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Thursday, September 27, 2012

How Many Jobs Were Created or Lost Under Obama with the New Benchmarks?


This is a subset and a copy of our latest "How Many Jobs Created or Lost under Obama" column as adjusted based on the new benchmarks which were released today, September 27, 2012.

No other reports have been adjusted at this time.

How many jobs created or lost under Obama?

How many private sector jobs have been lost or added during Obama's presidency?

Since the "trough" of the recession in late 2009/early 2010:

  • 4,442,000 MORE jobs in total
  • 5,081,000 MORE private sector jobs
  • 4,133,000 MORE people working (not changed as this number does not come from the CES survey)

Since Bush left office & Obama took office (January 2009):


  • 86,000 FEWER people working in total
But:
  • 125,000 MORE jobs in total
  • 868,000 MORE private sector jobs

Since the stimulus was passed (# as of March 12, 2009): 
  • 1,648,000 MORE jobs in total
  • 2,380,000 MORE private sector jobs
  • 1,347,000 MORE people working (same)

Since the beginning of Obama's first Fiscal Year (October 2009): 
  • 3,952,000 MORE jobs in total
  • 4,619,000 MORE private sector jobs
  • 3,326,000 MORE people working (same)

Have any private jobs been lost (net) over the past 30 months?
NO!
  • 30 months of consecutive private-sector job growth.

Have any jobs been lost (net) over the past 23 months?
NO!
  • 23 months of consecutive over all job growth.

(Explanations and detail below.  Keep reading.)








How many jobs have been lost or gained during the Obama administration?  Have more new jobs been created or have more jobs been lost under Obama to date?   

Summary:  

We are in positive territory when we look at total jobs numbers, private jobs numbers, and people working compared to the "trough" of the jobs recession in late 2009/early 2010.

We are also in positive territory when we look at total jobs numbers, private jobs numbers, and people working compared to the start of Obama's first Fiscal Year in office which started October 1, 2009.

 
We are in positive territory in terms of total jobs numbers and private sector jobs number compared to the day Obama took office; however, we are in negative territory in number of people working.  


We are now adding jobs at a fair clip, with an average of 167,000 MORE jobs  total added per month since December 2010, and an average of  186,700 MORE jobs added per month in the private sector since December 2010.



(Note:  All of my employment number reports are based on monthly reports and data published by the Bureau of Labor Statistics.  Monthly numbers reports are based on the monthly Employment Situation Report.  The Employment Situation report includes month over month and year over year numbers of jobs and workers.  My analysis is taken from the monthly BLS data copied to an Excel spreadsheet every month.  I calculate detailed percentage increases/decreases, 3 month numbers, 2011 to date numbers, and I compare jobs numbers to those at the time of Obama's inauguration and at the "trough" of the recession.  As the BLS revises its numbers as new information is available, I use the latest available numbers in my monthly articles, which means that those numbers may differ slightly from numbers published in previous months.) 

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