But not to be too dismal, there are some very good aspects of the report. First, it is a huge improvement over the June report which, even at the revised number of 46,000 was simply terrible. Second, this comes at a time of massive cutbacks in most states so the number is net of all of the public sector job losses which means that the private sector is adding jobs at a reasonably healthy pace.
For a nice illustration I turn to the New York Times' David Leonhardt who has a couple of nice graphs:
First the decline in government employment:
Next the increase in private sector jobs:
|Annual private-sector job growth (blue) vs. population growth (red).|