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What Quality Jobs? Over Half Of May Payroll Growth Is In Education, Leisure And Temp Help Jobs
If there was some hope that in April the trend of the US adding low-quality (as in low-paying) jobs may finally be coming to an end, this came to a quick end in May, when more than half of the 217K jobs added were in the lowest paying sectors. Specifically:
- Education and health: +63K
- Leisure and Hospitality: +39K
- Temp Help Services: +14K
These three lowest paying categories amount to 116K, or well over half of the total jobs gains. What's more, if there was some hope for a construction renaissance in April after 34K jobs were added in the sector, in May this too came to a grinding halt after only 6K construction jobs were added. The best paying jobs: financials and information, also deteriorated, with fins adding 3K in May, half of the April gain, while 5K Information jobs were outright lost in the past month, compared to a gain of 1K jobs.
The good news, if any: retail jobs did not make up the fluff of job gains as they have in the past, with just 12.5K retail jobs added in May, and finally: all that channel stuffing appears to be paying off finally as 10K manufacturing jobs were added in the month, up from 4K in April.
Is there any wonder why then with jobs such as these, both nominal hourly earnings:
And especially real earnings (which just declined in April):
... can't catch a sustainable break?
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"Education" and "Health".
Make the combo AND YOU'VE GOT FOOTBALL COACHES!!
http://global3.memecdn.com/fat-sport-teacher_o_1180904.jpg
Lots of job openings in private sector compliance work. You know, helping navigate regulations, etc. Really improves standard of living of those buying that service.
Like I've said many times on ZH: Small number of rich, large number of poor, and just enough middle class to service the rich. As it has been in most societies throughout most of history.
I joke about a lot of things on ZH, but not that. I'm dead serious that's what we're headed back to as a nation. 3rd world with iPads. Neo-feudalism. Call it what you like, but that's what it looks like.
And WHY? Because it serves the needs of so many politicians and financial elites to have a subservient, utterly dependent underclass. Nobody cares the state of the empire over which they rule, so long as they rule over it absolutely.
but, but, but.....Zandi said they WERE "Quality" jobs...."Good Quality....and getting better" he said.
We need moar student loans, to hire moar college administrators! Because every child needs and deserves a college education!
Exactly. It's in the Bill of Rights, after all. I think it's like the 8th amendment or something. I can't remember, I was never very good at Social Studies.
Fuck Zandi
The increase in educational jobs is a very strong indicator for future economic growth. Education is the key to a thriving economy - the more educated a population, the better equipped they are for the workplace and the more likely they to find a job.
What's a doctor or engineer earn in India? It's not just "education = money". There's just a smidge more to it than that.
$ Million bonus always adding some levity.
I know. And he knows that I know. I just like to argue sometimes.
NoDebt - Don't know what a spcialist makes in India but I got a cholonoscopy and it was an Indian doctor. As I paid cash I knew his portion was $730. He had completed 7 procedures that day. Think of that $5k a day! I am in the wrong business!
Education jobs equals future growth is a massive hoax perpetrated mostly by people that work in universities. Professors with excessive pay and tenure take your tuition dollars and blow it on housing and leisure...just like the financial industry folks do with your "savings". No one wants you to graduate and succeed in STEM or any other field. These people couldn't hack it themselves in the private sector which is why they teach. If you do succeed, who will serve them food or mow their lawns?
Everyone should educate themselves. But you do NOT need to go into massive debt to half-wit propaganda-laden universities to get educated.
Education without jobs is a waste of investment capital. But that's what the politicians want to handout, and the people's is brainwashed.
I'm a big fan of taxpayer guaranteed loans to be an art major. Or another community planner.
Psychology degree!
Education without jobs is a waste of investment capital. But that's what the politicians want to handout, and the people's is brainwashed.
I'm a big fan of taxpayer guaranteed loans to be an art major. Or another community planner.
Psychology degree!
But how is one to join a frat if we don't attend university?
