Charting 2010, Part 1: The Key Jobs Chart(s) Of 2010

Tyler Durden's picture

After a year of endless propaganda surrounding the imaginary jobs boom, which as we have been pointing out for months, is nothing more than the permanent transfer of full time jobs to part time, perhaps the one chart that captures the full effect of said "recovery" is the comparison of number of employees added by China's sweatshop behemoth FoxConn, which at 300,000 in 2010 was just under one third of all non-farm payrolls added by the entire United States in the same year! In other words, this year one company added nearly one third the total number of jobs as the entire world's greatest economy.

One thing is certain: China is very grateful that highly levered American consumers continue to be the key driver of Chinese employment and manufacturing growth (if the same can not be said about our own country).

And even with this meager job creation, the US unemployment rate is only 9.8%? But perhaps what should really concern pundits, is that the number of Americans employed in manufacturing is even lower: 9.3%.

The next chart demystifies the BLS "determination" process, and explains just how the real number of unemployed is 11.5 million over the official reading of 15.1: virtually double the number that serves as the input into the 9.8% November unemployment rate.

Furthermore, what should be truly depressing are the massive crowds of people at each and every job fair. These are the bulk of the people who are approaching 2+ year of unemployment.

As for who is doing the best and worst work by just having a job, BusinessWeek confirms that among those getting paid a lot of money it is only a matter of time before a substantial number will be forced to apply for jobless benefits (and EUCs ) and test the generosity of the US welfare state on their own terms.

There is more in this series, which we urge readers to read in totality at the following link. Tomorrow we will take a look at that arguably just as important vertical - money, and notably its "printing." 

Source for all charts: BusinessWeek

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SwingForce's picture

In the immortal words of Frank Rizzo, "9/24/7", You guys work alot. Thanks!


French Frog's picture

I'm surprised not to see Waddell & Reed mentioned anywhere !

revenue_anticipation_believer's picture

Waddell & Reed = winner for 4 months straight, consistently outperforming $SPX, and no pullbacks the entire time....

LeBalance's picture

It might be nice to contrast the number of FoxConn jobs times their compensation with the US jobs to gauge "quality" and not "quantity."

It might also be interesting to scratch one's chin and think about the total supply of labor in China versus the United States.  Lots more bods willing to "work" for much less.

In summary, I am not sure these "jobs [FoxConn:China]" can be compared to "jobs [Anywhere:United States]."

The overall economic situation may be comparable though. But then again comparing versus China (the US propaganda target par excellence and opponent to be in the next conflict) is a natural to continue stirring that pot.

Cheers  !


Perseid.Rocks's picture

Word has it that China pegging its currency to the $$ for 2+ decades (not sure when it started) is what caused all the excess $$ in the world, which lead to our current predicament. On the other hand, not pegging to the dollar was causing 150 million Chinese to go jobless and probably without much food. Either way the outcome is bad.

I don't see how it's a USA problem though, the fact that China can't compete in global markets unless it warps its currency value.

Seer's picture

"I don't see how it's a USA problem though"

You might want to lay off that crack pipe!

Did you miss the financial bubble, the housing bubble et al that created the global crack-up?  China was responsible just how? (other than to help fill all the McMansions with crap?)

Sorry, but you're blind (ignorance or biggotry induced?) to the BIG picture.  Those are evil Commies in China.  It's been the American Zionists goal to wipe out communism; the means is by co-option, jam capitalism down their throats and let them gag on it until they die (unfortunately this poison pill cannot be kept out of the greater global water supply, which means that the very instigators, the American Zionists themselves, are going to gag as well- blow-back, bitches!).

Thanks for playing!

Jerome Lester Horwitz's picture

Damn...if it wasn't for those evil American Zionists forcing capitalism down the throats of unsuspecting foreign communist and socialist governments than the rest of the world would be unencumbered to finally successfully create that glorius Communist workers paradise that we have been thus far unfortunate enough to not have experienced in all of it's blissful glory.

velobabe's picture

where in the F U C K , is        m  a  r  l  a

WaterWings's picture

This is n o t the open thread.

Meanwhile, Foxconn is pretty interesting - they even have their own propoganda teevee channel:

Newly installed "suicide netting".

MeTarzanUjane's picture

Marla got spooked by the spooks when they paid a little visit to her in Seattle.

Foxconn is not a mossad cover nor a goldilox holding company. A strong buy from the Cramer on Foxconn.

Their website was made for mossad-ecommerce.

Steve Jobs consumed carcinogenic accelerators when he was trying to break off the Apple contract manufacturing relationship with Foxconn.

Why can't we get a heatmap?

Chuck Bone's picture

Haha Airbus A380: the Icarus of the airline industry

b_thunder's picture

A380 is flying again, isn't it?   Unlike 787...  Haha, who's got the last laugh so far?

