Economy recovers all jobs lost in Great Recession; don’t celebrate yet

by Jim Puzzanghera, The Los Angeles Times  |  published on June 6, 2014

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After adding 217,000 net new jobs last month, the U.S. economy has recovered all the positions lost during the Great Recession. But economists warned that the news Friday from the Labor Department was no real reason to celebrate.

“Things are improving, but it’s happening agonizingly slowly,” said Heidi Shierholz, a labor market economist at the Economic Policy Institute.

“At the pace we are currently going, it will take nearly four more years to get back to prerecession labor market conditions.”

Total nonfarm employment in May reached 138.463 million, surpassing the previous high point of 138.365 million in January 2008, the Labor Department said.

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