Chart of the Day - Jobs slowly trending higher
Today, the Labor Department reported that nonfarm payrolls (jobs) were unchanged in August. 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 (i.e. the end of 2001 to the end of 2007), job growth was unable to get back up to its long-term trend (first time since 1961). During the current cycle, nonfarm payrolls have pulled away from its 40-year trend (from 1961-2001) by a record amount (see bottom chart). In fact, the current number of US jobs is well below its 2001 peak.
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September 05, 2011 - Labor Day
September 11, 2011 - National Grandparents' Day
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