Where Did All The Jobs Go?

Tyler Durden's picture

Over the last decade, the economy (and implicitly the jobs of US citizens) have suffered significant swings. The chart below, however, clarifies exactly where the 'missing' jobs have gone (and with a slight silver-lining) where we have gained jobs. As is clear, the Oil & Gas industry has seen its total number of employees rise over 40% in the last ten years - while Manufacturing and Construction industries have each lost around 20% of the total employees.

Of course, net net, given the precipitous drop in labor force participation, the US is losing the 'employed' dramatically over this period as the incentive (as we noted here) to work and demand for work (in a cost-cutting ZIRP environment) remain negligible.



While the boom in Oil & Gas jobs that is so clear in the chart above, it would appear that whether through regulation, market pricing, or 'over-fishing' the growth in rig-counts (as proxied by Baker Hughes below and noted by Reuters late last year) is now falling year-over-year (though well counts are rising) - it seems we need another 'price' boom in Oil and NatGas to get things going again - but of course that will hurt the consumer and implicitly the mainstay of the US economy.


and in case it was not clear where all those jobs went (if not swallowed up by productivity enhancing robots) - the following chart should make things clear (over 200 years of manufacturing shifts around the world)...


Charts: Goldman Sachs and Bloomberg

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Xibalba's picture

Jobs cost profits, and the only 'citizens' that matter are corporations my friend. 

Future Jim's picture

It sounds like you agree that there has been no recovery, and that the media were thus wrong to credit Obama with a recovery that did not exist, but where you differ is that you are under the impression that Obama knows just what to do to fix the economy, and you feel that those evil corporations just won't let him.

You state that "jobs cost profits", so you must not want to raise taxes on corporations, so just how would Obama fix the economy? Are you aware that he had an unprecedented filibuster proof majority for a while? are you aware that most jobs increase profits? Would you hire someone who cost you more than he produced?

EnslavethechildrenforBen's picture

Obama says to say thanks for all your homes and businesses he foreclosod on! Suckers!

Raymond K Hessel's picture

It's for articles like these that I read ZeroHedge.  Very nice, guys.   

j0nx's picture

Yup. 10-30 million illegals here from various estimates. Assuming EVERY American over the age of 18 and under 65 is looking for a job right now, which is ridiculous due to various reasons, then according to 2012 US census estimates illegal aliens are stealing 5-15% of American workers' jobs depending on whether you believe there are 10 or 30 million of them here since there are approximately 198 million Americans between age 18-65. Personally I think the amount of illegals here is somewhere in the middle of that number. It's a comfortable bet that at least 15% of American jobs are stolen by these cretins every year while dumbshits like whoever the guy was that downvoted you refuses to believe that. And once again, that's assuming that all 198 million Americans are looking for work. This means that in actuality the percentage of jobs that illegals are stealing may be in fact quite a big larger. Also, throw in the fact that they commit crimes, overcrowd, gentrify existing neighborhoods and cultures and basically overwhelm the social safety net and it's treasonous that even a single American politician is even entertaining the idea of legalizing these people when Americans are out of work and languishing under a real UE rate of 16% or higher. 16%...hmmm why does that number ring a bell again?...The math don't lie bitches.

rhinoblitzing's picture

What about all the money being wired and sent "back home" that leaves the US borders and internal economy???? Never a mention in the MSM or anywhere. (even here..)

Also - watch the MSM when they talk about illegal aliens... they show people picking cabbage in the fields as if it's 1960 and Cesar Chavez is still on his soap box.... Let's see the real numbers of illegals taking real jobs (and seats at College) from US born Americans let alone naturalized citizens that waited in line properly.

H1B Visas... displacing US tech workers with cheap immigrant labor, as theyt infiltrate management (same way they infiltrate the stateus dept) and bring in more of the same. In this case Bill Gates is a documented violator of importing cheap labor back in the late 1990's.

This is the next divisive topic coming up to bat!

If you even think of upticking me - Your a Racist 4 Sure.

j0nx's picture

I hear you. When in college I used to work in a retail store as a bookkeeper with a moneygram service. You wouldn't believe the amount of money these mofos were sending south of the border on a daily basis and this was in the mid to late 90's before the problem really took off. I still see this issue as one of the top 2 or 3 issues in this country.

LetThemEatRand's picture

I wonder how much money your Moneygram employer made from the mofos.  And you had a job doing it.  I know, it's beside the point, right?  Guy's gotta make a buck.  Principles are for mofos.

GetZeeGold's picture



FORWARD......socialist bitchez.


Even Russia is laughing at us now. We no longer have jobs......grab your EBT and shut up.

francis_sawyer's picture

Where's the 'dotted line' on 'FRIEND'S MOM'S MAKING $88 AN HOUR ON THE COMPUTER'?...

j0nx's picture

Puhleeze. Where I live in the DC/NoVa area the entire area is dedicated to catering to these mofos. I'd be hungry in a ditch if I worked for someone who wasn't kissing their asses. Nova is ALL about political correctness these days. It really shouldn't even be considered to be part of Virginia anymore imo.

