The US Labor Department yesterday reported that nonfarm payrolls (jobs) decreased by 85,000 in December while the data for November was revised upward to show a gain of 4,000 jobs.
For some perspective, Chart of the Day produced the graph below that illustrates the percentage increase in the number of jobs for every decade since the 1940s (the data goes back to 1939). As shown, the number of jobs at the end of a decade has been anywhere from 20% to 38% greater than ten years prior. However, the decade just ended turned out to be the exception with essentially no job gains. “This subpar job growth is particularly noteworthy due to the fact that the US population has increased by 10% in addition to a significant increase in global wealth during the same time frame,” said Chart of the Day.
Source: Chart of the Day, January 8, 2010.
