The November jobs report was released today, and it brought a lot of good news. The U.S. economy added 321,000 jobs in November, well exceeding analysts’ expectations of 230,000. The unemployment rate remained at 5.8 percent. But the report also offers a reminder of the struggles that many working Americans continue to feel in the sluggish recovery.
The monthly jobs report doesn’t provide a comprehensive view of how our economy is doing, but it does offer an important glimpse into some of the macro employment and wage trends that reflect whether the economy is growing, and who is sharing in that growth. Here are five charts that show what to be happy about, and why we need to continue to work so that everyone has a chance for economic opportunity and prosperity.
The big news last Thursday was that almost 300,000 jobs were added in the month of June. But a closer look reveals that in reality 500,000 good paying full time jobs were lost and 800,000 low wage part time jobs were created. There was actually a decrease in net employment, which is consistent with all the terrible GDP numbers. The US remains firmly in a job recession, which begets less consumer spending, which begets lower corporate earnings and outlooks, which begets protracted economic recession. The stock market only sees what it wants to see and catapults ever higher, but it’s only a matter of time before the market’s irrational exuberance runs its course and we’ll have a correction. This is exactly what you could expect given the economic illiteracy of the tea party Republicans in control of the national purse strings. The economy needs restructuring, instead we get disasterous sequester spending cuts, proving yet again that elections have consequences.
The February jobs report was posted today and it’s official, the U.S. Economy grew by another 227,000 jobs (after adjustments for public sector job losses). Apparently, it’s getting every more difficult to the Republican governors to negate the effects of job growth. Budget cuts during February were only force the public sector to shed a mere 6,000 jobs.
Job Losses/Gains for just the Private Sector
Job Losses/Gains for both the Private and Public Sectors
Please note that RED columns reflect job numbers activity under the Bush Administration and BLUE columns reflect job numbers activity under the Obama Administration.
The number of jobs in the February report is absolutely great, But today’s report contains some even greater news. Revisions were made to both the December and January reports. December totals were revised up from 203,000 to 223,000 jobs gained. And, January job gains were revised upward from 243,000 to 284,000 now that all figures are in and accounted for.