Here’s the Beef on Recent Job Creation…
Most importantly, the so-called “quality” of the nation’s job creation has improved drastically from over the Summer.
Non-temporary W-2 jobs in professional and business services (e.g., accounting, law, architecture, management consulting) increased by 49,000 last month. And the private banking and securities sectors – which are leading indictors in many respects – added 22,700 payroll jobs last month and 17,900 payroll jobs in September. (See this report.)
All in all, a very nice report. Hopefully, this will mark the beginning of a trend.
Finally, for those still keeping track, there currently are 135,000 fewer W-2 jobs than there were as of January 2001. By the end of next month, then, and barring something way out of line, George W. Bush will be said to have presided over a net gain in payroll employment; despite the recession, 9/11, and the aftermath of the late-1990’s era tech and telecom bubbles. Further, since the election now is over and we no longer have to pretend that 1099 jobs and self-employment positions don’t exist, the net gain in aggregate employment, since President Bush first took office, now stands at1,988,000 jobs.