Oliver Willis

The Road We’ve Traveled: Economy Edition

For perspective, here are the last 6 jobs reports for 2008.

December 2008: -696,000
November 2008: -765,000
October 2008: -476,000
September 2008: -452,000
August 2008: -259,000
July 2008: -210,000

That negative trend continued until March of 2010 when the jobs number went back into positive territory. It dipped and came back up a few more times after that until October of 2010. From that date until April of 2015, the private sector has added jobs. 61 straight months of job growth, a record in U.S. history.

There are all sorts of problems that still exist in our labor market: not enough income growth, not enough government jobs as there were in past recoveries, and a disparity in which sectors have rebounded.

But when the most recent jobs report is characterized as “disappointing” because it failed to meet the consensus estimate of what it should have been (the same consensus that never saw the recession coming, by the way), a sense of proportion has to be demanded.

Seven years ago our economy was in a tailspin, and talk began to rise about “managing the decline.” Instead, the economy has bounced back. We’re adding jobs every month rather than losing 2.5 million jobs and the ripple effect of that loss in just half of a year.

We are better off than we were 7 years ago, and you need to disregard those who are claiming otherwise – especially since they are the ones who led us into the near-disaster in the first place.