The United States economy has finally recovered all the jobs lost during the Great Recession!
The feat took 51 months from the depth of job loses to do so… but finally.
The Great Recession was characterized by the most massive job losses and the longest time to recover those jobs since the Depression.
Let’s all be thankful (even those who don’t recognize that they should be thankful) that “Tea Partier” economics did not prevail during the recovery, or we would be suffering through Europe’s current fate, where a reliance upon conservative-austerity financial and monetary policies still mire the great EU in misery and stagnation plus 10-26% unemployment rates.
The economy has added 9.4 million private sector jobs since employment bottomed in February 2010 (8.8 million total jobs added when including all the public sector layoffs).
There are 617 thousand more private sector jobs now than when the recession started in 2007, and total employment is now 98 thousand above the pre-recession peak.
Raise your glass in a toast to stimulus spending and expansionary monetary policy! Keynes, where ya’ at, buddy?