Home > Uncategorized > Private service sector employment has completely recovered its recession losses – Business Insider

Private service sector employment has completely recovered its recession losses – Business Insider

November 3, 2012 Leave a comment Go to comments

With the exception of weekly indicators, normally we don’t post over the weekend. But this is too significant in my opinion to wait until Monday.

Employment can be broken down into private vs. public sector, and the private sector can be further divided into goods-producing vs. services. The simple fact is, that with Friday’s employment report, private service sector jobs have made up their entire losses from the Great Recession. Ninety percent of the remaining job losses are concentrating in the goods-producing construction and manufacturing sectors, with the remaining 10% from government job cuts.

At their last peak in January 2008, there were 94,443,000 private sector service jobs. 4,723,000 were lost in the recession, bottoming in December 2009. As of yesterday’s report, there were 94,239,000 such jobs. This is still 204,000 short, but that isn’t the end of the story.

A few months ago, the BLS announced its first benchmark revisions through March 2012. These revisions showed that there were 393,000 more private service sector jobs through March than had been previously reported (blue in the graph below). They won’t be added on to the official monthly numbers until next February, but when we include them (red), we now have 94,632,000 private service jobs, or 189,000 above the high tide mark at the beginning of the last recession:

via Private service sector employment has completely recovered its recession losses – Business Insider.

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