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Private-Sector Jobs Still Only Half Recovered

July 9, 2012 1 minute Read by Robert Asahina

Gene Epstein, Forbes

In all recessions since World War II, it has never taken more than four years and five months for private-sector employment to regain its previous peak.

Commenting on the June employment report released Friday, President Obama pointed out that private-sector employment has grown by 4.4 million jobs over the past 28 months. He was right, of course. But he might have added that another 4.5 million jobs have to be tacked on in order to match the last peak in private-sector employment of January '08. Against that uninspiring goal, then, the glass is still more than half-empty. Also, progress has noticeably slowed. At the rate of job increase through spring 2012 (April-June), it will take more than four years, until July 2016, for that January '08 peak to be regained. Read More


Author

Robert Asahina

Robert Asahina has been a newspaper and magazine editor and writer, a book publishing executive and editor, and a data management consultant. He was editor in chief and deputy publisher of Broadway Books, president and publisher of the adult publishing group of Golden Books, and vice president and senior editor of Simon and Schuster; deputy managing editor of The New York Sun and an editor at The New York Times Book Review, Harper's, George, and The Public Interest; and a consultant at Freddie Mac. He is the author of "Just Americans" and of numerous articles and reviews for The Wall Street Journal, Harper's, The New York Times Book Review, and elsewhere.

 

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