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Did The BLS Forget To Count Thousands Of Energy Job Losses?
One of the convenient things about the sharp plunge in crude and its subsequent and acute impact on energy company staffing levels, is that due to its concentrated nature one can keep track of precisely how many layoffs corporations in the energy sector announced in January. And as Bloomberg helpfully tracks, there were at least (and surely many more that were not unaccounted for) 18,000 terminations by US companies in the high-paying energy sector (and thousands more by foreign companies who have laid of US workers which are not shown in this total).
According to third-party tracker Challenger, Gray & Christmas, the number is roughly the same with 21,322 job cuts in January in the energy space attributed to the tumble in oil prices. Texas alone accounted for 19,833 of these layoffs.
“We may see oil-related job cuts extend well beyond those industries involved with exploration and extraction,” said John A. Challenger, CEO of the outplacement firm. He warned the retail, construction and entertainment sectors in regions that have benefited from the oil boom could face challenges.
The BLS report? Well, according to the January payrolls report, the number of Oil and Gas Extraction workers declined to 199.5K in January from 201.4K in December, a virtually non-exstant drop of 1,900 workers (and even the not seasonally adjusted, raw data shows a tiny drop of just 3.1K workers).
Visually, the outlier is as follows:
So our question is: did the BLS choose to ignore these thousands of jobs losses, or did it simply forget?
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China is controling US gold and oil prices!
Wake up.
Saudi Arabia belongs to China now.
China won the war, you just didn't hear it yet on the television.
Keep following the bouncing ball on WS.
Ignorance is bliss.
transitory.. according to obama, so no need to calculate
BLS
Putting the BS in BLS since 1913.
[1913 was such a productive year in so many ways.]
and next month it will be revised to a gain of energy jobs?
China is going to want another natural resource soon, the women to breed more Chinamen. How much are you willing to sell your daughters for? You're giving away your PM and oil at discount prices. Soon you'll be selling little Suzie for $20 to a 80 year old Chinaman. Keep holding on to those paper gains. Fools!
Keep yelling breach of contract while Wang is sticking your daughter.
We lied to some folks (constantly).
it could be those jobs are permanently retired, or eliminated in which case you dont count them, a lie is an hedonically adjusted alternate truth. as a consumer of information the public can choose between alternate realities. chicken for beef, there is no beef (truth) you will choose the chicken (lie)
you will choose the chicken. the science of hedonics applied to information is the cornerstone of propaganda. this is why no one went to jail for the WMD scandal in Iraq, it was the best information we had, hedonically sorted.
The POTUS even said that the crisis is over in state of the union. If you don't have a good paying job than you don't want a good paying job!
sarc
remember Bush after he won reelection, the economy is improving, the economy is improving, the econ.. what? oh oh time to buy a ranch in Paraguay. see you suckers later...
I think the real problem was Cheney. If I remember correctly, even his daughter said she liked Bush more than Dick. Although that could have been taken out of context.
and his daughter came out during the term, and he was supportive of her.
Phone call result from BLLS. "Well we don't actually count up the individual company's lay-offs. We sit around and try to come up with some quick numbers that can be put down before we all run out the door on Thursday night. Everyone is tired and wants to go home so we have a rule not to challenge any of the thoughts that different people throw out."
Do the blacks have any idea what the Chinese are going to do to them?
The blacks are all moving to Detroit. They hear there's no work there.
Are you serious? Blacks don't realize what black democrats are doing to them via illegal immigration.
Getting them to understand what the Chinese are doing to them is like getting a government worker to understand the real job they are doing.
Is it just my imagination, or are there a lot more .gov trolls hitting this site in the last couple moths.
New budget for the Chindits or something?
It's that faggot British "Battalion"'working over time.
In the small town I hail from in BC Canada we live 500 miles from the oil patch. Our population is 1500. I personally know 20 riggers laid off and 40 local oilfield equipment manufacturing workers that lost their jobs in January. I am certain that there are at least 1000 such towns in the USA (probably in the Dakotas alone). The number 1900 is difficult to believe. I think 100X that or 190,000 might even be conservative...
Has anyone seen Pods lately...?? Thought police finally catch up with him/her...??
same shit different day, it gets old. maybe that's the key, it gets old, have we had our fill of BS yet? I think many are still hungry for more, but overall most have had enough.
You can't polish a turd but you can roll it in glitter.
Rabbi Blitzstein no doubt remembers the zionist , ashkeNazi collaboration with the German national socialiists and the little-known Haavara agreement which began the elimination of Palestine from history. Israhell can do no wrong. Oy veh !
And you just saved $300 because your Ipad didn't break.
/src
While I do not trust the government numbers, there is one consideration when trying to match up reality to those numbers. When Schlumberger announces it is cutting 9000, that does not happen immediately. Furthermore, if oil prices rise they are not going to continue with those layoffs either. Some of the big cuts are in fact -- announcements for Wall Street. Don't cut us because, see, we are cutting jobs!
The reality of the oil patch workers is probably harder for the government to 'see' as those workers may be small or independent drillers and off the BLS radar screen.
And finally, there was an article about North Dakota yesterday that says 'things are not that bad -- yet anyway'. Which would imply that more than a few people expect oil to head higher soon.
OT: I went to Sams Club and purchased a to pack of white crew socks today for $10. Believe it or not, the socks were 80% Cotton and were MADE IN USA.
Yeah, I know, Chink socks are cheaper.
The issue in the oil fields is this: AVERAGE HOURS WORKED PER WEEK
The average work week, since November 1st, in the Bakken Oil Fields has dropped from 72 hours to 43 hours now. They say they are not "laying off workers" but those jobs even at $25/hour require 4000 hours of work annually to make that magic $100,000 in wages. 2000 hours, or less, at $25 is $50k and most of these guys will go home and be with their families rather than "winter" in North Dakota.
Just sayin'...............
This post was mentioned on fox business this morning, be aware.
Let's not forget it's only been about a year since Obama promoted the commie Thomas Perez from the Justice Dept to head of the BLS. Sometimes it takes a commie a little longer to get the numbers to look like he wants. Is anyone surprised?
"Did The BLS Forget To Count Thousands Of Energy Job Losses?"
They lie about everything. Why would they lie about this?!
LOL
My guillotine is nothing more than a jumbo vegetable slicer, and dicer.
Surely the statistics are OK. The point we miss is the creative way of calculating the statistics. – As they do in counting the gold in reserves. The gold stored in future, not yet mined, is counted in reserves.
The energy sector has a great future so the jobs from that glorious future can be counted in today's workforce.
as you well know, the establishment survey is for the 12th of the month...all those layoffs were after that...ZH punks its readers again..