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