WAIT! It Looks Like The Job Market Is Actually ROARING

Someone explain this chart, which was just posted on twitter by @gmrobertson.

It shows the year-over-year change in the non-seasonally adjusted employment level. Note that this data (employment level) is based on the household survey, rather than the establishment survey, which gets released at the same time.

In other words, it gets rid of any seasonal adjustments, and just looks at how many more people are working than there were at this time last year, and shows the annual rate of growth.

Growth appears to have hit its highest level since the recession and is where it was back in the good old boom days.

Thoughts?

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Photo: FRED

If you go back further, you can see we’re pretty close to the high ranges on this measure of the last couple decades.

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