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Why It Doesn't Feel Like A Recovery: at 3% growth it's 2020 for 5% unemployment
- skmurphy 16y agoSummary: to shrink unemployment the economy has to grow faster than the growth in the labor force and the increase in productivity of the currently employed to create demand for new jobs. Key graf: The nation’s economic woes boil down to this. Compared with a healthy economy, about 7 million working-age people and 5 percent of the nation’s industrial capacity are sitting idle, not producing what they could. The economy is growing again, but at a rate--less than 2 percent in recent months--that’s too slow to keep up with a population that keeps increasing and workers who keep getting more efficient.