09/24/2021

Job Market Needs to Find Higher Gear

Employers added about 200,000 jobs in each of the past two months. Compared with the summer, when a string of disappointing reports led to fears of a cooling labor market, the recent rebound is encouraging, especially given that it happened despite October’s partial government shutdown. But the overall pace of job growth remains too weak to quickly recoup the losses of the deep 2008-2009 recession. Worse, there is little sign that growth is picking up from its good-but-not-great trend: The economy has added 2.3 million jobs over the past year, a pace that has changed little for the past two years.

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