Seer's picture

And you say all of this without providing any data points?

What was the net for businesses hiring "illegals?"

People wanted cheaper homes.  Banks wanted to make money on transactions.  Everyone seemed fine back then with all of this arrangement.  Now that it hasn't held up (people didn't adjust and are now WHINING) we start picking apart the already rotting carcass?

And what about the "free" money dumped into the SS coffers?

On Immigration and Social Security


Measuring by emotion is always a precarious thing.  At least with data we have something tangible to pick at.

Here's a data point on remittances (source: http://www.remittancesgateway.org/index.php/press-clippings/flows-inform...)

  Remittances to Mexico drop 7.1 pct

Source: Fox News Latino

Mexico in October received nearly $1.78 billion in remittances, a drop of 7.1 percent compared with the same month in 2011, the country's central bank said Monday.

Accumulated remittances from January to October added up to $19.04 billion, a figure 0.9 percent lower than in the same period of 2011, Banco de Mexico said.

The average sum per transaction was $299.80, a decline of 5.8 percent from the $318.20 that those living abroad sent to Mexico in October 2011.

In all there were 5.9 million remittances last October, most of them sent through electronic transfers, a number slightly less than the 6 million transactions a year earlier.

Remittances from expatriates are Mexico's second-largest source of foreign exchange after oil exports and help cover living expenses for millions of households.

Most of the money is sent from the United States, where an estimated 12 million Mexicans live, about half of them undocumented migrants.

trav777's picture

we can't have enough brown aliens...we import them from places like haiti and somalia.  Not enough crime in most of these cities and certainly not enough democrap voters.

Aliens also eat up tons of local school budgets because we HAVE to teach them in spanish.  If you expected mexico or el salvador to teach your kids in english on their dime and go out of their way to make there like here, you'd be branded a gringo racist.

cynicalskeptic's picture

It's all about finding the cheapest possible labor.  You ship factories and call centers overseas.  

But you don't hear ANY poliiticians talking about limits on outsourcing.  Banks that took billions in TARP funds continue to send jobs overseas - why weren't the required to brong BACK D/P and call centere jobs as a condition for receiving aid?    The same with aid to auto companies....

The jobs you can't send overseas you use illegal immigrants to exert downward pressure on wages.  Immigration is a positive factor in a GROWING economy when ther's a shortage of labor - this was the case with the US throughout the 1700's and 1800's - and the beginning of the 1900's.  You then had serious limits imposed on immigration.   Now......

'Anchored jobs' the ones you CAN'T export have seen serious downward wage pressure because of competition.  When the housing market was booming you saw spreading and increasing presence of illegals displacing US citizens.  Family in the Carolinas saw how most blacks and poor whites in construction were gradually replaced with Hispanics.  You saw the same thing up north - the second gen Italian kids you went to school with who'd been working construction ended up out of work and replaced.  Meatpacking - an industry which had been heavily unionized and paid decent wages and benefits (to reduce high turnover rates in a dirty messy job) was completely transformed with the workforce being replaced wholesale witl non-union illegals.

The US is a nation of immigrants BUT it was so becaues it was a growing economy and short of workers for much of its history.  No longer.   But nobody will say a thing about illegal immigration.  'They do jobs Americans don't want to do' - well without illegals you might have to pay higher wages to dishwashers and others.  As is employers can get away with paying pathetic wages because someone is desperate enough to take it at any salary.  Whole 'industries' - like Horseracing - depend on cheap illegal labor.

The other factor NOBODY talks about is automation.  HUGE productivity savings in things like factory work, phone ssytems, toll collecting and more. As a society you COULD say that all such productivity savings be shared throughout the work force - everyone could wok fewer hours.  BUT NO - productivity gains ahe all gone to the top - higher bonuses for execs and dividends to shareholders.  

Contrast the US to Germany where workers have roles in POLICY and spots on company boards.  

LetThemEatRand's picture

It seems the profit-driven-humanity-can-go-fuck-itself corporations have gone all Galt and shit.  In fiction it ends well.  In reality it ends badly.

j0nx's picture

As I said before, the math strongly indicates that illegals are stealing at the bare minimum 5% of American jobs and most likely at least 15% or more. The MSM and politicians continue to cater to these mofos though which tells you all you need to know about where their loyalties lie: with big business and trying to capture votes to keep themselves in office at your expense.

Seer's picture

Where are you getting your "5%" and "15%" figures from?

Totentänzerlied's picture

Give me all your money and prove you're not profit-driven, big guy.

