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What's the worst part of today's jobs report?

Actually, there's quite a bit to choose from, but this number caught my eye: Nearly one in three of the people unemployed have been out of work for at least a year. The longer these folks are without a job the more difficult it becomes for them to re-enter the labor market. That raises the prospect of a permanent class of unemployed Americans. (Real Time Economics)

As for the overall report, Calculated Risk summarizes:

We have to remember that this is just one month - even if the numbers were dismal. So far the economy has added 908,000 private sector jobs this year, or about 181,000 per month. There have been 783,000 total non-farm jobs added this year or 157,000 per month. This is a better pace of payroll job creation than last year, but the economy still has 6.95 million fewer payroll jobs than at the beginning of the 2007 recession. At this pace (157,000 jobs per month), it will take almost 4 years just to get back to the pre-recession level, or sometime in late 2014 or early 2015!

More by Mark Lacter:
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