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Some Nuances In The Jobs Report
As the first chart demonstrates, the unemployment rate differential between HS grads and College grads has reached another record spread. While this will have the fringe benefit of discouraging floral experts with minimum wage and no 401(k) expectations from crossing the Rio Grande, the bigger issue is who in this economy is creating minimum wage/specialization jobs (especially with the US manufacturing complex in tatters).The US Socialist experiment will need to really pull its socks up if it hopes to succeed.
And some more bad news for those pounding the pavement: the differential between jobs-hard-to-get and jobs-easy-to-get is at pracitcal record wides. This is what happens when the inbox of your favorite headhunter overflows with 1,000 resumes for that one open janitorial position at John Pauslon.
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Bill King: ADP counts 2.5 million small biz job losses since January 2008. For the same period, the BLS’s Net Birth/Death Model, which is supposed to account for small biz job losses and gains, shows 1.507 million job gains. The difference is over 4 million jobs, which is substantial economically.(Master of understatement there Mr. K. Since the recession began in December 2007, the number of unemployed persons has risen by 7.4 million. It would have been half again as much if my friend Harvey had not made up those jobs and even worse if the actual aggregate number of 'the birth and death of business' had been estimated by I don't know, looking out the $%@#$%# window? Or maybe assigning Senor Google to type ADP?
So who are you going to believe? Federales fantasy or your lyin' eyes?. -AM)
TD explain more the second graph, thanks a lot
Robo! You're killing me!!! (not softly, I might add). That Henry's new arm candy?
Probably not Henry's. Robo lifted her pic from an ad for online degrees.
like all yid billionaires henry is about 5'1. this girl is to tall for him.
Short RHI.
First chart shows less than high school deploma versus college grad. High school grads versus college grads is at 5%
When Jobdiff breaks out into the 50's and eventually 70's, the stock market will go to all time highs. Right?
dollar just got hammered.
WTF?
Lizzy ---------> because they can or they don't have access to pornhub from their work so they have to have some fun fucking up the economy
Creating a positive sentiment for Asian and European markets to follow after the weekend [have a nice Labour Day...]
Creating a positive sentiment for Asian and European markets to follow after the weekend [have a nice Labour Day...]
Dollar hammered and market is off and running and not looking back!
Maybe they've read ZH's articles on the 3:30 ramp up and they're pushing it up to surprise us :)
Did I miss today's big European bank collapse news or is there another reason why the market just moved past the stratosphere.
Today's ramp is early. Guess that Skynet does fear the long weekend. Low volume for the run up from SPX=1008 to SPX=1014.
Question is will this evil knievel launch come back down to earth today or tuesday?
hearing rumors that down moves are now illegal.
Another huge weekend at the Hamptons for the GS Prop Desk "Pigmen"..
that house looks almost the .... ahhh nevermind
I see no corn hole game on the lawn. No thanks, I'll pass.
Did Michael Moore buy Kissinger's glasses on Ebay?
HAHAHAHAHAHAHAHAHAHAH + trillion
Excuse me please. Is chart 1 saying that it is hard for college grads to get jobs? Thank you.
I think you guys are spot on. This rally is most certainly the early version of the 3:30 ramp.
Personally, I'm looking forward to see what happens if there is negative bank news over the weekend with the US off...what I am hoping is that any potential bad news would have to be traded without skynet holding it up.
oh well, maybe i can sell my stock market domain names....
.TV names anyone? PM me!!!
OAN, as I said a few weeks ago, I fully expect the dollar in the toilet into 2010 election...otherwise they are screwed...
It used to be that kids out of high school with no college aspirations (most) would enter a blue-collar field and gain real job skills. After 5 years, you could think about supporting a wife and family.
Now people in China and Korea get those jobs. Thank you capitalism for looking out for your shareholders.
But wait, HS grads can go to college and get a white-collar job now!
Yes of course, everyone is smart enough to get a degree in Engineering or Mathematics, so those $100K in student loans will virtually pay for themselves. No? Oh that's too bad. But there are lots of other well-paying jobs in financial services and real estate for the liberal arts grads to... no? Not any more? Hmm that could be a problem.
So what does a liberal arts grad with $100K is loans do to make a living? Minimum wage services work, bouncing from one job to the other. Well we always have credit cards. And loan defaults. It's the new American way.
It is unsustainable, of course. The price of moving our manufacturing over seas is now being felt, and it will destroy the wealth of shareholders who did not get out soon enough, meaning in 2006. Is this any way to run a capitalist venture? Is this any way to run a country? Did it have to devolve to timing, and hedging, and getting yours before the wheels come off? Who was served by all this? And where are they now?
The middle class was only ever a dream. Once they became comfortably wealthy, they became like ripefruit to be plucked and savored by the powerful. I wonder how the former middle class (including many of us here, I should think) will feel on the way back down to poverty and the mean struggle to survive? I am not looking forward to it either for myself, my children, or any of my neighbors. I don't think I want to be caught trying to live day-to-day in that environment. I did not earn three college degrees and land comfortable work in software engineering to then be subject to the utter failure of capitalism to get it's priorities straight.
cougar
isnt it funny that college didnt used to cost $100k for a shitty state school until they found a way to lend for it....
just like a 65 mustang jacked up cost $4500...now top of the line cost $50k...
