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  "documentTitle": "article thebeatjun2025",
  "authorId": "MorganStanley",
  "authorName": "Morgan Stanley",
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  "notes": "The chart uses two lines to compare cumulative growth in public vs private sector payrolls.",
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      "text": "Since 2022, public sector employment has grown substantially... ...crowding out the private sector",
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      "text": "Source: Bloomberg, MSIM. As of April 30, 2025. For illustrative purposes only. Not a recommendation to buy or sell any security.",
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      "text": "Private Sector Total Payrolls (ex Govt, Education, Health Svcs) | Public Sector Total Payrolls (Gov't, Education, Health Svcs)",
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      "text": "Over recent years, the majority of payroll job gains have been in the public sector (government, education, health services), resulting in a crowding out of private sector employment. It remains to be seen whether the new administration’s policies can lead to a reconvergence in employment trends, which would be positive for labor productivity and inflation.",
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