HEALTHY JOB GROWTH CONTINUES

There is continuing good news on the jobs front.

The Institute for Supply Management said Wednesday that its index of nonmanufacturing activity dropped to 56 in March, from its 12-month high of 57.3 in February. Any reading above 50 indicates expansion.

And this:

Separately, the payroll processor ADP said the economy added 209,000 private sector jobs in March. The job gains in January and February were also revised up. The ADP survey does not include government jobs.

http://www.nytimes.com/2012/04/05/business/economy/private-report-shows-strong-jobs-growth.html

Now I’m just waiting for the Bureau of Labor Statistics (BLS) to issue its monthly report on Friday with the most prominent number in it to be the unemployment rate. That number is still likely to remain above 8%.

But then will come all the hooey on the right that whatever improvement in the unemployment rate, it mainly comes from people leaving the work force. Ok, not hooey, bullshit.

The 209,000 in the above report is the number of Americans who are working now who were not working last month. It is an increase in people working just as there has been an increase in people working every month for two years now.

Here is the ADP chart for the past 12 months.

Here is a chart showing the last months of Bush having increased job loss and since Obama took office the slow but steady reversal of that trend until there has been positive job growth.

Somehow, somewhere, Obama’s political opponents will try to spin these figures as anything but good news. It is undeniable that far too many Americans are still out of work and the economy as a whole could not be termed “thriving” .

But many key indicators keep getting better. Remember these facts when listening to the presidential campaign rhetoric. Otherwise you might wonder why there’s anyone at all¬†available to bag your groceries at Kroger’s.

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Comments

  • ciejai  On April 5, 2012 at 10:19 AM

    UMOC, I wonder how many months during the Bush administration private employment grew by 200,000 or more. When employment was expanding, I remember a lot of months when the number was 80 – 100 K but I’m too lazy to crunch all the numbers. The right-wing spin on those increases was “How marvelous!” Now the the right thinks 200K + is a disaster.

    • umoc193  On April 5, 2012 at 2:02 PM

      Don’t have a month by month chart but here’s a WSJ article tracking jobs under all presidents up through Bush.

      You can see that there were 135.5 million jobs at the end of his term. BLS shows a total of 142 million working for their February report.

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