Peak total nonfarm employment was achieved under George W. Bush on November 1, 2007 at 139.443 million, not seasonally adjusted, a peak which remains unmatched under Obama over six years later despite impressive jobs recovery since the depths of 2009. Peak nonfarm under Obama so far has reached as high as 138.536 million.
The peak under Bush was achieved after three years and ten months of total nonfarm job growth averaging just under 234,000 per month beginning from January 1, 2004.
Total nonfarm employment plunged in the wake of the 2008 financial crisis to its most recent nadir at 127.736 million on January 1, 2010. The chart above shows how deep that plunge was: The last time in the data series total nonfarm employment landed lower than that was on March 1, 1999, at 127.409 million.
The recent peak under Obama was achieved after an eerily identical period of three years and ten months of total nonfarm job growth also averaging just over 234,000 per month to November 1, 2013, at 138.536 million.
Obama's total nonfarm employment peak at that time was 907,000 off Bush's peak.
If the current trend continues, however, it is likely total nonfarm employment will finally exceed the Bush peak sometime in late 2014 after cycling through the seasonal downturn we customarily experience at the turn of the year.
Labor force level highs, usually full-time level highs, and total nonfarm employment level highs all tend to peak together in the summers and recede in the winters when part-time levels peak as students go back to school and seasonal workers take part-time jobs for the holidays.
If the current trend continues, however, it is likely total nonfarm employment will finally exceed the Bush peak sometime in late 2014 after cycling through the seasonal downturn we customarily experience at the turn of the year.
Labor force level highs, usually full-time level highs, and total nonfarm employment level highs all tend to peak together in the summers and recede in the winters when part-time levels peak as students go back to school and seasonal workers take part-time jobs for the holidays.
