What's Going on With the Recovery?: Ritholtz Chart

Barry Ritholtz is a Bloomberg View columnist writing about finance, the economy and the business world. He started the Big Picture blog in 2003 and is the founder of Ritholtz Wealth Management, an asset management and financial planning firm.
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I really like this bubble chart. I saw it last night in a report from the National Employment Law Project titled: "The Low-Wage Recovery: Industry Employment and Wages Four Years into the Recovery."

Interestingly, the data has provoked opposing reactions from two media outlets. The Washington Post's Wonkblog used the chart in a piece with the headline: "U.S. job growth is coming in all the wrong places." The New York Times' Upshot went in the opposite direction: "A Low-Wage Recovery? The Evidence Isn't There."

I see two things in the chart: The largest numbers of new jobs are coming from low-wage industries (the chart doesn't inform us as to whether this is unusual based on prior recoveries and/or expansions).

Second, federal, state and local governments are still a net negative on employment -- which is very different from past recoveries.

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To contact the author on this story:
Barry L Ritholtz at britholtz3@bloomberg.net