Here’s an awfully frightening chart from the Brookings Institution on the dismal state of the nation’s jobs market.
We all know what the (obvious) problem is. Enough new jobs aren’t being added or created to make up for the millions lost during the recession. The Brookings chart below is built around the assumption of a specific “jobs gap” – a phrase that denotes how many jobs need to be created to include both the regular year-in, year-out additions to the labor market as well as the level of job creation that needs to happen to get us back to where we used to be before the recession.
The chart below assumes a jobs gap of 11.3 million.
The big takeaway from this: it will take the economy more than 140 months (eleven years) to burn through that jobs gap if future growth continues at a rate of 208,000 jobs per month.
And that’s a wild if. Private sector job growth in July?
Sort of puts in perspective the city of Memphis’ intense lobbying efforts to keep Pinnacle from moving hundreds of jobs to Mississippi. In addition to all the other economic development initiatives Memphis and Shelby County need to be pursuing.