|Today, the Labor Department reported that nonfarm payrolls (jobs) increased by 103,000 in December. For some perspective, today's chart illustrates the percent increase in the number of jobs for every decade since the 1940s (the data goes back to 1939). Today's chart illustrates that up until this millennium, the number of jobs at the end of a decade has always been at least 20% greater than 10 years prior. During the last decade, not only was that 20% plus growth not achieved, the decade actually ended with less jobs than when it began. This negative job growth is particularly noteworthy due to the fact that the US population had increased by 10% in addition to a significant increase in global wealth during the same time frame. With one year down in the current decade (see gray column), today's chart illustrates that job growth is positive albeit only slightly so. If job growth during the current decade were to increase at the same pace as what occurred during the first year of this decade, the decade would end with an 8.7% gain in jobs (see gray dot). This is certainly better than the decade just passed, however, it is well off the 20% plus pace of decades past.Notes:
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Quote of the Day"True individual freedom cannot exist without economic security and independence. People who are hungry and out of a job are the stuff of which dictatorships are made." - Franklin D. Roosevelt
Events of the DayJanuary 10, 2011 - BCS Championship Game
January 16, 2011 - Golden Globe Awards
January 17, 2011 - Martin Luther King Jr. Day (observed) - Australian Open Tennis Tournament begins (ends Jan. 30th)
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