According to WorldWay comprehensive news: On July 21, Jason Furman, Chairman of the Council of Economic Advisers at the White House, stated during a lecture at the World Bank that the overall U.S. employment situation has recovered by 83% compared to the peak of the financial crisis.
Furman said that at the height of the financial crisis, the U.S. unemployment rate reached 10%, and it is now 6.1%, meaning the U.S. job market has recovered by 83% overall. The level of short-term unemployment in the U.S. (unemployment of 6 weeks or less) is already better than the pre-crisis average, and the level of long-term unemployment has recovered by 72%.
Furman said: “The U.S. job market recovery is on track, but it is not yet complete.”
Data released by the U.S. Department of Labor earlier this month showed that the U.S. added 1.4 million non-farm jobs in the first half of the year, the fastest pace since 1999. In June, the U.S. non-farm sector added 288,000 jobs, and the unemployment rate fell from 6.3% in May to 6.1%. The last time the unemployment rate was 6.1% was in September 2008.
Furman also said that although the U.S. economy is recovering, income inequality in the U.S. is widening in the medium to long term. Research in recent years has shown that narrowing the income gap would be conducive to economic growth. To narrow the widening income gap in the U.S., the U.S. should learn from the experiences of other countries in areas such as transportation infrastructure construction, minimum wage, and preschool education.
WorldWay Editor
