Private sector jobs are up! But that's not the whole story...

New government report shows that private sector jobs are up, but public sector jobs nosedived, leading to a net loss of almost 100,000 jobs in September 2010.

Private sector employment for the past decade. The important curve here is the blue one, showing the total number of private sector jobs in the US: climbing since mid-2009. That's the good news. The green curve compares that to where it was one year ago, showing more good news. The tiny pink curve, huddled around the 0% line, shows the change from one month to the next: also positive, but not by much. Red bars show how employment compares to pre-recession: still down by more than 6 percent.

Today’s Employment Situation Report showed that net nonfarm payrolls declined 95,000 while private nonfarm payrolls added just 64,000 and the unemployment rate stayed flat at 9.6%.

It's important to note that private sector jobs appear very weak increasing only .06% since last month (far slower than the rate of increase of the civilian workforce) and remaining a whopping 6.58% below the peak level of employment seen in December 2007 though, on a year-over-year basis, private jobs showed a second notable increase.

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