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Posted by: Michael Mandel on May 06
The best news out of the job report this morning, as far as I’m concerned, is that employment in the information sector is up by 24,000 over the past three months. That’s the biggest three month gain since the beginning of 2001.
If these employment gains hold, it may be possible to say that the tech bust is finally over. The bottom, then, will have been in January, 2005.
(Some background: The information sector—which includes the telecom companies, Internet companies such as Google and Yahoo!, the cable TV networks, as well as mainstream media—lost almost 600,000 jobs between the beginning of 2001 and the beginning of 2005).
Michael Mandel, BW's award-winning chief economist, provides his unique perspective on the hot economic issues of the day. From globalization to the future of work to the ups and downs of the financial markets, Mandel-named 2006 economic journalist of the year by the World Leadership Forum-offers cutting edge analysis and commentary.