Dexter Morgan's picture

If you want higher employment and competition with foreign cheap/slave labor all you have to do is raise the import duties, SIGNIFICANTLY.  Tax the foreigners and US corporations that pay the cheap labor, not the locals, and manufacture what isn't imported.  Problem solved.  Free trade allows you cheap gizmos from china while you lose all manufacturing jobs, of course.  Maybe I'm just old enough to have seen it all happen.  Perot, Giant Sucking Sound, and whatnot.

Of course cutting a few 10s of 1000s of regulations wouldn't hurt either.  And hanging a few representatives from telephone poles would be a nice touch.

But since none of that will happen I wlll stack some more gold and silver, bitchezz!

Winston Churchill's picture

That is exactly what they did in the 1930's.Worked out so well it only took 80 million

deaths to fix it.

Next suggestion ?

Seer's picture

AND, back Then there was growth on the horizon thanks to plentiful resources to exploit.  Now that we've chewed through the majority of the world's easily obtainable resources 80 million per day wouldn't likely put a dent in today's problems...

Bananamerican's picture

"illegals gentrify existing neighborhoods"

gentrification means to improve and revitalize previously run-down neighborhoods....

this is usually considered to be a good thing

trav777's picture

no it isn't!

Among the NE liberals and the Passover Syndromers in the urban areas, it is a sign of EVIL.  The decline of a black population means LESS diversity and it's always a thumb in the eye when blacks leave and whites come in and civilization somehow returns on cue.

And in places like Anacostia, you see spraypaint on houses and for sale signs "NO WHITES"...of course if this were reversed, it would be national news.

DC is about to lose its black majority and this has been the source of much handwringing and gnashing of teeth.  In places like Portland, OR, they rend their garments over how "embarassingly" white they are.

Detroit is utopia to these types.

Miffed Microbiologist's picture

Jonx, you also forgot to mention the health aspects. Working in a Mexico border town we see about 75% of our Tuberculosis cases are Hispanic, majority being illegal. ALL of our extreme drug resistant TB cases were illegal. A few years back we had a 75 year old white guy die of TB, kind of unusual so I asked the dr about it. Turns out he had regularly hired illegals for his construction business and because he was on steroids for a chronic condition, the TB overwhelmed him. Well, I guess he saved a lot of money hiring those people but it cost him his life. Unfortunately, unless a senator child gets TB, nothing is likely to change.


Bobbyrib's picture

You got all that from one sentence (unless his post was edited)?

Future Jim's picture

Think about it.

That one sentence was in response to this sentence.

It's true. There has been no recovery.

Which contains a link to an entire article. All together, that's a lot of material to work with.

In addition, I am trying to tease out better responses than that one vague sentence.

OutLookingIn's picture


Ongoing deeper depression.

For the masses? Bread (food stamps) and circusses (Boo Boo Baby meets Wolfman & Jersey Shore)

A litmus test of the intellegence of the nation. DUMB & DUMBER!

Future Jim's picture

That is our plan.

Innovation must be managed. Innovation can empower the little guy and make him think he doesn't need those of us having superior genes to make decisions for him.

Innovation can make the serfs uppity, in the vernacular, as it were. For example, the Internet Reformation makes many serfs feel like they are just as smart as (or smarter than!) we are! Therefore, we can't have unbridled innovation, or else we might get another Internet Reformation before we can stop it. We have yet to complete our control of the Internet itself, so we certainly can’t allow another black swan event like that.

It is true that unbridled innovation would be necessary to support the exponential growth in serf population, but there were already too many serfs anyway. The earth has limited resources, and only those having superior genes deserve to inherit the earth. Slower innovation will thus reveal the urgent necessity of our final solution, which will thus become more acceptable to those elites and useful serfs who were previously reluctant about what must be done.

Slower innovation is thus a good thing.

We elites are right wing extremists, but we spend much of our resources promoting progressivism, fascism, socialism, communism, collectivism, and political correctness - not just because they make the serfs more dependent - but also because they slow down innovation. Our conscience is clear because a majority of serfs freely support us in our promotion of all flavors of collectivism.

The serfs have known that the free market works best for them for at least 400 years, and they still choose to sacrifice their children's future for the short term trinkets we give them. It is their choice.

The free market is an abomination that punishes our superior breeding and rewards that greedy lower class mentality. The free market is anarchy. The success of the common man in the free market is thus proof of his inferior genes. That is why – that government is best, which regulates most.

The serfs have all the information they need to know that we cannot compete in a free market, but they still vote for regulation. It is their choice

When we promise them other people's money, they have all the information they need in order to know that they are those other people. Therefore, if they are blinded by their greedy lower class collectivist mentality, then that is still their choice.

We reveal our plans because everyone must freely choose, and thus our conscience is always clear. We simultaneously offer powerful temptations that will only deceive those who willfully ignore reality and who thus have inferior genes.

