The jobless recovery

The government reported this morning that nonfarm payrolls fell by 95,000 in September, including a 64,000 increase in private sector employment.

The chart below measures job growth during the recoveries that followed the 1991, 2001 and the current recession.  Though many were disgusted by the declaration that the current recession ended in June 2009, it does provide us with a useful benchmark.



As the chart reflects, job losses mounted for several months after the recession was officially declared over.  The total level of employment remains below – 439,000 - what it was in June 2009.