On this first Friday of every month, the Bureau of Labor Statistics provides the nation with a close look at what’s been going on in the job market. While you don’t want to put too much weight on any one month of data, the report is bursting with valuable info on stuff that matters a lot to real people, like job growth, unemployment, and earnings.
One useful thing to do with these data is to average over a few months, to smooth out some of the jumpiness in the monthly numbers. And when you apply this smoothing to private sector job growth, a promising pattern emerges.
The figure below takes an average of monthly job growth in the private sector over the past three months (Dec, Jan, Feb), and compares that to the same average last year and two years ago.
Two years ago, when President Obama took office, we were hemorrhaging jobs at a rate of over 700,000 per month. Our Administration attacked the problem, first with the Recovery Act, and later with a broad set of initiatives to put more money in family budgets, free up credit for small businesses, and most recently, boost paychecks with a temporary payroll tax cut.
Source: http://www.whitehouse.gov/blog/2011/03/04/youve-got-friend-trend
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