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[Platinum Insights] Job creation / Job quit Data / Recovery period from Great crisis

[Platinum Insights] Job creation / Job quit Data / Recovery period from Great crisis
August 21, 2023

Private businesses in the US unexpectedly created 242K jobs in February of 2023, well above an upwardly revised 119K in January and market forecasts of 200K.   

The services sector added 190K jobs, led by  

leisure and hospitality (83K) 

financial activities (62K) 

education/health services (35K) 

information (9K) 

trade/transportations and utilities (3K)  

while the professional/business industry shed 36K jobs

Meanwhile, the goods-producing industry added 52K jobs 

Manufacturing (43K)  

Mining (25K)  

Construction lost 16K 

The number of job quits in the United States dropped by 207,000 from a month earlier to 3.88 million in January 2023, the lowest level since May 2021 and well below record peaks of 4.5 million quits touched in November 2021.   

Still, the number remained historically high, which could force businesses to pay more to keep their workers. Quits decreased in professional and business services (-221,000), educational services (-14,000), and federal government (-5,000). 

The so-called quits rate, which measures voluntary job leavers as a share of total employment, edged down to 2.5 percent from December’s revised figure of 2.6 percent and was down from a record high of 3.0 percent seen at the end of 2021.

During the Great Depression, the stock market took approximately 25 years to fully recover to its pre-crash level.   

During the Dotcom Bubble, which burst in 2000, the market took about 7 years to recover to its pre-bubble peak. However, some individual stocks and companies that were overvalued during the bubble never fully recovered.   

During the Great Recession, which began in 2008, the stock market hit its lowest point in March 2009 and took about 5 years to fully recover to its pre-recession level. 

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