The Jobs Report

Jobs gap

Ezra Klein finds a harrowing graph:

The fine folks at the Hamilton Project sent me this (frankly terrifying) graph showing how long it would take to reverse our job losses at various rates of payroll growth. Note that every line on here is showing vastly more job growth than we've seen for any sustained period thus far in the downturn.

CBPP provides several charts on the recession thus far. So far, Don Peck is still prescient. Catherine Rampell notes that the drop in the headline number was because "so many people simply gave up looking for jobs." So much for that 300,000 number. Calculated Risk:

This was a mixed report. The 103,000 payroll jobs added was below expectations of 140,000 jobs, however payroll for November was revised up 70,000 and the October payroll was revised up 38,000.


You can see that leisure & hospitality and health care [sectors] were the only really significant winners in December. Construction and government jobs continued to decline, with local government leading the layoffs. You can expect to see these two sectors continue to suffer in coming months due to continuing real estate market woes and fiscal difficulties at the state and local levels.