US Private Sector jobs exceeded pre-recession peak.

[KevinNYC]

The US finally has many private sector jobs as it did in the pre-recession peak of January 2008.

However, government has shed nearly a million jobs since then, so it was take 3-4 more strong months of job gains to fully be back at prerecession employment.

The U.S. achieved a minor milestone today with the number of private sector payroll jobs finally exceeding the pre-recession peak. This raises a few of key points:

1) This doesn't include growth of the labor force and population.

2) Total employment is still below the pre-recession peak because of all the public sector layoffs (see previous post for a table of annual public sector job losses). Total employment should be above the pre-recession peak this summer.

3) Even though it took 6+ years to exceed the previous employment peak, this is actually better than most recoveries from a financial crisis. (Note: this recovery was during a period of declining participation - partially due to demographics - and that makes this milestone even better).

[KevinNYC]

This shows how bad a recession after a financial crisis can be. It takes a long time to get back to where you were.

In the chart below the red line is not back to 0 yet because of government job losses.

[ALBballer]

Are these full time positions or private sector jobs in general that include temp jobs?

[KevinNYC]

The US has recovered better than Europe has if you look at GDP.

http://europeansnapshot.files.wordpr...2014-03-05.png

But if you look at employment it's a different story.

http://europeansnapshot.files.wordpr...2014-03-05.png

[KevinNYC]

Are these full time positions or private sector jobs in general that include temp jobs?

It's all employment. So temp jobs would be included.

They would have also been counted in 2008.

You would need another chart to compare income.

For example. It was only in the last year, did I get a job that paid as much as the job I had when Lehman Brothers went under. I remember the President of the company coming in that day and saying Bearn Stearns he could understand, but he never thought it would happen to Lehman.

Also, as mentioned above the population got bigger, so the job market is still slack.

[KevinNYC]

http://research.stlouisfed.org/fred2...=MEHOINUSA672N

It looks like they only have data up to 2012 (wonder if this is from IRS data), but

Real Median Household Income in the United States has gone down by like $4,000 from 2007 to 2012.

[-p.tiddy-]

What is that Japan 92 all about? They stayed even for 15 years and then fell off a cliff never to return?

[netsfan549]

and i am still job less =(

[KevinNYC]

What is that Japan 92 all about? They stayed even for 15 years and then fell off a cliff never to return?

Different corporate culture. Less likely to fire people. I would guess. Then after a lost decade or more they do.

[KevinNYC]

What is that Japan 92 all about? They stayed even for 15 years and then fell off a cliff never to return?

Japan was why Paul Krugman an others wanted a bigger stimulus because financial crises linger forever

[ALBballer]

It's all employment. So temp jobs would be included.

They would have also been counted in 2008.

You would need another chart to compare income.

For example. It was only in the last year, did I get a job that paid as much as the job I had when Lehman Brothers went under. I remember the President of the company coming in that day and saying Bearn Stearns he could understand, but he never thought it would happen to Lehman.

Also, as mentioned above the population got bigger, so the job market is still slack.

That's what I figure. The issue is there is a growing trend that of hiring temp jobs and most likely a decent portion of these new jobs are temp jobs so I wouldn't be too optimistic.

Just look at Walmart, before 2013 1-2% of their workers are temps now 10% of their workforce consist of temps.

"Tovar said fewer than 10 percent of its U.S. workforce is temporary - or what the company internally calls "flexible associates" - compared to 1 to 2 percent before 2013. The majority of its workforce is still regular full-time staff, he said."

http://www.reuters.com/article/2013/...95C05820130613

[KevinNYC]

Different corporate culture. Less likely to fire people. I would guess. Then after a lost decade or more they do.

My guess was right, but I strongly underestimated what is going on. It's actually a taboo to layoff employees in Japan. The dismissal laws in Japan are very, very strong. Check this video out
https://www.youtube.com/watch?v=KJwvphb1TT4

They send people to banishment rooms where they have no tasks to make the so bored or feel so useless their quit their jobs[QUOTE]Shusaku Tani is employed at the Sony plant here, but he doesn

[Dresta]

Relying on economic aggregations

GDP yeah!!

[ZenMaster]

The US has recovered better than Europe has if you look at GDP.

http://europeansnapshot.files.wordpr...2014-03-05.png

But if you look at employment it's a different story.

http://europeansnapshot.files.wordpr...2014-03-05.png

So in other words, the rich got richer?

I hate GDP, it's the epitome of the more more more culture.

[nathanjizzle]

the economy is about to sky rocket. buy your houses now while they are still cheap.