The Most Surprising Thing About Today's Jobs Report

Tyler Durden's picture




 

After several months of weak and deteriorating payrolls prints, perhaps the biggest tell today's job number would surprise massively to the upside came yesterday from Goldman, which as we noted earlier, just yesterday hiked its forecast from 175K to 190K. And while as Brown Brothers said after the reported that it is "difficult to find the cloud in the silver lining" one clear cloud emerges when looking just a little deeper below the surface.

That cloud emerges when looking at the age breakdown of the October job gains as released by the BLS' Household Survey. What it shows is that while total jobs soared, that was certainly not the case in the most important for wage growth purposes age group, those aged 25-54.

As the chart below shows, in October the age group that accounted for virtually all total job gains was workers aged 55 and over. They added some 378K jobs in the past month, representing virtually the entire increase in payrolls. And more troubling: workers aged 25-54 actually declined by 35,000, with males in this age group tumbling by 119,000!

 

Little wonder then why there is no wage growth as employers continue hiring mostly those toward the twilight of their careers: the workers who have little leverage to demand wage hikes now and in the future, something employers are well aware of.

The next chart shows the break down the cumulative job gains since December 2007 and while workers aged 55 and older have gained over 7.5 million jobs in the past 8 years, workers aged 55 and under, have lost a cumulative total of 4.6 million jobs.

 

The same chart as above showing the full breakdown by age group - once again the 25-54 age group sticks out.

 

But young workers' loss is old workers' gain, as the following chart of total jobs held by those aged 55 and over shows. As of October, there was a record 33.8 million workers in the oldest age group tracked by the BLS - the same workers who, as noted above, also have the poorest wage negotiating leverage.

 

Finally, the most disappointing data point in today's report is that while overall labor growth was solid, the participation rate for workers 25-54, was 80.7%, far below is peak of just under 85%, and below the 80.8% at the end of 2014.

 

Time for a rate hike?

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Fri, 11/06/2015 - 11:11 | 6757834 Enceladus
Enceladus's picture

Why not the boomers have stolen evrything else

Fri, 11/06/2015 - 11:12 | 6757843 Looney
Looney's picture

Does the report show how many geriatric hookers have joined the work force? ;-)

Looney

Fri, 11/06/2015 - 11:13 | 6757850 Enceladus
Enceladus's picture

Yup 378K whores ;)

Fri, 11/06/2015 - 11:17 | 6757870 SWRichmond
SWRichmond's picture

Yeah well lemme tell you where all these old people are working: Home Depot.  Used to be you never saw middle aged / old people wearing a Home Depot or grocery store uniform.  Now you see it all the time.  These used to be entry-level, or next-to entry-level jobs, but no more.  Now they are the only jobs to be had.

Sorry I jumped in front of you above.

Fri, 11/06/2015 - 11:20 | 6757894 NoDebt
NoDebt's picture

No country for middle-aged men.

People used to thank God they were born white and middle class in the US.  Less so now.

Fri, 11/06/2015 - 11:22 | 6757903 Shocker
Shocker's picture

Yeah but we are putting our elderly back to work. That has to be a good thing right?

Recovery - Full Layoff List: http://www.dailyjobcuts.com

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Fri, 11/06/2015 - 11:23 | 6757907 VinceFostersGhost
VinceFostersGhost's picture

 

 

Companies can't afford to hire stupid any longer.....so they've stopped doing it.

Fri, 11/06/2015 - 11:24 | 6757910 nuubee
nuubee's picture

Right, instead they've hired people who still think their browser is the entire internet.

Fri, 11/06/2015 - 11:31 | 6757940 813kml
813kml's picture

It is if you're using Internet Explorer.

Fri, 11/06/2015 - 11:57 | 6757995 BaBaBouy
BaBaBouy's picture

<=== Bullshit Numbers ... The Country Is Finished...

<=== Great News, We Are Saved, THANKS Obie And The Banksters.

Fri, 11/06/2015 - 12:33 | 6758216 TBT or not TBT
TBT or not TBT's picture

55 and over aren't infected with PC multiculti SJW nonsense.  

Atop that let me guess that the employers are not picking up the health insurance cost of these declining folks.   

Fri, 11/06/2015 - 12:40 | 6758260 TerminalDebt
TerminalDebt's picture

55 and over don't have a Cell Phone and don't need to check it every 2 minutes

Fri, 11/06/2015 - 13:30 | 6758463 ejmoosa
ejmoosa's picture

1 in 3 have nothing saved for retirement either....that's a pretty good motivation.

Fri, 11/06/2015 - 13:45 | 6758523 GeezerGeek
GeezerGeek's picture

Another 1 in 3 probably has an unemployed, over-miseducated adult child living in the basement and needing support. Hence the need for the 55+ crowd to need a job.

Fri, 11/06/2015 - 13:49 | 6758544 847328_3527
847328_3527's picture

This report does not reflect the yuuuuuuuuuuuuuuuuge grey market of cash jobs out there-- convenience stores, small hotels, electricians, etc. working "off the books."

