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Quality Of Jobs Created In August Deteriorates Again
Back in January 2012 we noted that while the market, and at the time the Fed, have been focused exclusively on the quantity of jobs created each month, a far more important aspect of the US economic recovery is the quality of newly created jobs. It took the Fed about three years to catch up but it finally did, and Yellen no longer cares so much about the headline NFP print or the unemployment number but rather how good the newly created jobs are, manifesting in the quality of wages and earnings. So what was the quality of seasonally-adjusted job gains in August? In a word: disturbing. Of the 142K jobs created, just under half came from the lowest paying jobs possible: education and health; leisure and hospitality; and temp-help. The best paying jobs, finance and information, added a whopping 4K jobs between them. Finally, about that much delayed US manufacturing renaissance: stick a fork in it - in August the number of manufacturing jobs created was exactly 0.
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If Mark Zandi wanted to help boost the # of people employed, he should quit his lazy lying commentary job as an economist and with his annual salary, hire 100 burger flippers. At least nonfarm payroll would have gone up net 99 jobs....then maybe he will believe it..fuckin mothafucka.
Obama and his staff want Zandi because he supports them. In any normal environment Zandi would have been fired long ago. No critical reasoning with Zandi, just the party line.
Time Warner is doing great, yet the new CEO is planning to cut headcount by at least 550 employees because Time Warner stock is down about 14 points in the aftermath of News Corp.'s decision not to buy Time Warner. Corporations are now run by greedy bastards who are interested in only one thing: increasing the value of their stock options by any means possible. When Stanley O'Neal ran Merill Lynch into the ground 10 years ago, he had Merrill plunge into derivatives, betting that the stock market would never head south. So, for two or so years, O'Neal's salary skyrocketed from the Merrill's foray into CDO and MBS derivatives and the like. Then the market crashed in 2008, Merrill Lynch was on the hook for billions, O'Neal retired and B of A bought Merrill (for reasons still unknown). When the stock market crashes again, Time Warner's current share price will look super.
"Burger-robot jobs saved or created" ... the only stat that matters.
The flood of 11 million illegals should help that (sarc).
Another 11 to 12 million backfilling waiting for the next round of amnesty, as before.
Just vote for people that pushed this agenda as thanks new citizens.
Just double the $17.7 trillion in debt to support the flood of people, yes we can.
Funny... Countries like Switzerland were "borne" from situations like this in the US right now. I wonder where all the smart productive self-starters from the US will move to when this gets all too much to take? Take over Alaska and go independent? Chile? Canada? Perhaps they'll buy a piece of Siberia from Putin and start from scratch? If we see another like Obimbo take the Presidency in 16, it's officially game over!
At least in the US you get a job breakdown per category, in Portugal we have none of that. Zero. Zilch.
From Chocolate to Beer, Shrinkflation Hits the Supermarket - Bloomberg
Yup no inflation here folks, nope non at all.
Ice cream was once half-gallons (64 oz) and then they came out with 1.75 quarts (56 oz) which was bullshit, but a few years ago Dreyers and Breyers shrunk that further to 1.5 quarts (48 oz) with no price drop and I just stopped buying altogether. Fuck them. And the containers look so puny now it's almost laughable.
A local Texas dairy still makes full 1/2 gallons and their stuff tastes great.
That's right, do your voting with your purchases.
How big is you detergent box now?
Reaganomics/ de-industrialization is to blame for our current economic mess. You cant outsource good paying jobs for 30+ years and think everything will be ok.
That was never Reagan's creed. He was a buy American made guy through and through.
Bullshit. He put through the maquiladoras legislation, remember?
Maybe! But he wasn't the one who rammed through all the employment and enviro regs and shit on the value of the dollar that made people want to invest anywhere but here. There's nothing wrong with free trade, as long as you aren't shooting yourself in the foot with big government statism...
And more jobs being outsourced to India as well as elsewhere, contrary to what the media is saying about jobs coming back.
One financial company had 100 jobs and decided to post them in their India division instead. A materials company is transferring their customer support jobs to India. So the transfer of services to India and elsewhere continues.
Meantime Wall Street is trying to put lipstick on a pig.
Outsourcing is a problem, but I dont think outsourcing is the core problem. Its making it so expensive to keep a citizen employed.
Thanks to:
1 High taxes.
(Socialists need more of someone elses money. Better move the headquarters to Mexico)
2 Obamacare
(Socialized Medicine, paid by you one way or the other, which allows the healthcare industry to feel they can ramp up prices. Try to afford chemo on your own.)
3 Inflation
(Yeah, like increasing minimum wage will really help those who make minimum wage. How about keeping the dollar at, say = 1.00?)
4 Corporate Welfare.
(A Gazillion Dollar company or bank makes a bad investment and gets a bailout. What if I make a bad investment?)
Yes. De Industrialization Is bad. The reason? (See above.) The UK and USA produce nothing of value to the world (except weapons), and The United States suckered the world with dodgy financial instruments. (MBS anyone?)
and WHY do you think companies outsource?
what is "Reaganomics/ de-industrialization"?
where you even born when raygun was in office?
Question: are the best paying jobs also the most useless? I mean, finance?
not useless! Criminal!
OT, anybody know what happened to AKAK, he has not posted in a while and I kind of miss him smashing libs in his posts.
Akak resigned last march. This was his last post:
"You will be happy to know that, due to the pro-authoritarian shifts in editorial stance and popular opinions here on ZH, I will in fact be leaving. I have asked the administration of ZH to delete my account here, and in any case this will be my very last post after my four-year tenure here.
Please enjoy your Czar Vladimir fan club, of which I want no part."
He did send me an email expanding his reasons and I agreed with his positions. I am sorry to see him gone and miss him very much as well. I have lost a friend.
Miffed;-)
he became very despondent early on with the putin "love-fest" and departed sadly. i do miss his straight to the point comments.
More than half the jobs in that chart only extract wealth they do not create it. We are circling the drain.
.....might be some new opening soon at Mcshitts.
Zero manufacturing jobs added. That pretty much sums it up along with temp help being #2.
If you like your services economy (which can not sustain an economy) then you can keep your services economy.
The chart is missing one very important catagory of jobs: Bull shit clean up crews in D C
If you like your McJob, you can keep it (just not for $15/hour, we have robots for that, mmkay?)