Job Growth

On April 3, 2020, the Bureau of Labor Statistics reported that 701,000 jobs were lost in March due to the COVID-19 pandemic (figure was later revised to -881,000). This brought an abrupt end to the longest stretch of job creation in United States history. Beginning in October of 2010 during the Obama presidency, the U.S. recorded an unprecedented 113 consecutive months of job growth. Though the economy had exhibited some signs of weakness over the last year and barely made it over the threshold a year earlier when only 1,000 jobs were created in February of 2019, the pandemic was the ultimate spoiler. 

Throughout the country’s history long stretches of job creation have come and gone, but nothing comes close to the record set over the last decade. The second longest streak was 48 months during the Reagan and George H.W. Bush presidencies from 1986 to 1990. This is where Bill Clinton may want to chime in and have a word. During his presidency, the country would have had a stretch of 86 consecutive months if it wasn’t for a blizzard shutting down the Federal Government in D.C. for a week in January of 1996.

During the first week of every month the Bureau of Labor Statistics reports the nation’s ​​​​​​​​​Job Growth figures. When analyzing this indicator, it’s important to note that the figure is related only to new “payroll” jobs and self-employed businesses are not factored into the equation. Due to its rather punctual reporting, job growth statistics are also viewed as preliminary measurements upon first report and are revised at a later date as more data comes in. In other words, the initial report should be treated as a best estimate. In order for the economy to remain stable economists generally look for job growth to be above 100,000 jobs per month. However, for a more prosperous economy at least 200,000 jobs created over a given month is the ideal scenario. The table and graph below break-down the monthly average and total of the United States’ Job Growth numbers.

U.S. Bureau of Labor Statistics | 2020 : 1970 | all employees, total non-farm, seasonally adjusted, units : thousands (214 = 214,000).

Years	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995	1994	1993	1992	1991	1990	1989	1988	1987	1986	1985	1984	1983	1982	1981	1980	1979	1978	1977	1976	1975	1974	1973	1972	1971	1970
January	214	269	121	185	73	191	175	191	354	19	2	-784	11	228	280	150	181	108	-130	-11	233	106	263	220	-4	336	281	299	41	-111	363	263	92	169	123	265	443	219	-330	90	128	137	184	242	486	-359	69	349	332	73	-65
February	251	1	406	188	263	271	166	278	262	212	-92	-743	-79	81	308	258	56	-136	-116	91	119	418	204	312	423	196	186	250	-58	-321	236	266	461	241	115	131	484	-73	-2	72	83	247	354	298	313	-375	154	397	207	-58	129
March	-1,373	147	176	129	229	71	254	139	240	235	181	-800	-49	235	310	124	317	-212	-19	-42	472	107	148	315	254	210	461	-50	54	-160	209	194	275	245	87	339	272	173	-129	105	111	424	512	403	232	-270	42	270	296	53	146
April	-20,787	210	137	197	187	284	325	191	82	314	231	-695	-240	49	158	362	269	-55	-94	-284	292	370	278	296	165	162	344	302	154	-210	42	170	243	335	187	196	363	274	-284	73	-145	-62	702	337	244	-188	86	171	218	176	-103
May	2,699	85	278	155	42	331	218	222	100	101	540	-342	-177	151	39	172	283	19	11	-53	217	211	402	260	328	-20	335	272	130	-115	153	122	230	229	127	274	306	280	-43	13	-429	372	347	360	20	164	167	193	307	211	-224
June	4,800	182	219	216	267	174	326	181	73	236	-139	-467	-171	76	81	252	99	-2	50	-111	-44	281	232	268	283	237	317	181	66	85	17	114	364	172	-93	147	381	377	-242	194	-319	319	441	400	64	-103	55	239	289	7	-95
July	NA	194	136	215	354	302	232	112	152	60	-84	-340	-196	-31	195	354	55	-3	-94	-122	175	325	129	297	246	94	372	306	78	-42	-32	42	224	347	318	189	310	416	-344	111	-261	109	254	346	171	249	32	26	-49	61	24
August	NA	207	244	184	135	125	188	242	172	126	-5	-183	-278	-23	174	202	89	-42	-3	-149	-6	155	339	-18	184	254	286	151	132	18	-208	51	124	173	115	192	243	-308	-158	-36	259	83	279	241	157	383	-17	255	432	58	-116
September	NA	208	80	18	269	155	309	187	187	233	-65	-241	-460	80	149	68	156	105	-86	-257	123	203	208	492	211	241	351	242	34	26	-98	249	339	227	346	205	312	1,118	-180	-88	114	27	138	457	188	75	-9	108	123	241	7
October	NA	185	201	267	145	306	252	225	159	204	268	-199	-481	79	9	89	354	200	127	-317	-2	405	202	344	255	156	211	285	180	21	-151	107	263	491	187	188	285	273	-276	-97	277	154	335	268	19	312	20	331	410	28	-423
November	NA	261	134	225	151	237	291	264	156	132	125	12	-727	110	211	338	56	20	-13	-312	205	289	277	306	296	144	411	251	133	-61	-153	276	341	234	187	210	353	355	-121	-209	257	92	435	373	329	145	-365	313	299	205	-112
December	NA	184	182	130	230	273	268	69	239	202	72	-269	-706	108	186	156	121	114	-143	-160	153	306	365	314	182	145	296	330	223	32	-48	84	281	289	201	166	125	355	-15	-276	196	99	280	237	208	332	-613	111	295	262	383
Monthly Total	-14,196	2,133	2,314	2,109	2,345	2,720	3,004	2,301	2,176	2,074	1,034	-5,051	-3,553	1,143	2,100	2,525	2,036	116	-510	-1,727	1,937	3,176	3,047	3,406	2,823	2,155	3,851	2,819	1,167	-838	330	1,938	3,237	3,152	1,900	2,502	3,877	3,459	-2,124	-48	271	2,001	4,261	3,962	2,431	365	-379	2,763	3,159	1,317	-449
Monthly Average	-2,366	178	193	176	195	227	250	192	181	173	86	-421	-296	95	175	210	170	10	-43	-144	161	265	254	284	235	180	321	235	97	-70	28	162	270	263	158	209	323	288	-177	-4	23	167	355	330	203	30	-32	230	263	110	-37