Game theory:
1) Research professors making 100-200k ABSOLUTELY earn their salary. I've seen the hard work they do first hand. Many work 60-80hr/wk.
2) Much of that salary comes from their grants, not the university. IN FACT, universities take a percentage of their grant money.
3) Academia and industry are two very different environments and take two different set of skills. It is not about not being able to hack it in industry.
4) "Professors with excessive pay and tenure take your tuition dollars and blow it on housing and leisure." So spending ones hard earned pay on what they see fit is bad? They can use it on cocaine and hookers if they want. You sound very confused.
5) Professors go out of their way to help good students find jobs in STEM. Professors want all of their good students to succeed. You are delusional.
You have no idea what you are talking about. Sounds like jealousy to me. I'm guessing you couldn't "hack it" in your undraduate degree or couldn't find a good job because of a lack luster resume.
Some of your points are a little naive. Yes, universities need professors much in the same way a ship needs deckhands. The professors and their reseachers are the core of the business. Having said that, you are spreading a fallacy here. This is two separate issues.
The degree system is in a credit inflated bubble. It is quite likely that within 30 years the higher education (college) system will have downsized by ~70% because that bubble will burst (see: historical mean reversion). Research is important to technological advancement, but the nature of the research is even more critical. I can see the need for a team of highly paid theoretical physicists, or chemical engineers. I cannot see the need for a team of highly paid sociologists, or gender studies professors.
Hell. If I had my way I would cull those departments from my school and pay the scientists more. The scientists are the unsung heroes of historical human progression and now more than ever the core sciences are in the dumps. They make a pittance next to business, economics, finance, or legal professors in most schools.
1) Which point is naive? What is the fallacy I am spreading? Be specific because everything I said is true and can hardly be disputed.
2) Yes, certain degrees are in a bubble. If you are a good student in STEM, you WILL get a good job. I havn't seen a single good student in STEM not find a job, even during the height of the recession.
3) You are addressing points that I never made. Try to stay focused on what I wrote.
In any case, we can both agree that GameTheory just sounds jelous, bitter, and confused.
You edited your post after I replied (probably harmlessly) and I cannot remember the original content. As I read the post it sounded like all professors/academics are valuable, which is a somewhat fallacious notion to me at least.
The majority are valuable in a bubble much in the same way that NINJA loans selling independent mortgage brokers were valuable to society prior to the Sub-Prime. Not deliberately, or maliciously I might add. They provide a service to the public based on the access to easy credit.
Anyway, we're on the same page I guess. So I retract those statements and apologize.
Spot on. These idiots have no clue about academics, especially STEM fields. The see it from the outside in, not the inside out.
You have no fucking clue about what you are talking about.
Professors are underpaid for the work that they do. I know because I was one until recently. A STEM prefessor at that. We worked 60-80 hours per week, at odd times of the week in order to be productive - researching and lecturing. My salary was not comparable to an industry equivalent for the hours i worked.
I left because research is no longer fun; it's treated as a business and not what it should be - research and education. The real expense is administrators and the physical campus. Do they really need a world-class gym? No! They should be there to learn and only learn.
Now, STFU.
For what its worth, if you were a STEM professor, I do not blame you for leaving. In most cases the sciences are so poorly paid in comparison to business/finance fields it is a sick joke.
There needs to be a major readjustment in the way value is calculated within the system and I am hopeful that it will be the case moving forward into the future, once the dust settles.
Science is a precise, demanding and thankless career to pursue thanks to the way money is administered. People within and around the field can appreciate it though, which is something.
Agree, but you vastly underestimate the role of the institutional environment in achieving productivity. Take a look through history and you can clearly see that politics interferes with progress. The giddy growth of the last two centuries has coincided with relatively unimpeded markets, fossil fuel use and strong educational standards.
Those trends are now beginning to wane and the political institutions are accelerating negative growth through bad policy rather than doubling down on historically important themes and hoping for the best.
But historically important themes are eurocentric and white cis male privileged. We need to promote the non historically important themes to level the playing field. Every theme deserves equal time.
