Public and Private Sector Payroll Jobs: Bush and Obama (Calculated Risk)

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http://www.calculatedriskblog.com/2013/04/public-and-private-sector-payroll-jobs.html

... The employment recovery during Mr. Bush's first term was very sluggish, and private employment was down 946,000 jobs at the end of his first term. At the end of Mr. Bush's second term, private employment was collapsing, and there were net 665,000 jobs lost during Mr. Bush's two terms.

The recovery has been sluggish under Mr. Obama's presidency too, and there were only 1,933,000 more private sector jobs at the end of Mr. Obama's first term. A couple of months into Mr. Obama's second term, there are now 2,282,000 more private sector jobs than when he took office.



Public Sector Payrolls A big difference between Mr. Bush's tenure in office and Mr. Obama's presidency has been public sector employment. The public sector grew during Mr. Bush's term (up 1,748,000 jobs), but the public sector has declined since Obama took office (down 718,000 jobs). These job losses have mostly been at the state and local level, but they are still a significant drag on overall employment.



Another important difference: I started warning about the housing bubble in 2004, and I started this blog in January 2005 - the beginning of Mr. Bush's 2nd term. My focus in 2005 was on the housing bubble and coming recession. Now - at a similar point in Mr. Obama's tenure - I expect the economy to continue to expand, so I don't expect a sharp decline in employment as happened at the end of Mr. Bush's 2nd term.

Read more at http://www.calculatedriskblog.com/2013/04/public-and-private-sector-payroll-jobs.html#POsPX6vbU6eMSjPO.99