This topic is being revisited (last discussed October 1, 2010). In early March, the Bureau of Labor Statistics released benchmark revisions for the Current Employment Statistics (CES) series for 2009 and 2010.
The Lost Decade (January 2001 through December, 2010)
- Two recessions
- 69 months of job gains
- 51 months of job losses
- Net loss 28,800 jobs over ten years
Now that the revised data is in, the employment pattern for the 10 years ending this past December is clear: DOWN, UP, DOWN, UP.
The recession, as defined by NBER, is irrelevant.
DOWN
The employment situation started off bad in January 2001. And it stayed bad for 30 months (this includes the 2001 recession).
NOTE: More jobs were lost in the 22 months in the months before and after the recession, as defined by NBER than during the 8 months of the recession (March through October 2001).
Net job losses (from peak to trough) -103,600.
UP
Beginning in July 2003, employment turned positive. Steady gains occurred over the next 58 months.
NOTE: Colorado was late entering the Great Recession (December 2007 through May 2009). The state posted net job gains of 11,600 during the first 5 months.
Net job gains (from trough to peak) +214,900.
DOWN
NOTE: During the last 13 months of the Great Recession, the state lost 109,500 net jobs.
The trend of monthly losses began in May 2008 and continued for 21 months, 8 months past the end of the recession.
Net job losses (from peak to trough) –151,100.
UP
Employment turned positive in February 2010 and posted slight gains for the remaining 11 months in 2010.
Net job gains (from trough to peak) +10,900.
NET LOSS 28,900 JOBS FOR THE TEN YEARS 2001 through 2010!
©Copyright 2011 by CBER.