Chart of the Day - October 2, 2009
Today, the Labor Department reported that nonfarm payrolls decreased by 263,000 in September. As a result, today's chart provides some perspective on the US job market. Note how the number of jobs has steadily increased (top chart) over the long-term. During the last economic recovery, however, job growth was unable to get back up to trend (first time since 1960). More recently, nonfarm payrolls have pulled away from its 50-year trend by a record percentage (bottom chart). In fact, the number of US jobs is currently at level first seen in early 2000.
Quote of the Day"Henry Ford was right. A prosperous economy requires that workers be able to buy the products that they produce. This is as true in a global economy as a national one." - John J. Sweeney
Friday, October 2, 2009
Data depicted by "Chart of the Day" confirms that jobless feeling
This morning's disappointing jobs report helped put the starting gate down about as far as it could go without actually confirming a bearish pattern break in many more indices (except the banks as I noted here earlier today). One particularly striking fact was weakness in government jobs - you know, the one category that had been oddly upbeat for so long. Hellooo!! Wasn't the stimulus bandwagon supposed to create jobs in various sectors and most easily and quickly in government? Even so, we know true economic health comes from the private sector, which has been withering for a long time. This doesn't tell us whether or not the rally has finished topping in all indices - or even guarantee that a retest of the March lows will or won't break to new lows. But it's difficult to see how economic growth will pick up without more folks in the economic activity mill we measure with jobs statistics. Today, the folks at "Chart of the Day" seized on this topic - below is what they came out with:
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