Tag Archives: recession

News Roundup – Jobs, Bin Laden, Trump, Airplane Engines

New jobs report

Although the headline number for job creation was below expectations, this was still a decent report.   Some positives include more wage growth (see below), fewer part-time workers for economic reasons, fewer long-term unemployed, and a decline in U-6 (an alternative measure of underemployment).

Earlier: April Employment Report: 160,000 Jobs, 5.0% Unemployment Rate

A few numbers:  Total employment is now 5.5 million above the pre-recession peak.  Total employment is up 14.2 million from the employment recession’s low.

Private payroll employment increased 171,000 in April, while government employment declined 11,000 in April, mostly at the Federal level.  Private employment is now 5.8 million above the pre-recession peak. Private employment is up 14.6 million from the recession low.

Continue reading News Roundup – Jobs, Bin Laden, Trump, Airplane Engines

Private Sector Job Growth

Let’s just take some time and look at private sector jobs under Obama.

From Calculated Risk Blog:

Term Private Sector
Jobs Added (000s)
Carter 9,041
Reagan 1 5,360
Reagan 2 9,357
GHW Bush 1,510
Clinton 1 10,885
Clinton 2 10,070
GW Bush 1 -844
GW Bush 2 381
Obama 1 2,018
Obama 2 6,3221
128 months into 2nd term: 10,838 pace.

 

The first graph shows the change in private sector payroll jobs from when each president took office until the end of their term(s). President George H.W. Bush only served one term, and President Obama is in the third year of his second term.

Mr. G.W. Bush (red) took office following the bursting of the stock market bubble, and left during the bursting of the housing bubble. Mr. Obama (blue) took office during the financial crisis and great recession. There was also a significant recession in the early ’80s right after Mr. Reagan (yellow) took office.

There was a recession towards the end of President G.H.W. Bush (purple) term, and Mr Clinton (light blue) served for eight years without a recession.

Private Sector Payrolls

Click on graph for larger image.

The first graph is for private employment only.

The employment recovery during Mr. G.W. Bush’s (red) first term was sluggish, and private employment was down 844,000 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 463,000 private sector jobs lost during Mr. Bush’s two terms.

Private sector employment increased slightly under President G.H.W. Bush (purple), with 1,510,000 private sector jobs added.

Private sector employment increased by 20,955,000 under President Clinton (light blue), by 14,717,000 under President Reagan (yellow), and 9,041,000 under President Carter (dashed green).

There were only 2,018,000 more private sector jobs at the end of Mr. Obama’s first term.  Twenty eight months into Mr. Obama’s second term, there are now 8,340,000 more private sector jobs than when he initially took office. (more…)

News Roundup: Severe Flooding, Snowden, Jobs, IRS

For the last four or five days we’ve had torrential rains with severe flooding which has been unrelenting. We are in a flash flood watch through Sunday evening.

It appears that both Venezuela and Nicaragua are interested in granting Edward Snowden asylum. I know that there have been some Americans who believe that Edward Snowden has done a great thing. They believe that Snowden has become the conversation over safety versus personal liberties. I would suggest, though, that there has been no conversation. Instead, we’ve had pundits yelling at each other without any real discussion over this topic.

The new jobs report is out. The economy picked up 195,000 jobs.  We desperately need more. The economy has gained over a fifth of the jobs lost in the great recession. We’ve got a long way to go. Continue reading News Roundup: Severe Flooding, Snowden, Jobs, IRS