Are there jobs on the (distant) horizon? Forecasters say it could be next month, 2012, 2013 or 2014.

November 23, 2009

Illinois' unemployment rate in October was 11 percent, the highest rate in 26 years.‚  The national rate topped 10 percent last month. When do economists think the jobs will begin to return? According to a report out today from the National Association for Business Economics, we might be talking months instead of years.‚  "While the recovery has been jobless so far, that should soon change," said Lynn Reaser, President of the N.A.B.E. "Within the next few months, companies should be adding instead of cutting jobs." Great news, right? But if you're waiting for a bunch of new jobs to spring up in the next few weeks, don't hold your breath"¦there's some fine print. Economists at the N.A.B.E. say a complete recovery of the job market won't occur until 2012. More than a third of economists surveyed by the National Association of Business Economics said that jobs won't return to pre-recession levels until 2013 or later. And Heidi Shierholz, an economist at the Economic Policy Institute, says the sluggish job market could continue through 2014. Still concerned? President Obama is on it. Before he left for Asia, the President announced plans for a White House forum on job creation next month. Critics of the President have said that the stimulus package‚  hasn't produced the jobs that he promised. And as James Carr of the Roosevelt Institute points out , "A recovery without jobs is meaningless for families worried about paying their mortgages, purchasing food, affording health care, sending their kids to college, and saving for a decent retirement."
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