Private sector jobs looking much stronger

[ProSense]

Private sector jobs looking much stronger

By Steve Benen

In the previous post, we talked about the new monthly jobs report, but in keeping with tradition, here’s a slightly different chart — one showing just the private sector job market.

Overall, the U.S. economy added 200,000 jobs in December, but as has been the case for a long while, it’s the private sector that continues to fare better. Last month, businesses added 212,000 jobs, making it one of the best months since the recession began.

For the 2011 calendar year, BLS data shows the U.S. private sector has now added 1.89 million jobs in 2011, well ahead of last year’s private-sector total of 1.2 million, and the best year for businesses since 2005. Since March 2010, American businesses have created 3.13 million jobs. (In 2008, the private sector lost 3.8 million jobs, and in 2009, the private sector lost 5 million jobs.)

And with that, here’s a different homemade chart, showing monthly job losses/gains in the private sector since the start of the Great Recession. The image makes a distinction — red columns point to monthly job totals under the Bush administration, while blue columns point to job totals under the Obama administration.



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http://www.washingtonmonthly.com/political-animal/2012_01/private_sector_jobs_looking_mu034559.php

[ProSense]

1. Kick! n/t

[JNelson6563]

2. Such good news!

I hope many who need it most are seeing this relief. With Chrysler adding1100jobs in Detroit, I am encouraged this is at least partly so.

Julie

[MjolnirTime]

3. Obama 2012!

[brentspeak]

4. "Many economists say...the number may have been distorted by seasonal factors"

http://www.reuters.com/article/2012/01/05/us-usa-economy-idUSTRE7BM0AB20120105

The ADP National Employment Report's December job tally of 325,000 surprised economists who had expected a gain of roughly half that size. It was also above the 204,000 private jobs added in November.

Many economists struck a note of caution, though, saying the number may have been distorted by seasonal factors

Joel Prakken, of Macroeconomic Advisers, which helps produce the survey, told reporters job readings tend to be inflated at year-end as employers keep workers on payrolls for accounting reasons, and the reading could be revised lower.

"Certainly we're getting some more encouraging news on the jobs market, but we have to be very aware that it does reflect a very volatile period of the year -- the holiday season and the days following the new year," said Bernard Baumohl, chief global economist at Economic Outlook Group in Princeton, New Jersey.