Reporter Terence P. Jeffrey did some quick math when he looked at the report released Friday by the Bureau of Labor Statistics. Jeffrey surmised in an article for CNSNews.com that seventy three percent of new civilian jobs created in the U.S. over the last five months are government jobs. He writes:
In June, a total of 142,415,000 people were employed in the U.S, according to the BLS, including 19,938,000 who were employed by federal, state and local governments.
By November, according to data BLS released today, the total number of people employed had climbed to 143,262,000, an overall increase of 847,000 in the six months since June.
In the same five-month period since June, the number of people employed by government increased by 621,000 to 20,559,000. These 621,000 new government jobs created in the last five months equal 73.3 percent of the 847,000 new jobs created overall.
While according to Jeffrey’s calculations an overwhelming majority of new jobs are not economically stimulating and actually drain the economy, most economists are focusing on the positive aspects of the jobs report. An AP news report pointed out that it was expected to be much worse due to the possible impact of hurricane Sandy and the anticipation of January’s fiscal cliff. The Labor Department reported that employers added 146k jobs last month and the unemployment rate dropped to 7.7 percent, the lowest it has been since December 2008.
Read the CNSNews.com article: HERE
See the Labor Department’s official report : HERE
Latest posts by BizPac Review (see all)
- Celine Dion’s tribute to Paris at AMAs captivates the world, leaves audience sobbing - November 23, 2015
- Obama threatens to veto House bill that would strengthen Syrian refugee screening - November 19, 2015
- Paris café surveillance: First video of gunman shows one survivor is luckiest woman alive as others run, duck - November 19, 2015