Friday, September 04, 2009

Naught for Naughts Update

by Bill McBride on 9/04/2009 03:12:00 PM

From Rex Nutting at MarketWatch: Lost decade for job growth

[T]he private sector didn't just lose jobs over the last month or the last year -- it's lost jobs over the last decade.

[The private sector] ended up with a net loss of 223,000 jobs since August 1999, according to the latest figures from the Bureau of Labor Statistics. Meanwhile, the nation's population has grown by 33.5 million people.

That's the worst job-creating performance by the private sector since, you guessed it, the Great Depression.
Here is a different way to look at it: net jobs in the Naughts (2000 through 2009).

Employment Naught for Naughts Click on graph for larger image.

Note: scale doesn't start at zero to show the change. This is a followup to Naught for the Naughts?.

The dashed lines show the level of private and total jobs at the end of the '90s (December 1999).

As Nutting notes, the private sector has lost jobs over the last decade, and is down 1.256 million jobs in the Naughts (so the decade will finish with net negative private sector jobs).

Total jobs are up 691 thousand since Dec 1999, and with four months to go, the race is on! If the economy loses about 172 thousand jobs on average over the next four months, total jobs will finish negative too.

Naught for the Naughts. A lost decade for employment.

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