We thus respect: those who know that when we are all on the same page, we all benefit, and those who know that we have the right to implement any good idea, and those who know the end justifies the means, and those who accept their place.

Conformity and hierarchy are thus not a necessary evil. They are a necessary good.

Some elites claim that our principles of conformity and hierarchy make us no different than the serfs, who we manage by appealing to their desire for conformity and hierarchy. What these elites seem to forget is that the reason we are superior is because we are smarter. Conformity among the serfs is only wrong because they are imitating those with inferior genes, and hierarchy among serfs is only wrong because they are following those with inferior genes.

Although we are the most highly evolved humans, a new theory posits that conformity and hierarchy are actually the Soul of Animals, and are thus the peak of animal evolution, and that the peak of human evolution is the Soul of Humanity.

Some elites accept these theories, but it does not change our plans because we are thus acting in self defense against the encroachment of the perverse evolutionary course referred to as the Soul of Humanity. Without conformity and hierarchy, the Soul of Humanity is incomplete and would lead to anarchy! One could thus summarize our goal as a crusade to kill the Soul of Humanity, although most of us just see it as killing off reactionary genes.

Some elites claim that the Soul of Humanity is very much like our founding principles, and that we have lost our way. Such elites have obviously been deceived by our own propaganda intended to pacify the masses.

Raymond K Hessel's picture

You make MDB look like an amateur.


Well done, troll. Well done, indeed. 

espirit's picture

Id jot troll.  There fixed it.

Ident 7777 economy's picture


 Future Jim et al



Booring. Not boring, Booring ...

Future Jim's picture

I see we will all have to step up our game to provide the quality of intellectual stimulation demanded by 7777.


There are green scauses for recycling, blue scauses for kitties, and pink scauses that focus on nothing but titties!

AldousHuxley's picture

Elites= people who justify their power with meritocracy while playing down sheer luck

Forbes : Chinese opium trade
British : colonialism
French : colonialism
Kennedy : bootlegging
Politicians : lying and inside trading
Chinese : communists taking state assets ipo
Russian : KGB killers taking over state assets

Seer's picture

And you can add religious leaders to that heap as well.

What do they all have in common?  Intimidation through fear.

We Don't Need Them


trav777's picture

wtf is wrong with opium?  People wanted it.

you libertardians are strange...

FreedomCostsaBuck-o-Five's picture

Hold on a second... O'b says we're recovering and that he's created (or saved) over 4 million jobs. There's green shoots, green shoots everywhere!


batterycharged's picture


What I find ironic is that all the "true free market" people complain about the fed and big government interferring with our free market economy.

As if we would flourish without these interferences.

The reality is, these intereferences are the duct tape and chewing gum that prevent capitalism from totally collapsing.

We've seen what happens when laissez faire rules the day. It's very much similar to what's happening now.

Money accumulating to a minority. Jobs are scarce, demand is weak.

I love the line "incentive to work" as if people are saying 'yeah, I'd rather have no self worth, sit on my couch and collect $200 per month in welfare than work, have some pride, and make $800 per month".

I think some people need a re-adjustment in their idea of what welfare is and who the people are that are struggling in this country. 

Stop watching Fox and listening to Rush Dimbulb to get your opinions on who these people are.


trav777's picture

you don't many people if you think that there aren't TONS who would take the free money.

How many blacks are on SSI now?  Free money is always preferable to work for most demographics.

Your implicit notion that your values system is shared universally is absurd.

wee-weed up's picture

Where Did All The Jobs Go?

You re-elected Obama... you're kidding me, right?

LetThemEatRand's picture

If you think Obama gets credit for the loss of manufacturing jobs over the last 40 years that neither Team wishes to address because it would displease their corporate masters, then you should get an Obama phone and call home.  He may be a douche, but he did not invent vinegar or water.

TideFighter's picture

5 Mexicans on my front lawn. I paid in cash. My nephew has been out-of-work for three years. He borrows money.




Seer's picture

But, but!  Folks posting above are saying that this is a net drain from the economy!

I wonder, those who gave you an up-arrow, did they do so thinking "legal" or "illegal?" (I'm neutral [on the "Mexicans" part] until I get clarification.)

Frozen's picture

Don't worry about that gaping hole in the middle of the boat

saunhi's picture

New outsourcing has been realized via the L-1 field associate visa. U.S corps can now contract entire Bsns units offshore and then the Intl corp can provide local support as needed via the L-1. A complete bypass of U.S workforce can now be done.

Conman's picture

Why work? Student loans are now pay as you earn, so if you don't earn don't pay? Welfare, Social secuirty disability, just say you ahve a metnal issue get section 8 housing and a paycheck every month. treasury will keep selling bonds to the Fed and budgets(lol) will keep goign over till congress oks abolishing debt limit so we never have to think about defecits until the bond barkets force the issue(never).