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

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Landrew's picture

You are an idiot. Making light of needing work, you must be a Cock Brother Troll! Fuck Off from the workers of America!

Conman's picture

Missed your meds today paid by medicare?

Dark Meadowlark's picture

Net job creation under Obama, NOT contraction. 

Sudden Debt's picture

it's the experience gap that's growing and that's making it more difficult for the next gen to get into the pool.
and the bigger the gap, the longer it will take to recover

Seer's picture

Recover to what?

What IF there is no such thing as "recover?"  What IF the overwhelming amount of things produced today are mostly irrelevant in the future (because of affordability or, in the case of iCrap, not really essential)?

Sudden Debt's picture

my boss is gloating every day.
'this is the time when the boss is boss again!"


to bad it's not his companie and we have stakeholders that don't like the numbers :)

I already know what my speech will be when that fucker gets fired! OOOOHHH YEAHHH!!!

Bobbyrib's picture

When downturns hit middle management is the first to get the pink slip.

Seasmoke's picture

Go EAST Young Man......and i dont mean New Jersey

espirit's picture

Only if you can grow pot there.

Uh, legally.

A Lunatic's picture

Do you want jobs or do you want free checking? Make up your fucking minds.........

yogibear's picture

It's the world of financialization now.  The solution for the banksters is to print more money and buy stocks to boost prices. Why produce anything. Have slaves in Asia  produce a real product.

Jobs really don't matter anymore. Just trade and keep the markets moving (up or down) making money off the printed money.

In the world of financialization flipping houses are back.

As long as China/Middle East keep accepting more and more deprecating US dollars everything is fine.



rtalcott's picture

Jobs really don't matter anymore. Just trade and keep the markets moving (up or down) making money off the printed money.

A BIG X IV on that.

Kreditanstalt's picture

As long as you and I and other people keep saving or investing in those paper dollars, the system will go on until, YEARS later, the wheels do fall off.  GOLD. 

batterycharged's picture

I was just thinking about that today.

The people that make money in this country produce nothing.

I work for GECRB, they just sit back and rack in billions on the backs of poor and dumb retail lenders. I worked for JPM, they did the same thing.

You start an enterprise, and the stakeholders make all the money while you do all the work.  Just watch Shark Tank.

So many people getting rich by doing nothing productive.

This is the norm. And no one questions it.

People should be in the streets saying we should change the laws and bring back the Protestant Work Ethic where you actually have to produce something to make money.

We are a society of gamblers. It's very fucking sad.


Seer's picture

Well said!

I'd add talking-heads to the mix of those getting rich doing nothing productive.  TELL ALL THESE FUCKERS THAT WE AREN'T GOING TO WORK FOR THEM OR GIVE THEM ANY MORE OF OUR LABORS.

Kreditanstalt's picture

Yes, "government" certainly counts as an "industry", doesn't it? 

Just ask all my neighbours collecting welfare checks, working "for government", on unemployment insurance ("pogey") (IF they qualify), Native Indian payouts, or in government-protected unions doing highly overpaid resource sector jobs... 

hardcleareye's picture

Oh dear... you forgot to list "defense contractors" in your lists of government welfare....... 

Kreditanstalt's picture

Yes, and no doubt I forgot many more.  What about employees of driving schools, lawyers, many insurance agents, mortgage insurance and notaries, etc., all of whom only exist because of some government rule?  Do they PRODUCE anything?  Do they satisfy any customer's voluntary needs??

We are in a supremely UNproductive economy...  

11b40's picture

The entire Finance, Real Estate, & Insurance industry is a bloated, government protected nest of ticks sucking on the public.  Health Care industry, too....in addition to the Military/Industrial Complex.

Yes, Welfare and Illegal Workers are issues, but they are minor compared to the "legitimate" rape perpertrated on all of us every day.

This article is about WHERE things are MADE.  Let's talk about how all our jobs were allowed to migrate to foreign lands.  Simpletons will speak of being unable to compete with low foreign wages, but the question is why we allow goods to be sold here that are produced by slave wage workers with zero benefits, in countries ruled by dictators with no environmental protections, no social safety nets, bare minimal infrastructure......countries that are being pillaged by multi-national corporations fo the benefit of a few at the expense of the palnet?

100pcDredge's picture

Ehm... I dunno.

North Korea maybe? China?

Uhm... maybe they just went out to get some Twinkies?

Or a slice of Wonderbread...

Africa - then?

I give up.

No. I don't: Disney World?


Hey... wait! I know! >> Nobody has to work anymore, because everything is done by these robots and their friends!

Am I right?

I am, ain't I? Of course... and finally.

But how long did it take to get to this stage in human history?


