This is a great chart from Dave Altig.
Click to enlarge.
Photo: Dave Altig
Basically, what’s going on is, any dot above the diagonal line represents an industry where job growth is faster now than it was pre-recession. Any dot below the line indicates slower job growth.
As you can see, manufacturing is the real outlier here, as it averaged a monthly loss of 30K jobs between 2001-2007, whereas it’s been averaging monthly job gains from July 2009 to February 2012.
Karl Smith (who brought the chart to our attention) notes:
This is important for thinking about any kind of structural story you might be inclined to tell. Manufacturing employment had been falling for roughly 15 years and then suddenly stopped falling in the wake of this recession and started growing.
This may be (the) structural shift that folks are looking for but its important to note that this is basically a “reshoring” shift. Although, it’s not so much reshoring as a rapid slowdown in offshoring combined with growing underlying demand.
Anyway, on the flip side of the chart it’s pretty obvious that the big standouts are government and construction jobs, which means that recent signs of turnarounds in both could portend another big leg up in employment.