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Who Was Hiring In June
As we reported previously, and as hardly anyone else will discuss, in June the composition of added jobs was rather abysmal: according to the Household survey, while over half a million full-time jobs were lost, this was offset by less paying, benefits-free part-time jobs rising by 799K, the most since 1993. So what does that mean for the job quality as reported by the Establishment Survey. Let's dive in.
Of the 288K jobs added in June, here were some of the biggest contributors:
- Retail Trade: 40.2K
- Leisure and Hospitality: 39K
- Education and health: 38K
- Government: 26K
- Temp Help Service: 13.1K
What about the well-paying jobs? Well, here they are:
- Professional business services: 53.9K
- Financial Services: 17K
- Manufacturing: 16K
- Information: 9K
- Construction: 6K
And there, again, us why cost-push inflation may be spreading (especially after one buys record expensive burgers and pays the highest gas bill since 2008 for the July 4th weekend) but wage inflation is nowhere to be found.
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bullish
yep doesn't matter....they got the deisred effect to carry us all thru to monday's next biggest POMO
Example of what happened on the FX market as the jobs report came out. Video here.
799 - 523 <> 288.
What gives?
Close enough for government work
Would LOVE to see ZH get into a steel cage match over economic stats with Conor Sen & Ed Bradford on Twitter... Maybe we can get to the truth of the matter, at long last. (Actually, I'd just like to watch them get torn to shreds)
Don't see much value debating loons who refuse to see difference bwteen full time and part jobs. Apparently any ole job, greeter ar Walmart, burger flipper at Macs, or any of a maze of other basically valueless jobs. Wonder if drought will harm p/t job creation at ski resorts which normally is a big employer for about 5 months each tear. Reading Bradford you'd think there was no difference in quality of jobs (recreattional vs manufacturing etc). Just went to check out Bradford's latest tweets and was so stunned by failute to grasp reality thought that Twit was far better description of him, than tweeter. Gotta see it to believe.
We hired a (part time) girl last year! WEEEEEE!!!!! its a Recovery! use those credit cards..
Israel is always hiring new whores with stolen American tax money. Just make sure to bring kneepads for the interview process.
http://zionismsucks.com/2014/07/03/beck-vs-obama-who-is-the-bigger-whore...
Curious: ISM says of the 4 industries contracting 2 were the biggest job gainers in the nonfarms.
"The four industries reporting contraction in June are: Educational Services; Mining; Accommodation & Food Services; and Health Care & Social Assistance."
They are replacing full time expensive workers with part time lower paying workers. Payroll numbers are BS
I have said for YEARS that there needs to be a crystal clear BLS stat chart with-
temp jobs only
jobs paying less than 24K
jobs paying 24K to 48K
etc. etc.
let's pull a big bamboozle and mix in the majority of part time workers with real jobs... !
Just move 'government' jobs over to high paying and you nailed it.
its all fucking bullshit...
1st u get that farcical number from ADP...
then u get the 100 point day on the Dow on no volume and no news...
then u know its a short week because of the 4th of july "we be slaves of the bankers day"
and then, "its a miracle"....
Dow 17,000!!!!
FUCK OFF....
and did u catch the open in Gold and Silver in New York?
just like i told ya'll yesterday....
My son got a job in June sucking farts off subway car seats.
+1 for making me close my eyes and rub my forehead in disgust.
that's gotta be a newly implemented government career choice. The gov may be sucking air but the pensions are orbital.
Gold lifting slowly off the lows to $1321.20 on the bid, we should close $1326 and change.
Silver now in the GREEN motha-f'ers !
More and more of Sales is moving to pure commission.
The real story is inflation.
The lack of inflation in wages.
The increase of inflation in food and energy.
The payroll numbers are irrelevant.
If people can no longer afford to eat.
If people can no longer afford to travel to get to work.
The truth will reveal itself very soon.
Devaluation is increasing all prices, except labor.
Word.
I have a friend that runs a county food bank. This is THE central EMERGENCY warehouse for all Federal Funny Food programs in the county.
They are running record levels in all programs - emergency food aid, senior brown bags programs, USDA boxes, etc. and are setting up more distribution points.
Household incomes are still going down or flat at best. Obamacare and medical costs are cutting into the economy more and more.
Food prices alone are running 10% inflation.
It looks like the biggest job gain was in government. That's really going to help/sarc
Interestingly enough, I looked the tweets of a nitwit named Ed Bradford, after the mention of another reader on ZH. One of the charts he proudly links to is one showing the turn up in government jobs recently. He labeld said development "important" in a very positive sense since it heralds what he sees as the coming shapp drop in the unemployment rate. Not a single mention about part time or quality of jobs in his series of tweets on the subject.
He does link to a JPM study showing that people are all too concerned about the labor force participation rate because a large chunk of the decline is due to disability!! Dang now that is good news. JPM and Ed perhaps due to rose colored glasses perhaps missed the fact that many are being forced to make disability claims due no doubt to their selfish greed for food and shelter.
Admittedly I have only just tipped my toe into this Twitter infestation. Pretty amazing. People with absolutely no relevant background, totally bereft of facts, logic-free, zero understanding of even the simplest indicators and stunning gullibility for any and all government statistics and pronouncements sally forth with bold conclusions and strong opinions while brooking no dissent. It turns out that if you point out that such and such a twit (I belive the correct terminology is Tweeter) is not only completely wrong but laughably inept, they "block" you! oops hee hee hee Learn something new every day. Wonder if it is possible to track down every nitwit Krugman/Obama/Lew acolyte and get blocked a record # of times in a single day?Anyone know the record??
