According to analysis of last year’s economic numbers by the Job Creators Network, the overall weak jobs growth during 2014 points to a bigger picture of what will likely be another anemic year of economic recovery in 2015.
The group pointed out that an article in The Wall Street Journal today showed that cumulative growth five years into the current recovery from the last collapse is just 13.6 percent. This number is substantially lower than that of last four post-recession recoveries.
“Last week, we learned the economy grew at just 2.4 percent last year,” said Sergio’s Restaurants CEO Carlos Gazitua. “While that’s unpleasantly average for this rocky recovery, it is well behind the more robust recoveries we’ve experienced after prior recessions.”
January of 2015 saw just over a quarter of a million new jobs created with an unemployment rate of 5.7 percent. This according to numbers released by the US Bureau of Labor Statistics.
“Big bouncebacks should follow bad recessions,” Gazitua said. “Today’s unemployment report reminded us that our economic growth is stuck in a new normal of low expectations.”
Adding to the concern are those in the industry who are calling the official unemployment rate “the Big Lie.” CEO Jim Clifton of the Gallup Poll points out that the unemployment numbers do not account for millions of Americans who don’t have work and have given up looking, plus the numbers ignore the fact that number of full time jobs as a percent of the total population is the lowest it has ever been.