Chart of the day: Job Creation 2007-2012
This chart from President Obama’s pinterest account is pretty interesting (pointer to Marc Chandler).
Here’s what I see: job destruction during a cyclical downturn followed by massive job destruction after the Lehman failure followed by a steady climb toward tepid job creation. The narrative that seems to support this chart is that we had a cyclical downturn in 2008 that aggressively worsened after the Lehman failure. Job destruction on a massive scale lasted for half a year before the situation could be reversed.
How do you spin this negatively against Obama? I’m not sure you can but you could try to map this chart against other recessions and argue job creation was slower. But you’d need the have data that supported that conclusion.
Objectively speaking, I see this as a very strong chart for Obama. Thoughts?
Update: The first answers I got regarding pushback are:
- What kinds of jobs were created, in which sectors and what pay level compared to the median?
- Why private sector jobs only? What happens when you add in total job creation?
If I get other questions, I will add.
About Edward Harrison
Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College. Edward also writes a premium financial newsletter. Sign up here for a free trial.
