Floyd Norris notes an astounding data point:
“For the first time since the Depression, the American economy has added virtually no jobs in the private sector over a 10-year period. The total number of jobs has grown a bit, but that is only because of government hiring.
The accompanying charts show the job performance from July 1999, when the economy was booming and companies were complaining about how hard it was to find workers, through July of this year, when the economy was mired in the deepest and longest recession since World War II. For the decade, there was a net gain of 121,000 private sector jobs, according to the survey of employers conducted each month by the Bureau of Labor Statistics. In an economy with 109 million such jobs, that indicated an annual growth rate for the 10 years of 0.01 percent.”
The starting point for the past 10 years is right at the peak of the dot com employment boom. But even taking thay into account, this is an unreal datapoint . . .
chart via NYT
Job Growth Lacking in the Private Sector
NYT, August 7, 2009