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Private-Sector Jobs Still Only Half Recovered

Gene Epstein, ForbesIn all recessions since World War II, it has never taken more than four years and five months for private-sector employment to...

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