Chin up Cougar. There's always Ebay ;)
Funniest thing I have seen on CNBS in a while (and there are a lot of funny things on CNBS):
Gaddafi (Libya takes over the presidency of the UN General Assembly on Sept 15) is calling for the mafia country, Switzerland, to be wiped off the map and divided between France, Italy, and Germany. Talk about out of left-field crazy-land... I might have to start following the UN a little closer for entertainment purposes.
Gaddafi Calls for an End to Switzerland http://www.cnbc.com/id/32691162
Wow He finally figured out where all the crap that runs all over the world hangs out.
Wow He finally figured out where all the crap that runs all over the world hangs out.
You mean in the White House, Manhattan and Capitol Hill ?
Not so fast Cheeky... this is on your side of the Pond... you have to own some of this... just a hop, skip and a jump across the Mediterranean... you clearly have your fair share of crazies over there... and Libya is close enough to Europe that Gaddafi is all yours :-)
i know man; and that is really fucked up. Berlusconi is selling Milan AC and Gaddafi is a potential buyer. He could be only a couple of hundred miles from me if he buys it.
And on a side note. He can go fuck himself. He wasn't talking shit back in the 80s and 90s when he stored most of his money and gold in Swiss banks.
That's pretty funny... even though Libya and Italy have a shared history and seem to be playing BFF lately... it would kind of be like Syrian sovereign funds buying the New York Giants... can't even get that in my head.
Wow, Gadafi must be pissed that the Swiss refused to his blood money in one of their banks. Lol.
It may be that I am missing something but, "The US Socialist experiment will need to really pull its socks up if it hopes to succeed." needs clarification.
Namely, lest we forget, it wasn't Keysianism that created this disaster. On the contrary it was the economic phislosophy of the Chicago school Capitalism that got us here, which inherently subscribes to moving manufacturing capabilities off-shore, importing without protecting national industries and laying off everyone in sight. The notion that "Nationalizing" the banks means giving them trillions of dollars, no strings attached, or bailing our corporations is not Socialism but one of the core philosophies of the Chicago school economics. Socialism or Keynesianism has this subtle difference. When billion of tax dollars go to the government, the government agencies own the material, equipment, vehicles and facilities. What's happening is that billions of our tax dollars are going to corporations who then own said material, equipment, vehicles and facilities and tax payers have no claim. Also, bank nationalization from a Socialist point of view has a distinct difference from what is happening in the US. Namely, the government takes over the bank, fires the entire staff, audits to reveal fraud and swindle and then prosecutes those who stole all the tax payers' money. We are a long way from any concept of Keynesianism or Socialism. No what we have here is complete Capitalism where the entire Constitutional system has collapsed.
"it wasn't Keysianism that created this disaster."
I stopped reading after this.
Too bad because there were some interesting and valid points.
I always think it's silly when partisans stick their fingers in their ears and refuse to hear anything that doesn't confirm their deeply ingrained biases. Lots of that going around lately.
We have fascism in this country, not socialism. That much is obvious to those with a functioning brain.
Interesting points, but not even close to capitalism. More like Fascism
Robotrader,
I savor the pics, but you're gonna get me canned.
Not a good time to explain to the interviewer that it wasn't really a porn site, I was just on an economics blog when they fired me.
none of robo's pics are NSFW......most unfortunately.
A casual observation. Look in the national mirror to find the culprit for our present difficulties. We (collectively) failed to discipline and educate our younger generations. We failed to manage our own household budgets in a prudent fashion. And, very important, we facilitated the "money grows on trees" political class (BOTH parties) into overextended expenditures, debt and commitments by voting these d-bags into office. Unfortunately, reversion to the mean here is going to be a decades long bitch. But, unless we can finally stop the finger pointing, -ism blaming, demonization, news as entertainment, looking out for no. 1 and just all around whining, the repair work can't even get started. We will have to face the truth to confront it. Those who wish to re-inflate the recent bubble now have control of the levers of power and communication. The opposition is beginning to gather and, hopefully, will forswear ideological and partisan political labels as it puts forward much needed alternative practical views and proposals. Viva Zero Hedge and its compadres! Thanks for the comment space.
This is an interesting blog concept: News From 1930's...a daily summary based upon my reading of the Wall Street Journal from the corresponding day in 1930.
http://newsfrom1930.blogspot.com/
What I also found interesting was the tidbit under September 3, 1930
Prof. C. Persons quit job in Census Bureau because higher official decided to exclude from count of unemployed those laid off with “promise of reemployment at some indefinite future time”; Prof. Persons estimates there are 5M unemployed, contradicting census estimate of 2M-3M.
---Two things:
1. I guess Uncle Sam was working the numbers even back then (are well really surprised?)
2. At least this guy had some integrity.
Respect to the Prof!
I have a feeling we'll all be wonderfully educated in history before this is all over.
Great stuff, thanks.
"when the inbox of your favorite headhunter overflows with 1,000 resumes for that one open janitorial position at John Pauslon"
ROTFLMFAO.