Jobs/Economy
All fast facts for Jobs & Economy are from the non-partisan Congressional Budget Office (CBO) and Bureau of Labor Statistics (BLS). They do not represent all of their reports on this subject. Some simply provide historical perspective. Occasionally minor word adjustments may have been made for clarity or to reflect the updated nature of the statement. As always, verify and view statements in their full context as often as possible.
| Small firms, widely believed to promote job growth, both create and eliminate jobs at higher rates than large firms do. Although small firms account for a disproportionate share of net job growth, that greater growth is driven primarily by new small firms. Click here to verify | |
| During 1984, the second year of recovery, inflation was moderate and economic growth very rapid, though the pattern of growth was uneven. In the first half of the year, the gross national product (GNP) grew at a near record pace for peacetime, and unemployment rates dropped sharply. Click here to verify at Summary | |
| In recent years, small and medium-sized firms suffered disproportionately greater job losses than large firms. Click here to verify | |
| Although the most recent recession ended more than two years ago, the recovery has been slow and the econ- omy remains in a severe slump. From December 2007 (when the recession began) to February 2010 (when the number of people on business payrolls was at a low point), the U.S. economy lost 8.7 million jobs, on net, on a seasonally adjusted basis. Click here to verify at Page 1 | |
| From February 2010 to February 2012, only 3.5 million jobs were created, on net, on a seasonally adjusted basis. The Congressional Budget Office (CBO) projects that, under current law, employment will grow at an average rate of about 2 million jobs per year over the next few years. At that rate, employment will not reach its prerecession peak until the middle of the decade. Click here to verify at Page 1 | |