Finally! Job market returns to 2008 peak

Finally! Job market returns to 2008 peak

By Annalyn Kurtz  @AnnalynKurtz June 6, 2014: 11:07 AM ET

http://money.cnn.com/2014/06/06/investing/may-jobs-report/index.html?section=money_topstories

NEW YORK (CNNMoney)

It took two years to wipe out 8.7 million American jobs but more than four years to gain them all back.

That's according to the Department of Labor's latest jobs report, which shows the U.S. economy added 217,000 jobs in May. With that job growth, there are now more jobs in the country than ever before.

The last time we were near this point was January 2008, just before massive layoffs swept throughout the country, leading the unemployment rate to spike to 10%. The unemployment rate is unchanged at 6.3% for May, and much has improved since the worst of the crisis.

Yet, this isn't the moment to break out the champagne. Given population growth over the last four years, the economy still needs more jobs to truly return to a healthy place. How many more? A whopping 7 million, calculates Heidi Shierholz, an economist with the Economic Policy Institute.

President Obama's administration was quick to point out that the recovery is still incomplete by their standards.

"We're moving in the right direction, but we have a lot more work to do," said Secretary of Labor Tom Perez. "There are way too many people who are still on the sidelines."

As of May, about 3.4 million Americans had been unemployed for six months or more, and 7.3 million were stuck in part-time jobs although they wanted to work full-time. Both these numbers are still elevated compared to historic norms, and are of concern to Federal Reserve officials, who will meet in two weeks to re-evaluate their stimulus policies.

Overall, this has been the longest jobs recovery since the Department of Labor started tracking jobs data in 1939. Economists surveyed by CNNMoney predict it will take two to three more years to return to "full employment," which they define as an unemployment rate around 5.5%.

Department of Labor

Alexis M. Herman was the secretary for the U.S. Department of Labor, is a director at the Economic Policy Institute, and a director at the Coca-Cola Company.

Note: Open Society Foundations was a funder for the Economic Policy Institute (think tank).

George Soros is the founder & chairman for the Open Society Foundations, and was the chairman for the Foundation to Promote Open Society.

Foundation to Promote Open Society was a funder for the Economic Policy Institute (think tank), and the Aspen Institute (think tank).

Walter Isaacson is the president & CEO for the Aspen Institute (think tank), and was the chairman & CEO for CNN.

James S. Crown is a trustee at the Aspen Institute (think tank), and a member of the Commercial Club of Chicago.

Lester Crown was a lifetime trustee at the Aspen Institute (think tank), and is a member of the Commercial Club of Chicago.

Richard M. Daley is a director at the Coca-Cola Company, and a member of the Commercial Club of Chicago.

Newton N. Minow is a member of the Commercial Club of Chicago, and a senior counsel at Sidley Austin LLP.

Kathryn B. Thomson was a partner at Sidley Austin LLP, is a general counsel at the U.S. Department of Transportation, and married to Christopher P. Lu.

Christopher P. Lu was a litigation associate at Sidley Austin LLP, is married to Kathryn B. Thomson, and the deputy secretary nominee for the U.S. Department of Labor.

T. Michael Kerr is the assistant secretary for administration for the U.S. Department of Labor, and was the assistant to secretary-treasurer for the Service Employees International Union (SEIU).

Mary Kay Henry is the president of the Service Employees International Union (SEIU), and a director at the Economic Policy Institute (think tank).

Andrew L. Stern was the president of the Service Employees International Union (SEIU), a director at the Economic Policy Institute (think tank), and a lifetime trustee at the Aspen Institute (think tank).

Open Society Foundations was a funder for the Economic Policy Institute (think tank).

George Soros is the founder & chairman for the Open Society Foundations, and was the chairman for the Foundation to Promote Open Society.

Foundation to Promote Open Society was a funder for the Economic Policy Institute (think tank), and the Aspen Institute (think tank).

Walter Isaacson is the president & CEO for the Aspen Institute (think tank), and was the chairman & CEO for CNN.