Milton Friedman said that the best job training is a job.
Yeah, lots more University of Phoenix "professors" "educating" desperate debt serfs.
So correct.
Thing is, the American people have already been looted back to the third-world but do not know it yet.
Sad times coming.
"Guillotines will bring hope and change."
You just described the socioeconomic dynamics of my town to a T. The most disgusting part about it is how the middle ones lick the boots of those above and bloodlessly crush the poor with every "internal adjustment" and "board decision".
Sex ed, actually. Pornhub hired heavily. If you are being fucked, you might as well watch it.
And that's why prostitution and drug dealing should also be included!!!
or is that already in the leisure numbers?
i'm pretty sure that falls under "government employee".
those ARE the new "quality" jobs.
doesn't every kid dream of becomming a teacher or a bedpan nurse?
A bedpan nurse for a regional oligopoly who controls so much of the local market, there's no wage or labor fluidity to be spoken of...
actually if you are a nurse today...you have just moved up to Doctor status..because who can find one of those
actually, kids from families with a net worth under 1mil are prohibited from dreaming. didn't you get the memo? they are supposed to take what few scraps are left on the table and gratefully say "Toby be a good nigger".
Temping Fucking Rocks!!!! (a friend at Walmart) recently told me Walmart has it's OWN Temp Jobs Now! no need for Manpower!
Heard from a friend who got herself a temp job at the post office delivering mail. Parttime and no benefits and she was happy for the job! WTF?!
Yes, yes, funny how once people figure out that they are getting screwed over there is a huge push by TPTB to encourage investment in (re)education.
Let me be clear; roll the motherfucking guillotines, nothing changes otherwise.
Hey man dont you know holding bedpans for the eldery is serious bidness? the motherfuckin guillos needed to be rolled out a decade ago, but I like they way you think.
Big money in caring for the elderly by the way.
"caring"
today most generic drugs are produced in India for the ameerican market, co's free of oversight and paying lip service to GMP and FDA regs, with no tariff costs - in low wage India some how some way put Ameerican co's out of business (walmart owns it's own generic co in India)..thousands of good paying jobs gone..and I am sure this is repeated over and over in other industry..treason and terrorism by our own .gov and elite multi nationals, but none say treason.
Taxation and greed are destroying the productive economy.
Regulation complexity is equal if not worse. It deliberately kills competition to the benefit of the major players with critical mass and at the expense of the consumer who must overpay for lower quality, and it enriches the parasitic compliance services technocrats... when it's not causing jobs to be exported abroad to avoid the B.S.
The "complexity" is there by design so that only the "little people" go to jail.
So the little people don't bother to try competing. It used to be a shingle, hard work and a few $$'s saved opened the door to entrepreneurship. Today you must pay off the compliance trolls on the bridge before you can even get out of the gate. Price point of entry eliminates many, and the arbitrary regulatory headaches beyond that drive many who try out.
Look at medicine where smaller two doc / 7 employee operations are going out of biz / merging into major regional networks at a breakneck pace... Not surprising -- that's been the regulatory goal of the big players buying regulation for decades, and a big part of why healthcare was broken long before Obamacare... which only tripled down on the inanity.
Exactly. "Vote" with your feet and your wallet. "Full faith and credit"...
tick tock motherfuckers...
Regulation does keep newcomers out...some anyway. The old establishment is lazy and corrupt and makes it easy (once we are in) to capture the new business by offering and performing....SERVICE. What a concept!
Two sides of the same coin. Taxes allow for regulations to be built and enforced. Remove the source of the money and you remove the power of the system to function. It comes tumbling down like a stack of cards.
It would be foolish to insinuate that no government at all is a good thing, but this has cruised past moderate government, sizeable government, bloated government and is now in the peak bureaucracy phase. It is monstrous and horrifying because more likely that not, they will squeeze the blood out of the remaining shreds of the productive economy and then turn the guns, tanks and drones on the citizenry to protect their own necks.
