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Friday, September 02, 2011
Are we doing the job on jobs? - Chart of the Day says No!
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.
Notes:
- Will the Dow crash? The answer may surprise you. Find out right now with the exclusive & Barron's recommended charts of Chart of the Day Plus.
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