Private Sector Jobs Have Increased by 2 Million Since 2010, and Are Growing at 132,000 per Month
The chart above shows monthly private-sector jobs since January 2005 calculated by the BLS from two different methods: a) the household survey, which is larger and includes self-employed workers, and b) the establishment survey, based on company payroll records. Over time they move very closely, although monthly variations are common - for May the household survey showed a gain of 373,000 private-sector jobs, compared to a gain of only 83,000 private payroll jobs. But since the cyclical bottom in December 2009, both surveys are showing gains of more than 2.1 million private-sector jobs, which is a healthy increase of 132,000 private-sector jobs per month on average. In the first five months of 2011 through May, private sector job growth has accelerated to an average of 200,000 new jobs per month, according to the household survey.
For some related commentary, see Scott Grannis' post today "The Employment Situation Continues to Improve," with this conclusion: "The economy may have hit a mild soft patch, but it is not sinking and is likely to continue to grow. Optimists will once again be rewarded for their patience." Scott also comments on the positive effects of the decline in public sector jobs:
Additionally, Brian Wesbury comments today that: "Yes, May data shows a “soft patch,” but the economy is still expanding and should accelerate in the months ahead."