The U.S. plunged downhill in jobs commencing February 2008. From the peak to the trough, the country shed 8.71 million jobs – with the low occurring in February 2010. The country is still 666,000 shy of the job count high recorded in January 2008. With 175,000 net new jobs added in February 2014, the U.S. is on track to finally recoup all lost jobs by June.
The graph shows the monthly job numbers since 2007 on a seasonally-adjusted basis.
Where were most of the new jobs created?
The following table shows the net job gains by State since February 2010—the trough year for U.S. employment. California has created the most – 14.4 percent. Texas was second with 13.7 percent – but has just 8.3 percent of the total jobs in the country. Seven states accounted for one-half of all new jobs since February 2010 but have just 41 percent of total jobs.
And the least? New Mexico. Even though New Mexico has 6/10ths of 1 percent of all U.S. jobs, it created barely 1/10th of 1 percent of new jobs. New Mexico’s economy is over-exposed to government jobs (with one-out-of every-four jobs in that sector compared to one-out-of-six jobs on average nationwide, and defense contractors – including the U.S. Department of Energy’s National Lab).
Which state has posted the best job growth in the past 12 months? Texas with 322,400 followed by California.
Four states lost jobs in the past 12-months:
New Mexico -2,700
West Virginia -1,300
These data again support my TINSTAANREM clause “There Is No Such Thing As A National Real Estate Market.”
Jobs are everything. Period.