And that's before taking population growth into account. Heidi Shierholz, an economist at the liberal Economic Policy Institute, calculates that the U.S. job market is 8.3 million jobs short of where it needs to be to keep up with a growing population and reduce unemployment to pre-recession levels.
But job creation seems to be slowing. From January through April this year, employers added a robust 205,000 jobs a month. In the four months since, they've added only 155,000.
"Job gains are just not good enough," says Joel Naroff, president of Naroff Economic Advisors.
The jobs the economy is generating this year have tended to be low-paying, part-time or both. More than 654,000 — or 45 percent — of the 1.44 million jobs added this year come from three generally low-paying industries: department stores and other retailers; hotels and restaurants; and temporary services.
And nearly 60 percent of the jobs added this year have been part-time, though economists caution that the part-time employment figures are volatile.
The lower quality of the available jobs is one reason pay has stagnated. The average hourly earnings of private-sector employers haven't kept up with inflation since the end of the recession.
"More and more, America's jobs are not supporting America's families," said Christine Owens, executive director of the National Employment Law Project, which advocates on behalf of low-wage workers.
LAYOFFS AND HIRING
The American labor market is divided between haves and have-nots. If you have a job, your position is safer than it's been in years. If you don't have one and aren't willing to settle for lower-wage work, the job search can be brutal.
Layoffs are averaging just over 1.6 million a month this year through June. That means the United States this year is on pace to have the fewest layoffs in Labor Department records dating to 2001.
The drop in layoffs has sharply reduced the number of Americans applying for unemployment benefits. Over the past month, weekly applications have fallen to their lowest level since October 2007 — two months before the official start of the recession.
Yet while companies aren't cutting many jobs, they're in no hurry to hire, either. Total hiring has averaged 4.3 million people a month through June this year, before subtracting those who quit, retired or were laid off, the Labor Department says. That's 1 million fewer than the 5.3 million monthly average in the pre-recession year of 2006.
For every available job, there are three unemployed people — up from an average of just 1.8 before the recession.
Job seekers can testify to how competitive the market is.
Kelly Kloster, 23, was hoping to land a job — any job — in the film industry after she graduated with a degree in cinema and media arts from Southern California's Biola University in May. She sent out 100 resumes — and heard back from one potential employer. After a grueling interview process, she didn't get the job.
"I thought I got my degree so that I could get a job right out of college," she said by email.
Michael Magnum, 28, graduated from the University of Utah in May 2010 with a degree in finance. Unable to land a job as a financial analyst, he worked for a couple of years as a photographer. When he started looking again for a job in finance, he endured six more months of rejections and "dead-end interviews."
Eventually, he found work with a mortgage lender — for about 40 percent less than the $40,000 starting salary he'd been counting on.
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