Strongest Since 1999?

“Add it all up, and over the past 40 months, our businesses have created 7.2 million new jobs. This year, we are off to our strongest private-sector job growth since 1999.”

So said President Obama in a speech in Illinois on Wednesday. And by one measure he has the facts to back him up, at least for now. But those facts could easily be revised away next week, when the July jobs report comes out. And no one reading that statement should overlook that he said “private sector.” If you talk about all jobs, the record is not nearly so impressive.

First, the 7.2 million number is accurate. Private-sector employment hit bottom for the recent cycle in February 2010, at 106,850,000. In June, it was 114,051,000, or 7,201,000 higher.

Over the same stretch, governments have reduced employment by 619,000, leaving the total gain at 6.6 million.

As for the strongest start since 1999, that is also accurate, at least if you use the number of jobs, rather than the percentage change.

This year, private-sector employment rose by 1,234,000 jobs during the first six months. That is more than in any comparable period since 1999.

But comparing gross numbers can be misleading. This year's gain of 1.0938 percent is not as good as the 2011 gain over the same period, which was 1.12 percent, or 1,209,000 jobs. And on a percentage basis it was also a smidgen below the 2005 first half, when 1,211,000 jobs, or 1.0942 percent, were added.

Even by Mr. Obama's preferred way of counting, those two years could be better if the July report revises the June figure down by 26,000 jobs. That would not be an unusually large revision.

On a percentage basis, by the way, every first half from 1993 through 1999 was better than the 2013 first half.