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Sunday, April 28, 2013

'Public and Private Sector Payroll Jobs: Bush and Obama'

One more before hitting the road once again:

Public and Private Sector Payroll Jobs: Bush and Obama by Bill McBride: ...several readers have asked if I could update the graphs comparing public and private sector job losses (or added) for President George W. Bush's two terms (following the stock market bust), and for President Obama tenure in office so far (following the housing bust and financial crisis). 
Important: There are many differences between the two periods. ...

The first graph shows the change in private sector payroll jobs from when Mr. Bush took office (January 2001) compared to Mr. Obama's tenure (from January 2009). ...

Private Sector Payrolls 
Click on graph for larger image.

The employment recovery during Mr. Bush's first term was very sluggish, and private employment was down 946,000 jobs at the end of his first term.   At the end of Mr. Bush's second term, private employment was collapsing, and there were net 665,000 jobs lost during Mr. Bush's two terms.  

The recovery has been sluggish under Mr. Obama's presidency too, and there were only 1,933,000 more private sector jobs at the end of Mr. Obama's first term.  A couple of months into Mr. Obama's second term, there are now 2,282,000 more private sector jobs than when he took office.

Public Sector Payrolls 

A big difference between Mr. Bush's tenure in office and Mr. Obama's presidency has been public sector employment. The public sector grew during Mr. Bush's term (up 1,748,000 jobs), but the public sector has declined since Obama took office (down 718,000 jobs). These job losses have mostly been at the state and local level, but they are still a significant drag on overall employment. ...

    Posted by on Sunday, April 28, 2013 at 10:35 AM in Economics, Fiscal Policy | Permalink  Comments (36)


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