Chart of the Day Chronicles Number of US jobs below early 2000 level

Today everyone was talking about the bad jobs number. Let's face it, a bunch of temporary U.S. Census workers won't be enough to boost our eonomy! The folks at Chart of the Day are giving long-term perspective on this with their information, below, which can be found at their site at http://www.chartoftheday.com/20100604.htm

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Chart of the Day - Number of US jobs below early 2000 level

Today, the Labor Department reported that nonfarm payrolls increased by 431,000 in May. It is worth noting that a large majority of last month's gain in payrolls was due to the hiring of temporary workers for the 2010 census. Today's chart provides some perspective on the US job market. Note how the number of jobs steadily increased from 1961 to 2001 (top chart). During the last economic recovery, however, job growth was unable to get back up to its long-term trend (first time since 1961). More recently, nonfarm payrolls have pulled away from its 40-year trend 1961-2001 by a record percentage (bottom chart). In fact, the number of US jobs is currently at level first reached in early 2000.

Notes:
- Where's the market headed? The answer may surprise you. Find out right now with the exclusive & Barron's recommended charts ofChart of the Day Plus.

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