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Recent government statistics reflect employment rate still below 2008 level

Mark Gongloff, “The Bureau of Labor Statistics on Friday said that employers added 165,000 jobs to non-farm payrolls in April, following healthy gains of 470,000 in February and March. Employers have added about 6.1 million jobs since the job market bottomed in February 2010. But we are still about 2.7 million jobs shy of peak employment, set back in January 2008, making this the slowest job-market recovery since World War II. And we are about 4 million jobs shy of where we should be, given the historical relationship between unemployment benefits and the number of unemployed people — as you can see in the chart. The blue line is the level of jobless claims. The red line is the number of people unemployed. The red line is much higher than it should be.”

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