JPMorgan Economist Says Job Market Will Get Even Worse
Featured in Zero Hedge
Daniel Drew, 6/9/2015
As Zero Hedge reports every month, the labor force participation rate is at multi-decade lows. Michael Feroli, a JPMorgan economist, said the economy will produce even fewer jobs in the future.
In the last ten years, the U.S. saw 68,000 new jobs per month. Meanwhile, the population grew by over 200,000 per month. The last decade's data was marred by severe job losses in 2008. From 1995 - 2005, it was normal to see 300,000 new jobs per month in good years, and the bad years didn't come close to the 2008 horror show.
Job creation is on a slight uptrend now, but it still hasn't kept up with population growth. Even worse, Feroli says he expects monthly job creation to drop to around 75,000 in the near future. In other words, there will be no recovery. With a population that is still growing, this job shortage is nothing less than a ticking time bomb for social unrest.
In the absence of new jobs, will mass death be the only thing that straightens out the job to population ratio?