Full U.S. Job Recovery Could Be Long-Term

While the effects of a deep recession are evident with significant job losses and a national employment deficit of over 9 million jobs, forecasts suggest that it could take the nation up to eight years to recover to pre-2007 employment levels and accommodate labor force growth, according to a new economic report by Rutgers University and sponsored by real estate development company Advance Realty.

The report, Advance & Rutgers Report, an Analysis of Economic, Business & Demographic Trends, suggests that this large employment deficit will also result in greater competition between states for job growth. Authored by Dean James W. Hughes of the Edward J. Bloustein School of Planning and Public Policy and University Professor Joseph J. Seneca, the report also states that the nation had 1.3 million fewer private-sector jobs at the end of August 2009, as compared to December 1999, putting the U.S. on track to finish a decade with an absolute loss of jobs for the first time since the Great Depression. Erasing the current deficit of over 9 million jobs will require substantial and sustained employment growth, the report says.

Posted by RecruitingTrends.com on October 7, 2009. Filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry