A “Fine” Mess

President Obama’s comment that “the private sector is doing fine” must have shocked most Americans who don’t work for the government. In the Obama economy, workers in private sector industries like manufacturing, telecommunications, and retail have lost their jobs.

1. Manufacturing of Durable Goods: 227,000 Private Jobs Lost: Durable goods jobs lost include manufacturing of wood products, metal products, machinery, computer and electronic products, appliances, and furniture.

2. Manufacturing of Nondurable Goods: 206,000 Private Jobs Lost: Nondurable goods jobs lost include manufacturing of food, beverages, apparel, paper, and plastics.

3. Construction: 932,000 Private Jobs Lost: Construction jobs lost include construction of homes and private buildings, heavy and civil engineering, and specialty trade contractors.

4. Telecommunications: 159,700 Private Jobs Lost: Telecommunications jobs lost include wired and wireless carriers, and satellite telecommunications.

5. Finance and Insurance: 91,100 Private Jobs Lost: Finance and insurance jobs lost include commercial banking and insurance carriers.

6. Real Estate: 78,800 Private Jobs Lost: Real estate jobs lost include real estate agents and rental and leasing services.

7. Trade, Transportation, and Utilities: 17,000 Private Jobs Lost: Trade, transportation, and utilities jobs lost include wholesale trade, retail trade (furniture stores, electronics stores, food stores, gas stations, clothing stores), air, rail, and truck transportation, transit, utilities.

8. Other Services: 46,000 Private Jobs Lost: Other service jobs lost include repair and maintenance, personal and laundry services, and membership organizations.

Total compensation per hour for a:
      private sector employee - $28.78
      state & local government worker - $41.16

Sources: Bureau of Labor Statistics, Current Employment Statistics Table B-1, Feb. 2009 to May 2012; Employer Costs for Employee Compensation, June 7, 2012.