Today’s employment report shows that the economy is creating jobs at a solid pace. But it also reminds us that without even stronger job growth, it will take years to erase the large jobs deficit created by the 2007-2009 recession and lower the unemployment rate to an acceptable level. Immediate sharp cuts in government spending of the kind that some policymakers are seeking will make it even harder to restore a healthy job market.
Below are some charts to show how the new figures look in historical context. Here is our statement with analysis.