In its annual Labor Day outlook, outplacement consulting company Challenger, Gray & Christmas reports that the job market is well on the road to recovery and that it is rebounding sooner and faster than the jobless recoveries of the 1991 and 2001 recessions. The company said positive trends in the pace of layoffs, the unemployment rate and job creation are shrouded by the fact that the economy started its recovery in a much deeper hole.
In the 13 months since the presumptive end of the recession in June 2009, announced job cuts have averaged 56,208 per month. Monthly job cuts have numbered fewer than 100,000 for 14 consecutive months, a streak that has not been achieved since 1999-2000. Job losses turned to gains as of January 2010 with payrolls experiencing 5 consecutive months of net growth that saw more than 1 million new jobs added to the economy. Payrolls have seen a net growth of 654,000 so far this year, due in large part to job gains in the private sector. The private sector has had 7 consecutive months of job gains, adding a net total of 630,000 new jobs since Jan. 1.

Pictured: Outplacement consulting company Challenger, Gray & Christmas reports that payroll and unemployment figures are positive indicators of job market recovery.