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Evolution of the Jobs Gap and Possible Scenarios for Growth

Any replication of this chart should be credited to The Hamilton Project at the Brookings Institution.

Evolution of the Jobs Gap and Possible Scenarios for Growth

Each month, The Hamilton Project examines the “jobs gap,” which is the number of jobs that the U.S. economy needs to create in order to return to pre-recession employment levels while also absorbing the people who enter the potential labor force each month. As of the end of June 2015, our nation faces a jobs gap of 3.5 million jobs. This chart shows how the jobs gap has evolved since the start of the Great Recession in December 2007, and how long it will take to close under different assumptions for job growth. The solid line shows the net number of jobs lost since the Great Recession began. The broken lines track how long it will take to close the jobs gap under alternative assumptions about the rate of job creation going forward. If the economy adds about 191,000 jobs per month, which is the average monthly rate of growth since the jobs recovery began in March 2010, then it will take until August 2017 to close the jobs gap. Given a more optimistic rate of 245,000 jobs per month, which is the average monthly rate of job creation over the last 12 months, the economy will reach pre-recession employment levels by January 2017.

Use our Jobs Gap Calculator to estimate different scenarios of job growth.
 

The Hamilton Project calculations use data from the Bureau of Labor Statistics.


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Evolution of the Jobs Gap and Possible Scenarios for Growth

July 2, 2015 • Charts

Each month, The Hamilton Project calculates America’s “jobs gap,” or the number of jobs that the U.S. economy needs to create in order to return to pre-recession employment levels while absorbing the people who newly enter the labor force each month. As of the end of June 2015, our nation faces a jobs gap of 3.5 million jobs.

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Promoting Financial Well-Being in Retirement Photos

June 23, 2015 • Photo Galleries

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Promoting Financial Well-Being in Retirement: Panel 1 Video

June 23, 2015 • Video

On June 23, The Hamilton Project at Brookings hosted a policy forum on promoting financial well-being in retirement. The first panel discussed a new paper by Professor Wesley Yin of UCLA that seeks to address challenges in the private long-term care insurance market. Yin was joined by Howard Gleckman, Resident Fellow at the Urban Institute, Thomas McInerney, President and CEO of Genworth Financial, and Alice M. Rivlin, Director of the Center for Health Policy at the Brookings Institution. Benjamin Harris, Chief Economist and Economic Adviser to the Vice President at the White House, moderated the discussion.

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