Regulation is terrible though. Most small businesses are so pressured to comply with paper regulation they cannot be productive. Unless you are willing to run an unlimited liability, sole-trader type business where your bankruptcy means nailgun territory.
Been saying that all along. Works the same for corporations too. No money/revenue, no company.
If you want any government services you need a tax base.
I'd argue that it's the manipulation of the power to issue FIAT that is destroying the productive economy.
Something about "full faith and credit comes to mind".
Now that the criminals control the printing press (and your "elected representation") there is no representative government.
That's the fucking problem.
Tick tock motherfuckers.
There is merit in that argument. But once again taxation is directly and indirectly enforcing the power to issue fiat. Very much a chicken/egg debate. Fiat, corporates, central banks, lobbyists, regulations, military. It's all part of the same vampiric system.
But interest payments on credit are a form of voluntary taxation, fiat debasement and is a form of involuntary stealth taxation, and overt taxation speaks for itself. All have their own separate definitions and functions, but ultimately they represent the same thing: a transfer of wealth over time from a productive underclass to the non-productive puppeteers at the top.
If you've got your health, you've got everything. If you've got your health and a good education, you're smart enough to know how important both are.
So, I propose a toast: To Health, Education and Welfare
Ill drink to that....good health!
AND that is why I distribute liquor...hand crafted distilled spirits.
Then my nephew grows the medical products so we have the bases covered. If only we could break into the pharma business...
Ambulatory services in a blowout...
That chart displaying the annual change in average hourly earnings for production employees is quite intriguing.
It shows a massive plunge that began in 1981. Hmm. I wonder what happened in 1981 that would have had such a drastic negative impact on those who are employed in production.
Oh, that's right. Reaganomics.
And the 401k programs started with sheeple beginning to invest in STOCKS. The wealth effect started in true earnest right then. Thank Mr. Gramm too.
As a former purchasing manager, I'd say that was about the time the jobs started heading east - sent there by western companies trying to squeeze more profit out of product to enable them to compete with product being imported from the east....convoluted, huh? We had no choice once the gate was opened. And it bought us, as companies, about 20 years. The outfit I worked for went out of business after 109 years and we all lost our jobs in 2002.
Those jobs were driven out by layers upon layers of absurd regulatory complexity, high taxes, and a monetary policy that -- had the United States closed its border to imports - -would have created rampant hyper-inflation. We've exported those $$ trillions and that's been invested in foreign infrastructure that supplies us with cheaply made goods of sufficient quality -- prices low enough for now that our job losses don't fee so painful since our purchasing power has held fast via Wal Mart, etc., so while it sucks to have to work at Wal Mart since there's no more manfuacturing, you can at least buy a big screen for dirt cheap.
Until the charade collapses and the U.S. is sized up as the debt-addled, money-printing addict it really is by the the rest of the world. Then, we get to choke on it all, and our standard of living goes the way it should for a country whose primary export is debt.
Yes, what you say is true, except....no one forced Americans to buy these cheap imports. Yes they were lied to, mislead to believe they could have cheap imports AND good paying jobs, but only a delusional fool would believe it. If we are that stupid, which there is substantial evidence, then we deserve everything we are getting. IF, those cheap imports were our food or other necessities of life that we had no choice about it would be one thing, but whether it be Mexico, japan, China, Korea or just about anywhere else on earth, we initially purchased cheap trinkets of low quality and definitely not necessities. We have given our economic base away using discretionary money, stupid money. Now we cry about the high price of a Japanese car, our inability to afford another purchase that feeds our foreign competitors. And yet we still beg for an enlightened leader to save us from ourselves, while also preserving our freedoms. Can we be any more stupid?
Context is everything. The president prior to Reagan left the US economy in a shambles with high teens interest rates, hyper inflation, and a stagflating real economy. Just like now people were lucky to have a job and willing to work for next to nothing after that fiasco. I think Reagan had the answers to recovering the economy along with Fed Chair Paul Volcker but the progressives would not cut the size of government just like today and that's why the economic problems persist imo.
