Xinhua, Washington :
The US job market has recovered 83 percent from the peak of the financial crisis, said Jason Furman, Chairman of the Council of Economic Advisers Monday in a lecture at the World Bank.
Furman said the overall unemployment rate in Untied States rose to 10 percent in the peak of the financial crisis, since then it has come back to 6.1 percent, so it is 83 percent of the recovery. “
The situation of short-term unemployment, that people are unemployment for less than six weeks, has completely recovered, even better than the average level before the financial crisis, while the long-term unemployment has recovered 72 percent from the peak of the financial crisis, according to the data of Furman.
“The recovery is well underway, but not at all the way there yet,” said Furman
The Labor Department said earlier this month that the nonfarm payroll employment increased by 288,000 in June, posting the fifth consecutive month with job gains above 200,000, much higher than economists’ expectation of 215,000. The unemployment rate declined from 6.3 percent to 6.1 percent, the lowest level since September 2008, indicating that the job market was improving.
