Wednesday, March 14, 2012

Looking back - a better jobs year than we thought

The Bureau of Labor statistics just put out its routine revisions of employment data and it looks like 2011 was actually a better year for jobs in the Pittsburgh region that previously thought. Here is what I get for the scale of change which is positive every month by some nontrivial amounts. 

I am sure there is some bad news way to spin it.  :-(     By the way the two year job growth number Jan 2010 to January 2012 is +44 thousand...  which makes it the best other than anomalous 1999-2001 period. Before of since!  Anyway, the actual data revisions fwi goes like this:

Pgh Total Nonfarm Jobs in thousands, 2011
Previous Revised
Jan 1111.2 1116.1
Feb 1112.3 1118
Mar 1122.7 1128.3
Apr 1137.6 1142.7
May 1139.6 1152.5
Jun 1154.7 1160.6
Jul 1143.2 1149.9
Aug 1140.5 1147.5
Sep 1147.7 1155.9
oct 1162.6 1170.4
Nov 1163.5 1171.1
Dec 1164 1169.7


Anonymous Anonymous said...

Indeed, these revisions were pretty wild. Also, this puts 2011 ALMOST at 2008 annual employment, meaning it's close to recovering every job lost. I didn't think we'd be this close in the end.

Wednesday, March 14, 2012 3:34:00 PM  
Anonymous Anonymous said...

Also, note manufacturing increased for the first time in over ten years. Wow.

Wednesday, March 14, 2012 3:35:00 PM  
Anonymous BrianTH said...

I think if you look just at the last few months, we are now well over the pre-recession peak.

Wild indeed, and yet we still have elevated unemployment, because the labor force is much bigger than it was pre-recession, which in turn implies . . . things a lot of people are not necessarily prepared to believe just yet.

Wednesday, March 14, 2012 5:30:00 PM  
Blogger C. Briem said...

indeed time to get past this diminutive logic of debating whether or not Pgh has or has not regained jobs lost in recession. December jobs count was highest December ever by a decent margin. No news account has mentioned that yet.

January count is only smaller than January 2001 which was a period when both stadia were finishing up along with some other big projects (not to mention about the peak of USAirways activity here) which really had things stoked temporarily. It was clearly an aberration even at the time, not just in hindsight. Net of the anomalous stadia, clearly would be the highest January employment count ever.

Wednesday, March 14, 2012 11:41:00 PM  
Anonymous MH said...

Does this mean Pitt will give raises without caveats this year?

Wednesday, March 14, 2012 11:55:00 PM  
Anonymous BrianTH said...

By the way, the size of the labor force in the City of Pittsburgh (by place of residence) is tracking higher than it has been since 2002.

Just sayin'.

Thursday, March 15, 2012 9:39:00 AM  

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