Job Quality Vs Quantity: Number Of Jobs vs Average Hourly Earnings

Tyler Durden's picture




 

In light of the composition of today's NFP pickup, driven by retail, waste and administrative and hospitality and leisure, all low-wage jobs, even as Construction jobs posted their first decline in many months on the "housing recovery" and on Hurricane Sandy rebuilding, we refreshed the chart showing that there is a quality not just quantity component to the jobs number. Sadly, the quality, in the form of Y/Y change of average hourly earnings, continues to be non-existent.

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Fri, 12/07/2012 - 10:13 | 3042345 Its_the_economy...
Its_the_economy_stupid's picture

Crap, we're getting poor.

Fri, 12/07/2012 - 10:16 | 3042353 hedgeless_horseman
hedgeless_horseman's picture

 

 

Prosperity is just around the corner.

Fri, 12/07/2012 - 10:17 | 3042375 Its_the_economy...
Its_the_economy_stupid's picture

Can we have the chart indexed to Shadow Stats inflation estimate?

Fri, 12/07/2012 - 10:48 | 3042504 Comay Mierda
Comay Mierda's picture

really? i dont want to cry so early in the day

Fri, 12/07/2012 - 18:22 | 3044122 AldousHuxley
AldousHuxley's picture

Job "Quality" = easiest job function per dollar unearned.

 

ibanking for 90hours /week for mere $200k total comp where 3/4 goes to rent seekers and uncle sam is not "quality"

 

 

Fri, 12/07/2012 - 10:48 | 3042505 Enslavethechild...
EnslavethechildrenforBen's picture

The Central Bankers are laughing at us groveling for slavehood where we earn an inflation adjusted 5 cents per hour and pay 4 cents an hour in taxes.

 But don't end the Fed, nooooo, that would be bad

s/

Fri, 12/07/2012 - 13:51 | 3043228 LMAOLORI
LMAOLORI's picture

 

 

How about Gallup will that help?

U.S. Unadjusted Unemployment Shoots Back Up

 

http://www.gallup.com/poll/159104/unadjusted-unemployment-shoots-back.aspx

 

Corporate profits hit record as wages get squeezed

http://money.cnn.com/2012/12/03/news/economy/record-corporate-profits/

I have an ear mite I keep hearing that Giant sucking sound 

From Good Jobs To Bad Jobs To No Jobs - The Tragic Downfall Of The American Worker

http://theeconomiccollapseblog.com/archives/from-good-jobs-to-bad-jobs-to-no-jobs-the-tragic-downfall-of-the-american-worker

 

No not good enough well then here's some shadow stats though not on inflation

CHART SHOCK: The REAL Unemployment Rate Is 22%

 

Fri, 12/07/2012 - 17:26 | 3043971 dicktator
dicktator's picture

moreover, as it was posted on ZH earlier, the jobs were essentially added in the age bracket 55-69... so, well experienced, senior executive MacJobs

Fri, 12/07/2012 - 10:18 | 3042378 GMadScientist
GMadScientist's picture

For whom?

Fri, 12/07/2012 - 10:19 | 3042384 Its_the_economy...
Its_the_economy_stupid's picture

For all.

Fri, 12/07/2012 - 10:43 | 3042457 TruthInSunshine
TruthInSunshine's picture

McJobs are all the rage. What a relief that Big Mac assembly was not reclassified to a manufacturing job as originally and seriously proprosed.

The New American Normal will (very) soon be a 30 hour workweek (to technically avoid payment of benefits/health care, as "employees" are rolled on to Obamacare-- whose "mandatory" premiums & co-pays will consume 15% to 20% of take home pay-- by the dozens of millions), a median hourly wage that's near 19/hour and that declines in real terms by 1.5% per annum, and 1 actually "employed" worker for every 3 retirees + SNAP/EBT-UI-xUI/SSI recipients, whowill  pay an average of 45% in federal, state and local taxes (ranging up to a top marginal tax rate of 65%+ for "the wealthy").

Fri, 12/07/2012 - 10:45 | 3042500 LawsofPhysics
LawsofPhysics's picture

Seems to me that a "30 hour workweek" would leave a lot of free time for mischief.

Let me say it again, go long black markets and personal security firms.

Fri, 12/07/2012 - 11:09 | 3042514 TruthInSunshine
TruthInSunshine's picture

Even the New York Times, the best cheerleader a Krugman-loved POTUS could ever hope for, is reporting U6 now, even if not prominently (and even if U6 significantly understates what it purports to state due to laughably incompetent survey methodologies):

U.S. Adds 146,000 Jobs

 

The gain in November was sharper than expected in the aftermath of Hurricane Sandy, but the Labor Department report also revised previous job gains for September and October downward.


