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Hale Stewart

Bush’s Job Growth: Still The Worst of the Last 40 Years

From the Bureau of Labor Statistics:


Nonfarm payroll employment held steady (+51,000), and the unemployment rate (4.6 percent) was essentially unchanged in September, the Bureau of Labor Statistics of the U.S. Department of Labor reported today.  Job growth continued

in health care and financial activities, while employment declined in manufacturing.  Employment was little changed in other major industry sectors.

So, how does this expansion compare to other expansions with the addition to today's number?  Bush still has the worst record of job creation of any expansion in the last 40 years.


2/61 - 12/69


Beginning number of jobs: 53,556,000

Ending number of jobs: 71,240,000

Total Jobs Created: 17,684,000

Compound rate of establishment job growth: 3.283%


11/70 - 11/73


Beginning number of jobs: 70,409,000

Ending number of jobs: 77,909,000

Total Jobs Created: 7,500,000

Compound rate of establishment job growth: 3.43%

3/75 - 1/80


Beginning number of jobs: 76,649,000

Ending number of jobs: 90,800,000

Total Jobs Created: 14,151,000

Compound rate of establishment job growth: 3.56%


11/82 - 7/90


Beginning number of jobs: 88,770,000

Ending number of jobs: 109,773,000

Total Jobs Created: 21,003,000

Compound rate of establishment job growth: 2.8%


3/91 - 3/01


Beginning number of jobs: 108,542,000

Ending number of jobs: 132,504,000

Total Jobs Created: 23,962,000

Compound rate of establishment job growth: 2.01%

11/01 - ?


Beginning number of jobs: 130,883,000

Ending number of jobs: 135,409,000

Total Jobs Created: 4,526,000

Compound rate of establishment job growth: .71%


Now, there is a new wrinkle in the figures.  Both CBSMarketwatch and Bloomberg are reporting the Bureau of Labor Statistics are revising their estimates from the last year up by 810,000.  However -- even if we add that increase into the figures -- we still get the worst job growth of the last 40 years -- by a wide margin.  

Hale Stewart: Author Bio | Other Posts
Posted at 8:56 AM, Oct 06, 2006 in Economy
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