Here is a Great Graphic that caught our attention. It comes from Matthew O'Brien of The Atlantic courtesy of Business Insider. It provides in convertible proof that there has been private sector job growth over the last four years. In fact, during the Obama Administration there have been a net creation of 427k private sector jobs. I suspect this number can more than double before the next inauguration. Of course, from a political, economic and social point of view this is hardly sufficient.
The total dollar value of the goods and services (GDP) the US produces has never been higher, but it is being produced with fewer workers. This job creation record appears to be actually somewhat better then the other so-called jobless recoveries. As noted before, a key way this recovery is unique is that government employment continues to decline.
Of course, even if the President of the United States is among the most powerful people on the planet, he cannot control all the forces that impact private sector employment. During the eight years that preceded the Obama Administration, the US economy lost a net 170k private sector jobs and it cannot all be put at the feet of the last president. The FIRE industries, that is finance, insurance and real estate were the previous engine of private sector job growth and that is precisely the sectors at the heart of the crisis.
Great Graphic: US Private Sector Job Growth
Reviewed by Marc Chandler
on
August 21, 2012
Rating:
Reviewed by Marc Chandler
on
August 21, 2012
Rating:
