Your Bottom Line: Jobs Outlook Remains Clouded

While the unemployment rate has finally dipped barely below 8%, future job growth is still on shaky ground according to NFIB’s chief economist Bill Dunkelberg. "The unemployment rate was above 8% for 40 straight months – we’ve never seen anything like it in modern times,” Dunkelberg said. Part of the reason the rate slipped to 7.9% is because of the huge numbers of discouraged workers who’ve simply given up looking for jobs. Add those back in, and the unemployment rate would be closer to 10%. Dunkelberg said hiring won’t pick up until small business and consumer confidence rise significantly – and that uncertainty over what happens next in Washington is keeping those expectations low. 2:31

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Fast Facts

At the peak of the boom, housing starts reached an annual rate of 2.2 million units.
At its lowest point during the recession, housing starts plunged to 500,000 units yearly, killing millions of jobs.

Your Bottom Line

NFIB's new web series, "Your Bottom Line," helps small business owners learn more about what drives the economy and how economic issues affect their businesses.

William Dunkelberg, NFIB's chief economist and one of the nation's top experts on small business, entrepreneurship, consumer behavior and consumer credit policy, hosts the series.

Look for a new video each week.