Private Sector Job Creation, 2010-15

More than 11 Million Private Sector Jobs Created Over 5 years

Source: FRED

 

Regarding our earlier conversation about the data underlying NFP / Unemployment:

Above you will see the FRED chart showing the private sector job creation over the past 5 years. (Note this is not trough to peak, which starts a little lower, but is simply a 5-year chart).

Total net private sector employment increased from 107,226,000 to 118,958,000.

I never mind people challenging my arguments and beliefs, but please, bring your A-game . . .

 

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  1. rd commented on Feb 9

    Until the past year, total non-military government employment in the US has declined since 2009 (except for the brief Census blip) during the Big Government Obama Years. This occurred after the steady rise in total government employment during the Small Government years of the Bush Presidency. The only other times we have seen similar reductions in government employee employment was immediately after WW II and the beginning of the Reagan Administration. This has been the major employment headwind that the recovery has faced once the initial 2008-2009 job losses had slammed home. http://research.stlouisfed.org/fred2/series/USGOVT

    The past decade has been truly bizarre from an economic standpoint as just about every singe major talking point that gets repeated over and over again is directly contradicted by actual data. I think the biggest single economic hurdle we have had to overcome over the past decade has been the relentless propaganda machines run by well-funded interested parties. Much of it led to the financial crisis in the first place and has hampered the recovery from it.

    • Futuredome commented on Feb 9

      Most of that is state/local. I am hearing a big ramp up is coming this spring though in some states, may be the end of public sector sluggishness to a extent. Lets note, Republican lead legislatures have cut taxes for the wealthy so low, they aren’t bringing in the revenue to fund new jobs on the local level. Another is big population states budgets are just getting back into the flow of things(Cali being the big one) and they create a bunch of state/local jobs.

      LFPR whining is strange since people don’t see that head and shoulders pattern emerging from the 89 top to the 00 top to the 07 top? Amazing. Definitely a signal of a generation.

  2. Concerned Neighbour commented on Feb 9

    Not to be a debbie downer (OK, maybe a bit), but according to this very chart private sector jobs are only 3M above the previous peak 6 years ago. I don’t dispute the impressive job gains from the trough, just as I don’t dispute the details that suggest many if not most of these new jobs are not of high quality. Meanwhile very little deleveraging has taken place (for governments just the opposite), and world central banks are going to buy more bonds this year than they ever have before. I really don’t see the robust recovery so many are speaking off (unless we’re referring to the manipulated asset markets and not the underlying economy).

    ~~~

    ADMIN: This chart is 5 year post credit crisis recovery. If you look at the 10 year version of this chart, you can see how jobs were lost in the recession — more than 8 million, from 116 million to 107 million and change.

    The proper usage of data is to provide context for what occurred — not to be cherry picked for maximum partisan advantage.

    • Concerned Neighbour commented on Feb 9

      Admin, as I clearly stated, I do not dispute the job numbers. I’m simply putting the job gains in a broader context using the exact same dataset. I am not sure how that makes me a partisan. You are insinuating that I an ultra-right wing Tea Bagger, which is a very long way from the truth.

      And how am I guilty of cherry picking, when the author selected a chart that starts practically at the trough of the recession? You can’t be serious.

      The job gains are to be celebrated, especially since Obama faced so much obstructionism. But the fact remains that they are slow in coming, generally poor quality, and have required massive money printing and continued/significant debt accumulation to bring about. If we are to celebrate the good, surely we must also recognize the bad.

    • DeDude commented on Feb 10

      Does pointing to something “good” in the economy mean not recognizing that there are also things that are “bad”?

      I know that you are not a tea bagger coming from the “anything good associated with Obama must be discredited” angle. You seem more like a left of Obama person with a “lets not declare victory and go home” approach. Question still remains; can you mention something very positive without it being mandatory to bring out a handful of “ifs” and “buts”.

  3. 4whatitsworth commented on Feb 9

    No argument with this number, but what really matters is the % of the population with jobs. This number has been down to flat for the last 14 years. The good news is that even this number is starting to move up so maybe we will finally see some wage increases.

    BTW when it comes to jobs incentives matter, at least according to the Economist.

    http://www.economist.com/news/united-states/21641263-stingier-benefits-may-be-behind-americas-blistering-job-growth-incentives-matter

  4. VennData commented on Feb 9

    To really appreciate this Private sector job growth compare it Private sector job growth at this point after the Great Depression.

    Amazing,

    Thank God for Barrack Obama.

  5. willid3 commented on Feb 9

    well not5 sure that percent employed matters all that much, as whether wages are increasing. and that hasnt happened this century

  6. Paul Mathis commented on Feb 10

    Wow, Looks Like Obamacare Really Was a “Job Killer” Just Like the GOP Said!

    How many times did the WSJ and Fox repeat that Republican claptrap?

    I am sure we will soon get an apology from Rupert.

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