U-M survey: U.S. economy expected to regain nearly 9M jobs (over the next two years) [View all]
Source: Detroit News
November 15, 2012 at 11:45 am
U-M survey: U.S. economy expected to regain nearly 9M jobs
By The Detroit News
Ann Arbor — Over the next two years, the U.S. economy will regain the rest of the nearly 9 million jobs lost in the Great Recession, according to an annual forecast by University of Michigan economists.
Employment fell by 8.8 million jobs during the 2008-09 economic downturn, but the economy has recovered 4.5 million jobs in the last three years, according to the survey released Thursday morning. By the end of 2014, another 4.3 million jobs will be added as the economy grows at a moderate pace with steadily falling unemployment, the economists said.
U-M economist Joan Crary and colleagues Daniil Manaenkov and Matthew Hall predict the creation of 2 million jobs in 2013 and another 2.3 million in 2014 as unemployment falls from 7.9 percent to 7.2 percent during that time.