by Bill McBride on 3/17/2012 11:11:00 PM
Note on McAfee: For some users, McAfee incorrectly flagged CR. I've spoken to McAfee, and hopefully this is resolved. You can check Google's site evaluation here.
Saturday, March 17, 2012
Jon Lansner at the O.C. Register wrote about looking at year-over-year changes:
Forget the debate about the true oomph of February's 227,000 job gain from January.That requires a graph! Instead of just looking at the year-over-year increase in total nonfarm payrolls, I divided the data into changes in private and public payrolls.
Look at this same data on a year-over-year basis! What do you learn?
American bosses added 2.021 million jobs in the year ended in February. That's a 1.5 percent job growth pace. It's the fastest bout of hiring since January 2007.
Click on graph for larger image.
The red line is the year-over-year changes for private payrolls; the blue line is for public payrolls.
Whereas total payrolls are up 1.5 percent, private payrolls are up 2.0% year-over-year, the fastest rate of increase since early 2006.
However public payrolls are down 1.0%, and public payrolls have been falling since mid-2009 with the exception of the decennial Census hiring (note the spike every 10 years in public hiring).
Note: It looks likely that the decline in public payrolls will end mid-year 2012 (the year-over-year change will hit zero some time later).
• Summary for Week ending March 16th
• Schedule for Week of March 18th
Posted by Bill McBride on 3/17/2012 11:11:00 PM