Ezra Klein explains why this jobs chart is scary.
That's job growth per month on the X axis, and how many months that level of job growth would take to get us back to pre-recession levels on the Y axis. Notice that adding new jobs at a rate of 200,000 a month would take us 150 months -- or 12.5 years -- to get back to normalcy. So far, only April has seen more than 200,000 in non-census jobs growth -- and even then, just barely.
You read that correctly. Considering new population growth, it could take over 12 years for unemployment to drop to pre-recession levels. A more optimistic scenario get us there in only 5 years. Now you know why the Fed is throwing in the towel on the US economy for the next 5 years.
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