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Monday, October 05, 2009

America to enter the lost decade of employment

The US has lost more than 7 million private-sector jobs since the recession started. To make up for the job losses during this period and get the labor market back to the pre-recession level, it will take more than seven years, assuming each year the economy will be adding 2 million jobs.

If you sum up the job creation in the recent decade from 2000 to 2009, it's estimated that we will end up with 1.7 million fewer jobs --call it "the lost decade of employment".