Economy Matches 8 Years Of Recovery In 4 months

Employment, following the unprecedented economic shutdown in the face of the C-19 emergency, has made more progress on job creation than the country experienced during the last recovery’s 8 years.

From 2009-2017, US employment moved from a peak of 10.1% in October 2009 to its low of 3.5% experienced basically September 2019 through February 2020 as measured by the U3 unemployment measure from the US Department of Labor in the cart below from Unemployment Data.

Clearly the progress towards full employment during this era has created a deep resiliency in the economy that in part is fueling this recovery since the same chart also shows that the long term trend towards full employment is continuing unabated following the shutdowns in the face of the C-19 emergency.

From April 2020 through today, US national unemployment has dropped from a staggering peak of 17.4% to a current 7.9% - more progress in 120 days with major economic centers still shutdown, layoffs, retrenchment, etc. than in the previous 8 years stretching across two very different Administrations.

While hiring is sustaining historic numbers, the rate of hiring has dropped by 2/3 in the third quarter as the effects of the economic restart are abating and normal activity is resuming in parts of the country.

The American jobs recovery has definitely launched!