By the widest measure of joblessness, unemployment also eased slightly: After factoring in people looking for work as well as those forced to take part-time positions because full-time work wasn’t available, the unemployment rate fell to 14.4 percent in November from 14.6 percent in October.

 

So, just a SWAG, but U6 is most likely in excess of 20%. Wooo Hoo bitchez!

Fri, 12/07/2012 - 10:15 | 3042355 max2205
max2205's picture

but, hey, everybody who wants a 30 hr job for $10 per hr can get one....wtf else do you want

Fri, 12/07/2012 - 10:27 | 3042427 toady
toady's picture

That was my dilemma before I gave up.

Fri, 12/07/2012 - 10:49 | 3042508 asteroids
asteroids's picture

The chart is clear, on average you are making less. Divide that number by the ever increasing debt. You and your grandkids owe moar! Just like Greece the US edges closer to a black hole.

Fri, 12/07/2012 - 11:28 | 3042704 PD Quig
PD Quig's picture

A few years back the media would have been screaming about a "jobless recovery" or "low-wage McJobs."

Now they have their tongues firmly inserted into Obama's rectum and cannot get to their word processor software right now.

Fri, 12/07/2012 - 10:13 | 3042347 GMadScientist
GMadScientist's picture

Seats don't matter. Aggregate income does.

Fri, 12/07/2012 - 10:13 | 3042349 bigdumbnugly
bigdumbnugly's picture

chart that in burgers flipped per minute...

Fri, 12/07/2012 - 10:25 | 3042420 Cursive
Cursive's picture

@bigdumbnugly

Good idea, but I want a second metric in pounds of burgers flipped per minute since everything is more filler and less killer these days.

Fri, 12/07/2012 - 10:15 | 3042356 hugovanderbubble
hugovanderbubble's picture

That seems bearish ¡

Divergence between german Bund at 145.70 yield 1,30% and DAX  7.500 AWESOME

 

SELL OFF COMING

 

NO MORE QE

Fiscal Cliff Alert

Fri, 12/07/2012 - 10:17 | 3042374 fonzannoon
fonzannoon's picture

Say that again...."No more QE"

Then consider if you mean it seriously.

If so then check into a mental hospital immeditaly. Don't drive there, have a neighbor take you. Be careful. Our thoughts are with you.

Fri, 12/07/2012 - 13:12 | 3043081 Ballin D
Ballin D's picture

Things always happen the same until they dont anymore.  If the plug is going to get pulled during this presidency, it would probably be now, when he no longer needs to worry about reelection but before he's dug us all any deeper in the hole.

 

It wont happen though.

Fri, 12/07/2012 - 10:47 | 3042361 azengrcat
azengrcat's picture

Obamacare burger flipper reshuffle

Fri, 12/07/2012 - 10:48 | 3042366 FunkyOldGeezer
FunkyOldGeezer's picture

Proof positive that general wage stagflation has been going on for at least 15 years.

Globalisation has A LOT to answer for.

 

Fri, 12/07/2012 - 10:17 | 3042373 SheepDog-One
SheepDog-One's picture

Pauperization.

Fri, 12/07/2012 - 10:33 | 3042448 BKbroiler
BKbroiler's picture

or a V shaped recovery.

/sarc off

Fri, 12/07/2012 - 10:17 | 3042376 Tsar Pointless
Tsar Pointless's picture

Here is Table 1 of the Employment Situation Report for November 2012:

http://bls.gov/news.release/empsit.t01.htm

Focus only on the "Not seasonally adjusted" datum. Look at the participation rate (down to 63.5%, second-lowest in history, only behind April 2012) and the number of people considered to not be in the labor force (up over a million month-on-month). And look at the number employed (down 500k from October). And persons who currently want a job (up 350k from the prior month).

There is your "improvement" in employment.

Fri, 12/07/2012 - 10:19 | 3042383 bullet
bullet's picture

would love to see a similar chart of official jobs number vs. dropped out of workforce monthly comparison....

Fri, 12/07/2012 - 10:44 | 3042498 chunga
chunga's picture

If everyone permanently drops out of the workforce the unemployment rate will be zero percent.

That's awesome.

