economic Research just announced this week. Then, it was 9.5%. So, in terms of unemployment, the recession might be over, but employment has not bounced back. Some call this a "job-less recovery." According to Investor’s Business Daily, since the recovery began in June 2009, the economy has actually lost 329,000 jobs. That makes this a JOB-LOSS recovery. In fact, the American economy requires a GDP growth rate of about 3% to create 1.5 million new jobs - the number of new jobs needed on a yearly basis to keep the unemployment rate from going up even more. [more...]