I'm seeing lots of people waxing enthusiastic about the job gains of recent months. But as I see it—in the chart above—there's nothing unusual afoot. The private sector, which is the only one that really counts, has been growing jobs at about a 2% pace for the past several years, and that's about the same pace we've seen year to date. (The chart tracks the 6-mo. annualized growth rate of private sector jobs.)
As the chart above shows, the public sector now appears to be adding jobs for the first time since the Great Recession ended. This is not cause for cheer in my book. Our public sector is a bloated bureaucratic mess that is suffocating the private sector. See Glenn Reynolds' excellent op-ed in today's USA Today to understand why.
The one thing that does look encouraging in the jobs market is the jump in Job Openings (see chart above, showing data released today) in recent months.
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