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More Jobs Than People?

Every month for the past three years we have been singing the same refrain – the job market is hot. Except there is a limit to the number of jobs that can be created. And not every person qualifies for every job. For example, if there are many job openings for doctors, it is not likely that most of us can apply. In other words, the unemployment rate is not likely to drop to zero. On the other hand, we can’t create more jobs than the employable population. So, let’s take a look at our history.

Astoria Queens Home Loan mortgage broker
© by darren whittingham

For the decade of 2011 to 2020 the economy added just over 20.0 million jobs, or approximately 200,000 per month. For a perspective, we lost between 8.0 and 9.0 million jobs in the previous two years during the Great Recession. Therefore, some of this was “catch-up” as we started that decade with a high unemployment rate and ended it with a low unemployment rate. This decade we started the exact same way due to the pandemic recession. We lost almost 9.0 million jobs in 2021. Because of the suddenness of the pandemic, the recovery was much faster, and we have gained over 14.0 million jobs in the past two and a third years, bringing the unemployment rate right back down.

Seem like too many jobs? Not really, if you take a normal year of 1.5 to 2.0 million jobs gained and subtract the 9.0 million jobs we had lost in 2021 from 14.0 million gained, we are now just about caught up. We have added 5.0+ million jobs net in the past three and a third years. Why does it seem like too many jobs were added? For one, many left the work force during the pandemic which brought down the labor participation rate. The participation rate has been coming back slowly and is just now approaching the rate seen just before the pandemic – alleviating some of the employment shortages. Thus, the answer is that we have not created too many jobs. But if we keep adding at the present rate, we could be asking this question again. The jobs report for April will be released Friday.

Source: Origination Pro

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Testimonials

Eli N

Benny and Phil were great to work with! they assisted us in every aspect of the process even when it wasn’t their job. They explained every step and guided/advised us on the best course of action. Their fees were more than fair and their integrity was at a level far above ANY lawyer or mortgage broker we have ever dealt with.

Joe D.

Philip Loria made the mortgage process quick and easy, and also found ways to save us money. He was always on top of things, very accessible, and his communication is top notch. I will recommend Philip Loria and Amerimutual Mortgage highly to any of my friends, family or colleagues.

Joe D. Long Island, NY
Ninfa Brusca

Philip and Benny Loria were very knowledgeable and professional. They exceeded all our expectations and were a pleasure to work with. They were both were just genuinely nice guys. They listened to all our concerns and did everything in their power to accommodate our needs and make feel comfortable throughout the whole mortgage process. I recommend Amerimutual Mortgage to anyone who is looking for a mortgage.

Ninfa Brusca Tuckahoe, NY
Lenny P., Occupation: Real Estate Development

Richard, I wanted to thank you for all your help and hard work. I am so glad our refinance was a success. You were very diligent and dedicated to getting me the best rate possible. I truly enjoyed working with you and will recommend your services to all our friends and family.

Lenny P., Rye, New York
Nick Tsatsaronis

Philip Loria, assisted me with my refinance. Thank you so much for all of your time and hard work. You made refinancing my house easy and stress free. I wouldn’t recommend anyone else. I will definitely use Amerimutual Mortgage for any future needs, and recommend them to anyone who needs a mortgage.

Nick Tsatsaronis Flushing, NY
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