Data on Job Growth

By Paul Craig Roberts

On February 20 Forbes.com

told its readers with a straight face
that “the
American job-generation machine rolls on. The economy
will create 19 million new payroll jobs in the decade to
2014.”
Forbes took its information from the 10-year
jobs projections from the Bureau of Labor Statistics, US
Department of Labor, released last December.

If the job growth of the past
half-decade is a guide, the forecast of 19 million new
jobs is optimistic, to say the least. According to the
Bureau of Labor Statistics payroll jobs data, from
January 2001-January 2006 the US economy created
1,054,000 net new private sector jobs and 1,039,000 net
new government jobs for a total five-year figure of
2,093,000. How does the US Department of Labor get from
2 million jobs in five years to 19 million in ten years? …

Oracle,  … which has been
handing out thousands of pink slips, has recently
announced two thousand more jobs being moved to India.
How is Oracle’s move of US jobs to India creating jobs
in the US for waitresses and bartenders, hospital
orderlies, state and local government and credit
agencies, the only areas of job growth? …

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