BTW, i'd have no worries flying A380, especially after it's been proven than it can lend with a blown engine and more importantly a busted wing.  but i won't fly on a chinese-made airplane.  nor would i fly on carbon-fiber 787 which seems to be not just too ambitious of an engineering task, but with the corner/cost cutting approach (ousourcing) will be no better than a chines or a old soviet-built plane.

It will take many years of safe use and milions of miles flown to convince me to fly 787.


bpj's picture

The 380 is indeed unsafe to fly, seeing how it is the duck in the shooting gallery in that terrorist need to pop its "never been jacked" cherry

Eternal Student's picture

Yeah, never mind the fly-by-wire software glitches that pop up from time to time. Not that the 787 is any better. Here's a recent article about its current woes:


RobotTrader's picture

Eventually, jobs will recover and the unemployment bonanza enjoyed by many (many here in California have milked it for nearly years now) will be a distant memory.

One day the economy will be booming and people will be hopping from one job to the next in search of a 15% pay raise or a signing bonus.

It is already happening here in California, recruiters are going wild trying to find experienced commercial bankers to fill positions for Union Bank, Wells Fargo, Citibank, JP Morgan since these institutions have not had credit training programs for MBA graduates in over 15 years.

Perseid.Rocks's picture

With the Fed removing all loss risk and profit incentive, there isn't any reason to invest in the real economy, and the resultant unemployment will eventually hit triple digits. The only job creator is the US Gov't, and it will go broke doing it.

A Nanny Moose's picture

Triple digit unemployment? Is this when all of the math of the book cooking comes home to roost, and we exceed 100% on paper?

Perseid.Rocks's picture

It's when the only gainful employment is the local militia because they're the only ones with food (and you get the chance to kill bankers on sight). Surprisingly few politicians even know what's happening though. The Fed CONfidence game has been quite successful, but this isn't about positive sentiment or lack of liquidity.. it's about insolvency, lies, and multiple exclusive claims to the same assets.

Ricky Bobby's picture

"With the Fed removing all loss risk and profit incentive, there isn't any reason to invest in the real economy"

Von Mises would be proud of you. Wtf is so hard to understand about this concept. Actually to reject the economic truth is a CRIME. We live under the boot of a fucking Crime Syndicate.


Cursive's picture


recruiters are going wild trying to find experienced commercial bankers to fill positions for Union Bank, Wells Fargo, Citibank, JP Morgan since these institutions have not had credit training programs for MBA graduates in over 15 years.

Oh goody.  Jobs for bankers.  How are applications for mortgage originators doing?  This is not a sign of an improving economy.  It's a sign that nothing has changed.  You think A&P is still looking for help?

Id fight Gandhi's picture

Cherry picking good talent at bad times isn't anything new.

You can hire on people for less.

Makes me think of the fake job posting companies do to make it look like they are hiring and doing better, with no intention of actually hiring. Just set that bar way high and pay way low.

sockcutter motorforker's picture

thanks for working overtime tyler!!!

Sudden Debt's picture

The difference in Chinese and US employment and production costs is as following:


1. US production costs = 80% employment cost + 20% raw material cost


2. China production costs = 10% employment cost + 90% raw material cost


For the US and the total western world, to compete with China can do 2 things. Lower the employment cost and INCREASE the raw material cost.

By increasing the raw material cost, the ballance shifts from 20% to 40 or 50%. Also for China the total costs go up.

BUT! China has a extra cost! Logistics add another 100% on the product!



In order for US employment to recover we need the following things:

1. A strong rise in raw materials = Check

2. A strong rise in oil for transport = Check

People think the difference between chinese production and US production is to great.  But it isn't. The difference is NO MORE THEN 15% on average!!!

So if these 2 rise, China loses it's edge.


Also, people wonder why Silver is skyrocketing. Silver is commonly used in ELECTRONICS. so what way is the easiest way to strongly increase the raw material cost in electronics? Make silver dirty expensive! Silver imports can also be taxed 17%!!

SO if electronics come in, the US can't tax that to high because that would be "protectionisme". BUT they can tax the very expensive silver IN the electronics! The EU is doing something like this already. Look into the anti dumping laws! They talk of contents of the products not the products themselves.

So if raw materials AND oil go up really high, it will only take 1 decade to shift all the jobs back to the US and the EU.

And China knows this. This is why they try to stock as much as possible of raw materials. They will try to buy as much as possible to counter these efforts and keep their raw material costs down.


The third thing will be shipping that will skyrocket. Remember, almost every shipping company is bust right now and are stopping investments and building new ships. My guess is that in 3 years, the BDI will be well over 12.000 again. (I say 3 because ships are written off after mostly 6 years. The stop in investments is now ongoing already 3 years, so 3+3=6)

Also if you would subtract the exspensive oil from the BDI, the BDI would be arround 1350 right now!!


 So in short :  7 good years, 7 bad years*.