Thousands of years, I gues...?


billsykes's picture

Drilling companies have been a shit investment over the last decade and certainly over the last 5 yrs. There may be jobs but those include staying in a camp very remote and living with rig pigs, with their GED education combined only know how to fight, smoke crack/meth or fuck hookers.


Argentbilly's picture

Automation's productivity gains have gone to the upper class. The worker is losing all power, say good by to the middle class. 

Seer's picture

Circular function for sure.  Purchasing more iCrap = deteriorating job prospects.

John_Coltrane's picture

Then perhaps we need to get rid of all those tractors, cultivators and harvesters and go back to a full employment agrarian economy?   People now-a-days have no clue how much better off they are then people who lived 100 years ago.  The very fact we can all waste time typing inane comments (mine included) to anonymous other commenters is proof of how much wealthier we all are (wealth=time) instead of foraging for food everyday so we don't go hungry.  The elite who lived in the 1800s didn't even have indoor plumbing much less antibiotics, motor vehicles et al.  And life span was much lower.  

The central problem of the modern technological age is the Gaussian distribution of IQ which guarantees at least 1/2 the population can add little value to products or services at the prevailing Western minimum wage.  We need more competition, not less via central control and fiat which is the "solution" so many commentors suggest.   A start would be eliminating minimum wage laws.   To complain about competition from foreign workers is nothing more than whining.  What's so special about American workers other than atavistic tribal instinct?  If some service or product can be made more efficiently in say, Mexico, than the US then so be it.  Take some personal responsibiltiy and initiative.  Haven't got any capital?  Try work and saving-it actually works.  Just make sure you save in gold and silver.   And develop the analytical and technical skills and abilities which are in useful in everyday life as well as of great value to others.  Then you won't have to depend on others, especially the government, for a job.  You can create your own. 

overmedicatedundersexed's picture

johnny C, protecting your work force is so 18th century hey...what you miss is the ability to connect dots, the loss of jobs and living standards in USA, is the result not of workers , but of a systematic plan, run to a goal of concentrating wealth and power in centers that control without the bother of voter consent. your world view is corrupt and sickening , like so many, educated beyond your intelligence.\

 world banks need free trade worldwide corps need free trade..USA never needed it, it was imposed on us. you forget or perhaps never learned that the WHOLE FEDERAL GOV WAS RUN BY TARIFF FEES WITH NO INCOME TAXES. think of how competative our business could be with no tax burden...no this is a scam on a grand scale and fits perfectly with the crimes at the top of our gov and finance centers..one must have the other.

Insideher Trading's picture

Let me use a bit of hyperbole for conveyance of of my point:

Let's say GM is a private company. Let us also say that 50% of the buyers of GM vehicles are government purchasers (federal vehicle fleets, etc). Let us also say that the remaining 50% of consumers are sub-prime borrowers, the loans of which are backed by government guarantees. Not to mention the multiple billion dollar bailout from the the government they already received.

So in exchange for all this government provided assistance, the government compels GM to produce energy efficient vehicles

...the components of which are manufactured by Obama campaign contributors.

#1 The entire market for vehicles has been manipulated by the government at the detriment to competitors (and by extension consumers)

#2 The market for GM cars is existent only because of tax payers subsidizing a product they wouldn't purchase to begin with. 

#3 The tax payer gets further into debt

#4 The beneficiaries are the friends of the politicians.

This is not only detrimental to society as a whole, but it is also the antithesis of what America was founded upon, and what the the American revolution was fought over. The unfortunate thing is that the majority is now reflecting the desire of fascism and confusing it with capitalism AND socialism.

Did you ever really have to think why Corzine isn't in jail? Because fascism is pretty sweet when you're wired into the political establishment.

A Lunatic's picture

I must have missed the hyperbole..............

disabledvet's picture

power to weight ratio bitchez. the oil GOO is going DOWN!

Ident 7777 economy's picture




Need to start a movement, bumper stickers, the whole thing:


" Jail Time for Corzine "







joego1's picture

The global profit model has replaced any need for human dignity.

eddiebe's picture

Where have all the good jobs gone, long time passing,

Where have all the good jobs gone, long long time ago?

Where have all the good jobs gone? Gone to China every one,

When will we ever learn, when will we ever learn?

Where have all our dollars gone, long time passing?

Where have all our dollars gone not so long ago?

Where have all our dollars gone, gone to banksters every one,

When will we ever learn, when will we ever learn.

joego1's picture

Ha, I was actually humming the same thing in my head when I read the title.

rtalcott's picture

" and jobs is just a four letter word...."

Black Markets's picture

Of course more things are made in China these days.

The Chinese workers build superior products v's US workers.

