Colin Barr awhile back had an article where he discussed the discouraging outlook for the U.S. labor market. It got me wondering how long it would take employment to return to the level where the number of jobs created each month had kept up all along with the population growth rate. Conventional wisdom says that the U.S. economy needs to create 125,000 jobs per month to keep up with population growth. Growing jobs at this rate each month since the start of the recession and assuming the economy starts generating 200K, 300K, and 400K jobs per month produced the following chart: (Click to enlarge)
Sigh. And to think most of this could have been avoided with more aggressive but systematic monetary policy.
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