Monday, June 4, 2018

The gap in full-time employment has closed by 1.8 million in the last year, but we're still 5.1 million behind the pre-Great Recession average

Full-time employment before the Great Recession averaged 52.1% of the civilian noninstitutional population over a 12-year period through 2008.

In 2017, the average was still 49.3%, meaning relative to the period before the Great Recession, 6.9 million fewer full-time jobs existed than could have, assuming a real jobs recovery to pre-recession conditions.

In May 2018, the actual percentage has risen to 50.1%. The difference between that and full-time at 52.1% is still 5.1 million full-time jobs.

Things are looking better, but we still haven't recovered from the appalling conditions which ensued upon the Great Recession, not by a long shot.

We still live in a shrunken economy.