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January 5, 2007
167,000 Jobs - Updated
-- by Dave Johnson
167,000 Jobs Added in December, Employers Step Up Hiring in December, End 2006 on Strong Note
I seem to remember that the economy needs to add 350,000 jobs a month just to keep up with new people entering the job market. Is that right? Am I missing something? Discuss.
Update - OK I was wrong (do NOT tell my wife I said that!) and I think I found where that number stuck in my head.
According to this 2004 Economic Policy Institute snapshot 137,000 new jobs a month is required to break even with population growth and is therefore "required to keep the jobs gap from widening."
At least back in the 90's "357,000 is the weekly initial unemployment insurance claims number below which the unemployment rate is falling rather than rising" according to this 2003 Brad DeLong post. (Brad was speculating that it may be closer to 400,000 now.)
Posted by Dave Johnson at January 5, 2007 1:48 PM
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I've been wondering for a very long time just how we're getting those fabulous employment figures when in fact employment doesn't really seem to be very high and salaries seem to be extremely low. Periods of high employment are normally also periods of good pay and benefits because employers are competing for employees.
Posted by: MJ ![[TypeKey Profile Page]](http://www.seeingtheforest.com/nav-commenters.gif)
at January 5, 2007 2:43 PM
There are figures and then there are figures.
The unemployment rate here in California at least understates the numbers of people who are really out of work. Check out an article we just posted at http://www.californiaprogressreport.com/2007/01/looking_at_the.html
Posted by: fdr@californiaprogressreport.com at January 5, 2007 3:51 PM
There are figures and then there are figures.
The unemployment rate here in California at least understates the numbers of people who are really out of work. Check out an article we just posted at http://www.californiaprogressreport.com/2007/01/looking_at_the.html
Posted by: fdr@californiaprogressreport.com at January 5, 2007 3:52 PM
Respectfully -
I thought 150,000 new jobs were needed monthly to keep up with the population growth, not 350,000. Your number seems high.
The current number of 167,000 also seems high. Does this count seasonal jobs for the Christmas shopping season? That would be cheating. Not surprising, but cheating.
CS
Posted by: Captain Sunshine at January 5, 2007 3:59 PM
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