alt Hacker NewsYes, but...
The health of the market is not a function of the total number of jobs alone, it's a function of the number of jobs and the number of people to fill them.
The number of total jobs going up year after year meant that there were increasing numbers of candidates, new people entering the field. If the job growth stops, then there still we be candidates coming in. There will also be the new hires from the last decade moving into increasingly senior roles, and there won't be space for them (unless you devalue the meaning of "senior" even more).
So the year over year change matters a lot. If it plateaus, or even declines slightly, it's more than enough to make a terrible market.
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It shows growth or decline but it absolutely does not show what the title implies.
YoY change in jobs is still probably not the best way to visualize overall market health. As you say, you also have to take into account the number of people of fill the jobs. To me it seems like the least misleading statistics would be a graph showing unemployment and underemployment % over time. I'd probably also toss in graphs of length of unemployment period as well as various median wage percentiles (quintiles or deciles maybe) over time.