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Private sector jobs are up! But that's not the whole story...

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(Read caption) Private sector employment for the past decade. The important curve here is the blue one, showing the total number of private sector jobs in the US: climbing since mid-2009. That's the good news. The green curve compares that to where it was one year ago, showing more good news. The tiny pink curve, huddled around the 0% line, shows the change from one month to the next: also positive, but not by much. Red bars show how employment compares to pre-recession: still down by more than 6 percent.

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Today’s Employment Situation Report showed that net nonfarm payrolls declined 95,000 while private nonfarm payrolls added just 64,000 and the unemployment rate stayed flat at 9.6%.

It's important to note that private sector jobs appear very weak increasing only .06% since last month (far slower than the rate of increase of the civilian workforce) and remaining a whopping 6.58% below the peak level of employment seen in December 2007 though, on a year-over-year basis, private jobs showed a second notable increase.

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