This morning’s BLS jobs report is terrible news: the economy produced zero new jobs last month.
The private sector actually added 17,000 jobs, but the loss of 17,000 government jobs wiped that tiny gain out.
Via David Indiviglio, here’s the chart showing job growth by the private and public sectors over the past two years:
And from Calculated Risk, here is the “recovery” relative to past recoveries:
The important thing to remember is that the economy has to add about 90,000-150,000 jobs per month simply to keep up with population growth.
