Employment increased by 223,000 jobs in March, according to the Bright Employment Report, led by the tech and healthcare industries. This is slightly more optimistic than the 88,000 jobs predicted by the BLS this morning, but neither estimate would indicate that jobs are getting back to pre-recession levels anytime soon.
CNN reported today that we’ve recovered about 5.8 million of the 8.7 million jobs lost during the recession, and that it may be 19 months before we’re able add those remaining 3 million jobs back. And even then, those 3 million jobs likely won’t be enough to cover the population growth since 2007.
According to the Daily Beast, “the economy needs to add around 125,000 jobs just to keep even with population growth,” so, even after adding our missing 3 million jobs, it will likely be several more years until we’re back to pre-recession unemployment levels.
However, despite the long recovery time expected, we are still inching toward recovery and have seen a recent upward trend in job growth. Only time will tell, but we see a Bright future.
For more Bright Employment Index data, see a detailed report at Bright Labs.