Friday’s employment report came in at +271K, more than 100K above the 160K the market expected. The +271K jump broke a 4-month deceleration in the U.S. jobs picture. The M/M jobs picture is often discussed by the top-line figure.This month it’s worth thinking about the full-time/part-time detail.

Amazingly, full-time employment growth came in at an incredible +540K.The prior month saw full-time job growth of +584K.Both figures are indicative of the American economy peaking, but that’s a discussion for another day.

Over the same two months, part time employment has declined by 447K and 269K respectively.

The strength in the American employment picture poses the question – How does the U.S. employment picture stack up internationally? Here’s a look.

Labor Market

The International Jobs Picture

The following graphic looks at employment growth in most of the largest economies in the world, comprising the United States, the Euro Area, China, Japan, Germany, the United Kingdom, France, Brazil, Italy, Russia, Canada, Australia, South Korea, and Spain.India is left out because of a lack of timely data releases.

The first figure is a look at job growth by country since 2009.

Before looking, which country would you guess is on top? Which country is would you guess is on bottom?

Fascinatingly, the fastest growing businesses (at least in employment terms) are located in South Korea. Since 2009, employment in the east Asian country is up 13%.Well behind in second and third places are the United Kingdom and Australia. Both are at 9%.

The remaining top 5 areas are Brazil and Canada, up 8% and 6% respectively.

The bottom end comprises Spain (down 10%), Italy (down 3%), France and Japan virtually flat, and the European 18 (up a little less than a percent).

Labor Market

Why are the Figures So Disparate?

There’s a wide variation between business expansion and contraction across the globe. What explains the difference?

This question, of course, doesn’t lend itself to simple answers within a couple of paragraphs. The answer, instead, lies a web of intricate connections on productivity, the cost of labor, regulatory and tax burdens, industry performance, international competition, and a host of other factors.

With this said, some general observations seem useful. Employment growth in South Korea stems from its connection with China, a strong technology base, and an overall welcoming business climate.

The strength in the U.K. has a different driver. Growth in international finance, and the rise of London as a competitor for the top global destination for finance professionals, is largely responsible for employment growth in the United Kingdom.

What’s behind the weakness in European countries and Japan?The broad explanations include weak demographics (do the Japanese or Europeans have kids anymore), numbing regulatory restrictions, and low productivity growth.Government balance sheets are also quite large.

Labor Market Conclusion

Overall, the jobs picture in the U.S. looks quite strong, particularly recently.

The strong employment picture in the U.S., although good, is not the the strongest across the globe, at least when looking at growth since 2009. Since 2009, businesses in South Korea are adding employment at the strongest clip, up 13%. On the other end, businesses in Spain, France, and many European countries are the weakest, with the number of individuals employed in Spain and France still below where the employment count was six years ago.