Dont believe the BS jingoistic propaganda your 4th rate politicans and blue collar media puke all over you. The free market PROOVES it. Chinese products are simply better.

The US is getting killed on global stage, not because of complex systemic nuances. But because Joe Sixpack builds inferior drive shafts compared to Mr. Lee.

Americans have been found out. And now the whole world is cut throat hungry for a slice of the lifestyle where people see fit to take 2tons of steel on a 25 mile round trip to pick up a quart of milk.

Your finished, not because of the system or a corrupt elite. But because at the micro level the atypical American is lazy, spoilt, distracted, unfocused, disinterested and self righteous.

You have everything to lose and you don't even realise you're in the middle of the fight of your lives. Too busy pointing fingers at Washington to realise the real fight is right there at your own desk.

eddiebe's picture

Planned obsolescence, baby!

Winston Churchill's picture

You just hit the (pink)nail on the head.

It will make you as popular as a fart in a spacesuit.

Exactly my experience running businesses here,in spite of the workers.

Black Markets's picture

I don't care for popularity, I don't suffer groupthink.

The truth is that the US has the best economic system in the world, it's the most liberated and unfettered there is.

Unfortunately it is populated with self indulgent sloths hell bent on out consuming their neighbour as opposed to out producing their respective industrial cohorts.

It is incredibly ironic to read the thoughts of a mediocre and below average workforce pointing the finger at the most effective economic system in the world as the source of their troubles.

These people haven't a clue.

The average worker in Hong Kong / Japan / Singapore / South Korea / Taiwan works 2,300 hours a year.

The average US worker does 1,700.

Yet the American workers blame their politicians? No, you're each 600 hours a year short of bringing an end to deficit spending.

The US (system, geography, demographics) is more than capable of producing a substantial surplus. It's just a shame the American work ethic is so lazy and defeatist.

The USA is getting killed not because of D.C. But because YOU clock off 2 hours early every day.

Winston Churchill's picture


Didnt always be that way.Used to do a lot of biz with Mormon run US businesses

back in the 1970's and 80's.Wasn't like that then but mormons are all

workaholics, or sexaholics in their off time.No other interests.

Spoiled BB's,having few ,even more spoiled children,who ignore theirs..

Clogs to clogs in three generations.

Black Markets's picture

Clogs to clogs indeed.

It's always funny to see underperforming Americans bemoan the system for their woes.

Every other economic system across the entire earth (some 200+ of them) is worse than the US. If you can't make it in America you can't make it anywhere.

If your life didn't turn out the way you expected there are only two sources of that disappointment.

1. Yourself, you and only you have failed.

2. Your parents, for giving you high expectations and no means of attaining them (character, determination, ambition).

To blame some government figurehead or some far away official or collection thereof for the problems that you face every day in your life is entirely representative of somebody who is lazy, dismissive, self righteous, evasive and irresponsible.

Nobody is going to come rushing up to you in the street and say "Hey you! Hey Victoria Schwarz! I want to give you millions of dollars and a huge new duplex over looking the park"

- yet this is what many people seem to expect as some kind of divine right.

The world doesn't owe you shit. No matter who you are. It doesn't care if you're smart or as dumb as a post. Nobody is going to rush you in the street to fulfil your dreams for you (unless you can throw a pigskin 50 yards).

But joking aside Generation X and Y are much weaker than their great grand parents and the Baby Boomers squandered all the wealth that predates them and all the wealth of the X and Y's.

QED: Generation X and Y are lazy, unfocused, dismissive and disinterested. They were born into servitude of their parents debt and they have neither the ability nor the inclination to surmount it.

The USA is uncompetitive not because of the system or because of the elite but because this generation is a zombie generation, devoid of any work ethic and totally self indulgent.

This is why US products do not sell overseas, it's why the country runs a gigantic current account deficit.

It's because of the slack ass national culture, not because of some secret club of elitist lizard men.

espirit's picture

I still think the Secret Club of Elitist Lizard Men had a part in all this.

The Second Rule's picture

Wow you sound like you are locked into some kind of 1960s state of mind. I hate to quote Alex Jones (he hasn't been born yet) but the country has been destroyed by design. I just sent a time machine back to you. Why don't you step outside your drycleaning business on 34th street, climb in, and I'll bring you forward to the year 2013. Then you can see what the world looks like now. When you arrive I'll give you a few days to take a look around, get good and drunk to recover from the shock of it all, and then, if you are up to it, you can talk about it with the rest of us. 'k? Or just stay back where you are and take the slow road. It's up to you. You'll get here anyway, oh...in about 45 years. Cheers!

P.S. Don't take too long to take me up on my offer. I just can't leave a time machine double parked out there on the street. It fucks with the timespace continuum.