Friday, February 3, 2012

The Fastest 6 Month Drop In Unemployment Since 1984

The jobs numbers look good, but I tend to pay more attention to job growth rather than unemployment. I do this for two reasons. The unemployment number can be artificially low when people leave the workforce, and also it will jump as the economy rebounds and more people are active in their job search.
In the chart above from the Federal Reserve in St. Louis, you can see that President Obama’s private sector job growth has been progressing. That “U” shape is the shape of a private sector recovery. Look at the exact time period the private sector turned the corner. It was the first quarter of 2010, about 6 months after the stimulus took effect.
After each monthly jobs report I like to highlight two specific industries, healthcare and manufacturing. The healthcare industry in the month of January added over 30,000 jobs. I keep an eye on this, because this is the industry that is directly regulated by ObamaCare and the GOP keeps repeating that Obamacare is a job killer.

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