To read the headlines, you might not know we actually lost jobs the last two months. In fact, we’ve lost jobs in three of the last six months.
Our monthly Iowa JobWatch report offers context you don’t get from official news releases.
Overall, we continue to have stubbornly and staggeringly slow job growth in Iowa. We are only about halfway to the ambitious job goal set by Governor Branstad when he sought Terrace Hill in 2010 — 200,000 jobs in five years. Through 56 of those 60 months, Iowa’s economy has added only 97,400 jobs.
That we don’t have a chance of reaching his goal is not surprising, as the long-term trend of 2,000 or fewer jobs added per month, which has held through his term, is far too slow a pace for the job growth that the Governor promised.
This has been going on for many years, and we have not fully recovered from a recession that ended six years ago. We have a 37,800-job deficit from the number of jobs we need — accounting for population growth — to be where we were at the start of the recession in 2007. (See graph below)
For the state to be trumpeting a sixth-lowest unemployment rate really misses the job picture in Iowa — which is neither one of sweetness and light nor of gloom and doom, but one that demands a little more critical thinking about the challenges that face us.
How do we encourage more, and better, jobs in Iowa with sensible public policies that do not squander our state revenues on subsidies for companies to do what they would do anyway?