The U.S. Government jobs report released on June 7, 2013, was relatively positive. The domestic economy added an estimated 175,000 jobs in May 2013. While the jobs report showed positive progress, it reflects a labor market that continues to be relatively weak as we approach the fourth anniversary of the formal end of the Great Recession--a period that I am beginning to think of as the Long Reset. Bill McBride of Calculated Risk updates the following chart every month. It shows how we are progressing in the recovery from the Great Recession as compared to the ten other economic downturns we have experienced since the end of World War II. This most recent job recovery is clearly the weakest experienced during more than fifty years.