*this is year 3.

redarrow's picture

Your argument makes some sense and this is what the Fed's game plan might be. However, to think that jobs will come back may be a bit hasty because all the production (if it comes back here) means people over there (developing countries) will have fewer dollars to spare. So this means that companies here will be selling less there, which means, they will not need as many people as you think. Outsourcing, offshoring also means that we sell globally in exchange for shifting some jobs there. You cannot expect to sell your products to the world and also keep all the jobs. The world will not accept being a willing consumer for all of Americas production.

gloomboomdoom's picture

Value of Labor < value of fiat (bankster eyes)

Value of middle-class > Value of Fiat

Silver (not Gold) Standard!

Shut down the FED and use the real estate to house those displaced by its violence against the American middle-class.

Rape is not a sexual crime... It is a Violent Crime (I hope you don't think I am joking about this!!!)... bad family times.

its REAL estate= the FED's estate... not the homes of Americans

Itsalie's picture

They tried that pony trick on Japan in the 1970s and 1980s - the brightest american minds were convinced that high oil and commod prices would kill japanese manufacturers by neutralizing its lower labour and capital costs in late 1970s and 1980s, hence bring back those jobs to good ol us of a. In fact the gap in wages were much smaller between us and japan than usa and china. They even succeeded in forcing the yen from 200 per USD to 90, and where are your jobs? Jobs were lost to Japan, then Korea, then Taiwan, then SE Asia, then India/China. And next would be jobs loss to Vietnam, Bangladesh, Sri Lanka, then Africa. 

If the fed has succeeded in its propaganda surrounding QE, it's to be seen in how they had turned usually sane people into suddenly believing that printing money is good for american jobs, and that includes congress and people on the streets. Nothing beats stirring up nationalism by targeting a bogeyman like korea and china, it works all the time - Iraq war, afghan war, Sep 11, axis of evil bush bullshit.

So for the nth time, QE is meant to monetize US debt, to inflate away US debt and to allow the banksters to continue robbing the middle class of us of a. 

Seer's picture

Thanks for helping to restore my faith that there are others out there that can see the BIG picture!

A Nanny Moose's picture

Interesting game plan. I will think about this some more, but it sounds like lipstick on the pig of the competitive devaluation. At some point, people cannot afford food, and things get really ugly.



Landrew's picture

Do some home work! employment costs are less the 15% of total product here in the U.S.A.! What weird corporate management class did you take?


Eternal Student's picture

There's a simpler solution. Just remove Most Favored Nation trading status from China.

It's hard to justify granting MFN status to a country which fires an ICBM 35 miles from Los Angeles, orchestrates massive, and effective, computer security penetrations of financial and military sites, and then has the audacity to sell our T-bills to buy gold and silver.

Explain to me why they still have MFN? Oh, yes, the U.S. Chamber of Commerce. Busily selling out America in order to make a few bucks.

Misean's picture

Jobs are overated. The Feral can just print me a paycheck. I promise to go out and consume.

gloomboomdoom's picture


This one goes out to my fellow "bull" robo. Boobies and bullion bitchez!

(angry white people, duck for cover) (they might be Christians, just don't ask)

I am a white Christian male. Come touch my junk if you dare...

Merry CHRISTmas


Instant Karma's picture

I guess an economy based on building houses and financing them and buying and selling them was not sustainable. Nor is an economy based on financial planners and bankers.

If companies like Apple made their shit here, we'd all be better off.

We should have massive tarriffs on Chinese imports to make American workers more competitive.

But we also have to outlaw the fucking unions and the fucking government regulations which make American manufacturing completely uncompetitive.

Seer's picture

Do this, do that, magic happens, then, POOF, everything's better!

If all the supposed jobs (which are mostly done by robots, but no one wants to admit it lest they realize that they're selling their future jobs out so that they can buy cheap techno crap, and that Karl Marx was right about the worker being displaced by the industrial machine) came "back," then what?  Who the heck is going to buy?  Those in the other countries that are now unemployed?  Or, what about about the over-indebted American?

Yeah, it's because of regulations, right...  Another person to fall for TPTB's propaganda.

Geez people, when the heck are you going to figure out that the game is up, that the petroleum-based party is coming to a close and our cupboards are bare?

zeusman's picture

Yes Instant karma - Brilliant fucking idea.  No government regulations.  Lets go ahead and spew toxic chemicals into the air, water and food supply like the Chinese and while we are at it, lets go ahead and work for their wages so we can be competetive.   You are a smart guy...

SwingForce's picture

Killing Yourself to Live:

Tony's blue suede shoes fuck you, SABBATH RULES!


Misean's picture

OOOOO!  Cool! Haven't seen this before.

Dan The Man's picture


...."outlaw the fucking unions" ????


Zeig Heil! Instant Karma !


Burn all the books about organizing unions too.  That'll make management better.




Seer's picture

Yeah, what the world needs, more managers, more Ph.D.s!

"The problems we face will not be solved by the minds that created them."
- Albert Einstein

Cookie's picture

entire world's greatest economy

This title is gone forever U.S.A.

Seer's picture

And, a title based on pure BS, greed and corruption.  And many want to "take it back!"