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Posted by: Michael Mandel on September 15
Here’s a nice chart that did not appear in my article:
This chart starts at February 2001, which is the peak month for nonfarm employment. The top line is the broad private health sector (explained below). The bottom line is the rest of the private sector. Each line measures the difference in employment between that month and Feb 2001.
You can see that non-health private sector employment is no higher now than it was when the recession started. Meanwhile health care has steadily rose.
Note: This chart uses a slightly different cut at the data than the article. All the numbers in my article use 12-month averages of nonseasonally adjusted data, because I was looking at a lot of small industries which are only published in that form, and a lot of state and local data. On a 12-month average basis, the peak is June 2001.
For this chart, I use seasonally adjusted data for private jobs and private health care services, and nonseasonally-adjusted data for all other industries in the private health care sector.
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.