Below is an interesting chart, issued Friday by House Minority Leader Nancy Pelosi, based on private sector jobs created, month by month, during the last three years. It’s based on stats tallied by the Bureau of Labor Statistics.
The upshot: private sector employment is increasing, and it has been increasing for a full year. The private sector has added 1.3 million jobs in the past year.
But it’s adding them at a generally lower rate than analysts have been predicting. Moreover, the the “rebound” in the graph above looks anemic compared to the number of jobs shedded during the last year of former President George W. Bush’s term and the first year of President Barack Obama’s.
Meanwhile, the “official” unemployment rate remains alarmingly high at 9.4 percent (down from 9.8 percent in November). And we all know the real unemployment rate is higher, because the official number doesn’t count people who have given up looking for work. That number increased in December to 1.3 million.
There is one bright spot, however: the statistics suggest that the economy has added more private-sector jobs in the past year alone than were added in all of the 8 years of the administration of former President George W. Bush.
From the NationalJournal.com:
From February 2001, Bush’s first full month in office, through January 2009, his last, total U.S. nonfarm employment grew from 132.5 million to 133.5 million, according to the Bureau of Labor Statistics.
. . .Now the principal footnote: To compare job growth in 2010 with Bush’s record ignores the nearly 4 million jobs lost in Obama’s first year, during the freefall that began in Bush’s final months. That’s like ignoring a meteor strike.