(BUSINESSWEEK) — Private employers in the world’s largest economy reached an important milestone in March: they have made up all the jobs lost as a result of the recession, and then some.
The CHART OF THE DAY shows payrolls excluding government agencies climbed to 116.1 million, surpassing the prior peak of 116 million in January 2008. Winning industries include mining and logging, education and health care, and professional services. Manufacturing and construction have lagged behind.
“Private-sector employment has popped its head out of the hole, and finally replaced the headcount lost due to the recession,” said Ward McCarthy, chief financial economist at Jefferies LLC in New York. “The labor market is the heartbeat of the economy, so when it finally gets to the point where it’s growing again, good things happen.”
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