With the 217,000 net new jobs added in May, the U.S. now has more jobs than any time in history (on a seasonally-adjusted basis). After having lost 8.71 million jobs from January 2008 to February 2010, the U.S. has finally recovered and set a new peak.
Total jobs are shown in the following graph, on a seasonally-adjusted annualized basis. The second graph shows the non-seasonally adjusted numbers, readily illustrating the ebb and flow of jobs throughout the year.
The following points summarize jobs growth today:
- The U.S. now has 138.463 million jobs (the most ever)
- In the prior 12 months, the U.S. added 2.379 million net new jobs, an average gain of 198,250 per month
- After peaking in January 2008, the U.S. lost 8.71 million jobs with the trough occurring in February 2010
- Involuntary part-time workers (they want a full-time job, but can only find a part-time position) totaled 7.3 million people, or 5.27 percent of all workers
- Professional and business services added 55,000 jobs in May
- Health care and social assistance also added 55,000 new jobs
- Food services and drinking places (a component of the leisure and hospitality segment) added 32,000 jobs in May, totaling 311,000 new jobs in the past 12 months
- Transportation and warehousing gained 16,000 jobs, and has averaged 9,000 new jobs per month for the prior 12 months
- In the past year, Manufacturing added 105,000 jobs, but was essentially unchanged in May
- The average workweek for all people with jobs is 34.5 hours
Good news is that job growth continues.
Jobs are everything.