Go fuck yourself. So you want 10%+ inflation. If it hadn't been for the idiot Jimmy Carter, Reagan would not have needed Volcker to stop the runaway inflation.
Populist, Nationalist, NANNY SATE!
Congrats to the stock market (SP500) for being completely overbought on a 5 minute, 30 minute, 2 hour, daily, weekly and monthly basis. A rare occurrence indeed, not to mention being up 10 of the last 12 days (83%) and 17 out of the last 20 months (85%) - something only seen twice in the last 60+ years. The difference was that we hadn't build a massive castle of debt around us the last 2 times and GDP was growing at 4%+, instead of 2%.
Castles built on sand, and all that you know.
We're witnessing the Zimbabwification of a currency.
smashing the fuck out of G&S again.....getting so old
S has been here a year
http://finviz.com/futures_charts.ashx?t=SI&p=d1
every month 165,000 net additional working age people enter the labor force, over 60 months, that's around 9.8 million net people for which no jobs have been created only a country fixated an affirmative action idiocy could call this a success.
Hell...that many came over the border in just that last two days......
LOOKING A GIFT HORSE IN THE MOUTH.
Our leaders go to so much trouble to show this mess in the best light, and here we go, picking it apart, trying to show its darker underside.
So what they tell us they love us just for a chance to fuck us in the ass. Lets think about their feelings a bit. The terrible things we make them do simply because we refuse to just go along, shut the fuck up and eat our dried out fucking seed corn.
Obama would love to be honest with us about his past, his Black Nationalist leanings, his communist upbringing, but he knows he would not be able to lead us to the serfdom he knows we all truly want in our hearts, if he did.
So lets all just lighten up and accept his warm embrace, his soothing lies and his KoolAid, the sweet syrupy drink with no substance but teeth rotting empty calories.
Anyone who thinks "Education and Health" is a low paying sector is gravely mistaken. Two elementary school teachers next door to me are earning $95,000 and $96,000 per year. They get summers off and a pension. Meanwhile, nurses with a bachelor's degree in my state make between $80,000 to $100,000 depending on experience.
Not sure why people think this is a low paying sector. The problem is that new graduates cannot break into either of these fields. They only want people with experience.
uh, We think they are low paying positions because they tell us continuously that they are low paying positions. THEY NEED MOAR! Education AND healthcare are now government mandated purchases.
Babylon - Can't speak for teachers but I know in nursing you can make this kind of money as an R.N. but it requires doing travel nursing. The hospitals and facilities that need to hire this way usually are basket cases to be short on labor so nurses get burnt out.
Local jobs offer part-time work with no benefits. Over time these require TADA - travel nurses!
So while a nurse can make $25-$30 an hour it is part time. I know an LPN that was making $70k a year several years ago with OT and Bailor shifts but now makes half that and no bennies. My ex wife is also an LPN she was very excited to be interviewed for a union job. But that facility also changed. She gets $17 an hour 24 hours a week and no benefits. The market is slowing eliminating LPN's. Adding more student debt is a tough proposition right now for LPN's to become RN's.
If you like your shit job you can keep your shit job.
If you get a student loan...are you counted in the Education job number????
This is how the american worker learned to be grateful for these shit jobs:
http://www.youtube.com/watch?v=1CpJpGF8lS8
When the master gives you something, you take it.
Anyone who thinks education and healthcare are "low paying" jobs might want to take another look at the data.
http://www.foxbusiness.com/economy-policy/2014/06/06/us-adds-217000-jobs...
Did somebody say at least THANK YOU to Hussein Obanana for his excellent contribution?
It always makes me mad that people in education stand among the most low-paid ones. If you think how much responsibility they have and the kind of pressure they experience every day their paychecks sound like a total joke. Do not forget that we are usually the first to blame educators, schools and god knows what for bad performance of our children when they send their college applications (and those are kids usually the ones to look for dissertation editing services online). By the way, I think that health people full under same circumstances exactly.