In September, President Barack Obama unveiled a $447 billion job-creation package, in an attempt to stimulate employment during the worst recession – in terms of job losses – the US has endured since at least 1945.
His American Jobs Act includes provisions for major infrastructure projects, such as the building of roads and bridges, as well as training for the long-term jobless and tax breaks for small businesses. Whether these measures will be successful – or will even make it through Congress – remains to be seen.
Employment in the US fell from its peak in December 2007 to a low point two years later, with the loss of around 8.36 million jobs. Analysts predict that at current rates, the 2007 level of employment will not be reached again until 2020.
In terms of unemployment, the most recent recessions have been lasting longer and biting harder – a trend that began in the 1981 downturn.