Fri, 12/07/2012 - 12:44 | 3042999 sullymandias
sullymandias's picture

that would be 0 divided by 0 which is not equal to 0

Fri, 12/07/2012 - 10:19 | 3042385 otto skorzeny
otto skorzeny's picture

those wages will go far to pay off college debt, buy a car, then a house, and then send the kids off to college

Fri, 12/07/2012 - 10:19 | 3042388 LongSoupLine
LongSoupLine's picture

All that fucking matters is the jobs headline.  The algos are latched on and it's off to the fucking moon we go.

 

Recovery!  I hope the BLS shitheads responsible get their arms fucking torn off by a city bus...fuck you assholes!

Fri, 12/07/2012 - 10:23 | 3042408 SheepDog-One
SheepDog-One's picture

Kind of funny how just yesterday all the 'wisdom' was speaking about a certain -20% market drop to scare into action on fiscal cliff (actually raising taxes) but anyway here we are in direct opposite land.

Fri, 12/07/2012 - 10:26 | 3042423 otto skorzeny
otto skorzeny's picture

Soup Line-you have to stop beating around the bush with how you feel-it's like dealing with the Mrs.

Fri, 12/07/2012 - 10:33 | 3042450 LongSoupLine
LongSoupLine's picture

Sorry otto, I know my thoughts can be convoluted, submissive and abstract.  I'll work on it.

Fri, 12/07/2012 - 10:20 | 3042395 SheepDog-One
SheepDog-One's picture

'Quality of jobs' means nothing as long as ObaMao can go out and brag about the unemployment # which is all anyone cares about. Until it all suddenly implodes anyway.

Fri, 12/07/2012 - 10:27 | 3042428 otto skorzeny
otto skorzeny's picture

I think (some of) the American public is waking up to the lies- the Interwebs have helped alot.

Fri, 12/07/2012 - 10:28 | 3042430 francis_sawyer
francis_sawyer's picture

Obama (in President) since 2008 means that all blacks go out & buy beemers then default on the payments... So far it's looking pretty swell...

Fri, 12/07/2012 - 10:21 | 3042400 FLUSA.com
FLUSA.com's picture

I can just see a fat rich guy sitting in his leather chair surrounded by his wood lined office, wearing a smug grin, petting his white imported cat knowing only headlines matter and that he will get richer'er and the rest of us will get poorer'er

Fri, 12/07/2012 - 10:41 | 3042490 Mike in GA
Mike in GA's picture

Most of the rich guys I know don't have wood lined offices, they aren't fat, they don't sit with a white imported cat on their lap ever, and they work too hard to be anywhere near smug.

They're American hard work success stories.

 

Fri, 12/07/2012 - 10:56 | 3042538 SwimmininNawlins
SwimmininNawlins's picture

They are not the 'rich' guys

Fri, 12/07/2012 - 11:10 | 3042610 LawsofPhysics
LawsofPhysics's picture

I think he is confused with TBTF people in the banking/finance sector that have your representation in their hip pocket.

Fri, 12/07/2012 - 11:38 | 3042770 Panafrican Funk...
Panafrican Funktron Robot's picture

If they're working hard, it's probably because they're not actually rich.  Reggie had a pretty good definition, if you have to work for a living (even as a Fortune 500 CEO), you're not rich.  

 

Fri, 12/07/2012 - 10:23 | 3042407 Dr. Engali
Dr. Engali's picture

But our household wealth is back to 2007 levels. How can this be? What they don't say is how that 2012 dollar won't buy you what a 2007 dollar would. We are getting poorer as a nation any way you look at it.

Fri, 12/07/2012 - 10:30 | 3042442 youngman
youngman's picture

That is what Obama wants....he thinks we are a greedy country..use to much energy..eat to much....live to well and we put the costs on the rest of the world....he wants to take us down to their level....redistribution.....

Fri, 12/07/2012 - 10:36 | 3042462 Dr. Engali
Dr. Engali's picture

Yep and it's working too.

“The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation.”

Vladimir Lenin

Fri, 12/07/2012 - 11:30 | 3042737 MachoMan
MachoMan's picture

“The way to crush the middle class is to grind them between the millstones of taxation and inflation.”

fixed

Fri, 12/07/2012 - 11:09 | 3042608 takinthehighway
takinthehighway's picture

This is the same Obama that is taking the $4 million dollar vacation in Hawaii, is that correct?

Fri, 12/07/2012 - 13:41 | 3043185 Kobe Beef
Kobe Beef's picture

I'm praying for volcanoes and tidal waves.

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