Hey it is really fun. Perhaps it is so addictive because there are so many truely clueless people out there. Not a single one I've come across so far notices that the "big" changover from Bush to Obama did not change a single substantive thing. Government spending if anything is out of control, the Fed is a nutty as ever, war looms ever more closely daily and perhaps most scary, on an individual basis, is the even more rapidly growing police state.
I would even argee that the police state is growing faster now simply because the media protects the tyrants as long as they are Democrats while excoriating those danged Republicans. But really, do you think the NSA would have expanded as quickly with little or no opposition with Bush at the help compared to Obama. Hell they opposed his right to breathe (not that that wasw necessarily a bad thing). But Obama can walk all over individual rights, privacy (massive expansion of NSA) and pursue a whole variety of other programs form the EPA to ICE etc that serve the main purpose of aggrandizing power by the state. Talk about the wrose of 2 evils!!
Reminds me of that philosopher, his name slips my mind, but who was quite clear: “All within the state, nothing outside the state, nothing against the state.”
Interestingly enough, I looked the tweets of a nitwit named Ed Bradford, after the mention of another reader on ZH. One of the charts he proudly links to is one showing the turn up in government jobs recently. He labeld said development "important" in a very positive sense since it heralds what he sees as the coming shapp drop in the unemployment rate. Not a single mention about part time or quality of jobs in his series of tweets on the subject.
He does link to a JPM study showing that people are all too concerned about the labor force participation rate because a large chunk of the decline is due to disability!! Dang now that is good news. JPM and Ed perhaps due to rose colored glasses perhaps missed the fact that many are being forced to make disability claims due no doubt to their selfish greed for food and shelter.
Admittedly I have only just tipped my toe into this Twitter infestation. Pretty amazing. People with absolutely no relevant background, totally bereft of facts, logic-free, zero understanding of even the simplest indicators and stunning gullibility for any and all government statistics and pronouncements sally forth with bold conclusions and strong opinions while brooking no dissent. It turns out that if you point out that such and such a twit (I belive the correct terminology is Tweeter) is not only completely wrong but laughably inept, they "block" you! oops hee hee hee Learn something new every day. Wonder if it is possible to track down every nitwit Krugman/Obama/Lew acolyte and get blocked a record # of times in a single day?Anyone know the record??
Hey it is really fun. Perhaps it is so addictive because there are so many truely clueless people out there. Not a single one I've come across so far notices that the "big" changover from Bush to Obama did not change a single substantive thing. Government spending if anything is out of control, the Fed is a nutty as ever, war looms ever more closely daily and perhaps most scary, on an individual basis, is the even more rapidly growing police state.
I would even argee that the police state is growing faster now simply because the media protects the tyrants as long as they are Democrats while excoriating those danged Republicans. But really, do you think the NSA would have expanded as quickly with little or no opposition with Bush at the help compared to Obama. Hell they opposed his right to breathe (not that that wasw necessarily a bad thing). But Obama can walk all over individual rights, privacy (massive expansion of NSA) and pursue a whole variety of other programs form the EPA to ICE etc that serve the main purpose of aggrandizing power by the state. Talk about the wrose of 2 evils!!
Reminds me of that philosopher, his name slips my mind, but who was quite clear: “All within the state, nothing outside the state, nothing against the state.”
Interesting spike in Government hiring ...
Those magazines don't load themselves?
Hard drive destruction teams covering the next few faux scandals.
biggest growth markets are education (yes, we need moar courses on porn and LGBT), social services and healthcare.
all goobermint driven - and they goobermint gets to hire their own to regulate this shit
and so the debt goes to 20T - where's finance media to report this?? honking on Barry's bo-bo
Cut your 40 hr. a week worker to 20 hours and hire another (because of Obamacare). You've just doubled your work force.
The fact that 6K construction workers were added in June is serious. What, is nothing getting built these days?
Apparently not...
They are building like crazy where I live. Not China.
Young white men: engineering fields in America are being flooded with Indians and Chinese. For the most part they can't engineer shit and they are difficult to work with. Engineering pays well, the conditions are nice, and is steady employment. Engineers drive nice cars, have a family, and live the bougeois lifestyle. Once you establish yourself, you have plenty of leisure time to develop yourself (philosophy, history, foreign languages). Stop listening to the MSM bad news, Get off your ass this is money on the ground. Houston is where the action is for oil related jobs.
Engineering "pays well" compared to flipping burgers, engineering and all STEM jobs in 2014 pay about half what the same kind of job paid in real dollars in 1991. The only way to make money is to start your own company, very very few salaried STEM workers make decent wages or have decent job security anymore.
The Indian guys are mostly useless, but many of the Chinese guys get stuff done.
You want to live well, opening up your own sandwich shop or insurance agency is likely to earn you (much) more than engineering for a salary. So drop out now, learn to flip a burger, then get a franchise and hire illegal women and children to do it for you, and live the good life.
I agree. If you want to live life to the max and have the chance of doing very well, having your own business the ticket. Almost no one gets rich working for someone else. But most people are not entrepreneurial and there is substantial risk in owning your own business. The "engineering dream" though not very glamourous, is comparitively easy for most young white boys. You don't even have to be very smart, just disciplined, hard working, and have reasonably good social skills (at least as good as Dilbert or Wally).
Strange ADP said 36000 construction jobs added
6000?