Private Sector Jobs: Net Four-Year Loss
Tuesday February 8, 2005
News reports suggested that January job data spared President Bush from joining Herbert Hoover as the only president to see a net job loss during a four-year term. However, under Bush's watch, private sector jobs dropped 760,000, according to January 2005's anemic job growth projections. Bush's public reputation was spared only because of growth in government sector jobs, a cushy buffer missing during the Hoover days.
In January 2000, when President Bush took office, there were 111,622,000 private sector jobs in the US. Projected numbers for January 2005 are 110,862,000, a net loss of 760,000 private sector jobs. In comparison, in January 1997 there were 101,639,000 private sector jobs -- meaning 9,983,000 were created during President Clinton's second term of office.
As other analysts have pointed out, the recession can no longer be used as the whipping boy for this abysmal economic performance: it's been over for three years.
Most news reports of job data report on total payroll, which includes government jobs. In fact, about 25 percent of January's job growth (seasonally adjusted) was outside the private sector.
Moreover, many of the jobs being created are in low-wage, low-benefit sectors of the economy: couriers and messengers, food service, temporary help and retail. The BLS said 25,000 manufacturing jobs were lost in January.
Economists had predicted predicted 200,000 new jobs would be created in January; the total was 146,000, and December data were again revised downward (almost a routine action). The economy needs about 150,000 new jobs each month to keep pace with the number of new workers entering the marketplace.
See Bureau of Labor Statistics data; requires Java-capable browser; Paul Craig Roberts, Assistant Secretary of the Treasury in the Reagan administration.
In January 2000, when President Bush took office, there were 111,622,000 private sector jobs in the US. Projected numbers for January 2005 are 110,862,000, a net loss of 760,000 private sector jobs. In comparison, in January 1997 there were 101,639,000 private sector jobs -- meaning 9,983,000 were created during President Clinton's second term of office.
As other analysts have pointed out, the recession can no longer be used as the whipping boy for this abysmal economic performance: it's been over for three years.
Most news reports of job data report on total payroll, which includes government jobs. In fact, about 25 percent of January's job growth (seasonally adjusted) was outside the private sector.
Moreover, many of the jobs being created are in low-wage, low-benefit sectors of the economy: couriers and messengers, food service, temporary help and retail. The BLS said 25,000 manufacturing jobs were lost in January.
Economists had predicted predicted 200,000 new jobs would be created in January; the total was 146,000, and December data were again revised downward (almost a routine action). The economy needs about 150,000 new jobs each month to keep pace with the number of new workers entering the marketplace.
See Bureau of Labor Statistics data; requires Java-capable browser; Paul Craig Roberts, Assistant Secretary of the Treasury in the Reagan administration.
Comments
No comments yet. Leave a Comment