Fri, 11/06/2015 - 14:07 | 6758628 NoVa
NoVa's picture

I'm 53 now, another year or two and the job market is really going to open up for me.  YEA!

 

Fri, 11/06/2015 - 19:31 | 6760057 Expat and Happy
Expat and Happy's picture

In addition to needing a reason to get out of the house, since the person living in their basement rarely does.

Fri, 11/06/2015 - 23:56 | 6760722 odatruf
odatruf's picture

There are exceptions of course, but most of the > 40 years olds can and do work circles around the < 40 year olds I know. Not just performance, but work ethic and physical stamina too.

Fri, 11/06/2015 - 14:45 | 6758889 Uchtdorf
Uchtdorf's picture

My 84-year old dad has an old flip phone with no texting function but it still taxes his patience when using.

Fri, 11/06/2015 - 17:59 | 6759849 BarkingCat
BarkingCat's picture

I gave you a greeny but the truth is that those ove 55 are the ones who started this whole SJW bullshit.

Fri, 11/06/2015 - 12:32 | 6758221 Boris Alatovkrap
Boris Alatovkrap's picture

No comrad, is not finished, is only beginning! Kruschev is realize communist compulsion is ever lose against capitalist incentive, and only way prevail over USA is from inside, not with tank or weaponry, but by Socialist infiltration. Now almost 1/2 of House of Congress is adopt Socialist program (e.g. Obamacare), while other half is mambly mouth cannot is argue way out of paper sack. Almost 1/2 of population is dependency upon government hand out. 

Fri, 11/06/2015 - 12:37 | 6758244 Enceladus
Enceladus's picture

Boris speak truth

This is G. Edward Griffin's shocking video interview, Soviet Subversion of the Free-World Press (1984), where he interviews ex-KGB officer and Soviet defector Yuri Bezmenov who decided to openly reveal KGB's subversive tactics against western society as a whole. 

 

https://www.youtube.com/watch?v=y3qkf3bajd4

 

The collective is coming!

Fri, 11/06/2015 - 12:56 | 6758316 TBT or not TBT
TBT or not TBT's picture

Thhe Frankfurt School got started on us in the 30's and 40', mostly german commies fleeing the Nazis.  No doubt they ended up with foreign support, maybe soviet, but we put up with and coddled their sad asses in our academic hothouses.   

Fri, 11/06/2015 - 13:14 | 6758394 Enceladus
Enceladus's picture

The Nazi's and The Soviet are the true left / right paradigm either way they are the Collective.

 Each requires subservience to the State, the 'greater good' and the ends always justify the means 

 

The Nazi's found fertile ground and sprouted as NEO-CONs

 

 

The Soviet was stripped of it hard outer shell and bloomed in the Boomer, Jewish liberal garden of academia

 

Wolverines!

Fri, 11/06/2015 - 14:18 | 6758663 rccalhoun
rccalhoun's picture

dear hillary,

 

grandpa fucked me out of my entry level job.  would you please extend fafsa to at least age 40 so i can get several degrees in several majors and a few advanced degrees.   the more eduction, the more valuable i am to society.  (you taught me that).  and please continue with the liberal grading criteria agenda, as #Everyone DeservesA's is a great policy and all work and no play makes for a dull life.  of course, our fafsa grants are COLA +10% and of course (wink) i know my loans will be forgiven.  by the time i am 40, i might be ready to contribute to this world.   thank you,  #NewWorldOrder=Hillary

Fri, 11/06/2015 - 16:45 | 6759563 Doubleguns
Doubleguns's picture

 true left / right paradigm 

 

The true right left paradigm is that the left is total govt and the right is anarchy. Folks decide where inbetween that they want to be. It seems that the two parties want us to believe that the balance is between them with either more or less of one or the other. Dont fall for that unless you like being pinned down between those two.

 

I would like to see us head back in the direction of anarchy and away from big govt. No I do not want anarchy just less govt. 

Fri, 11/06/2015 - 20:30 | 6760199 Charming Anarchist
Charming Anarchist's picture

Fuck the left/right paradigm. 

 

I prefer the Up versus Down paradigm. 

Fri, 11/06/2015 - 13:46 | 6758530 Falling Down
Falling Down's picture

Same happened in W. Germany in the 60's. Several false flags and a lot of subversion by the KGB made that country into a more socialist one.

Fri, 11/06/2015 - 14:24 | 6758711 Enceladus
Enceladus's picture

I think your missing the point, not more socialist just less rightist more leftist

National Socialism (GermanNationalsozialismus), more commonly known as Nazism (/?na?ts?z?m/), is the ideology and practice associated with the 20th-century German Nazi Party and Nazi state as well as other far-right groups.

communism (from Latin communis – common, universal)[1][2] is a social, political, and economic ideology and movement whose ultimate goal is the establishment of the communist society, which is a socioeconomic order structured upon the common ownership of the means of production and the absence of social classesmoney,[3][4] and the state

Chemisrty has an anology that works

molecule is chiral/?ka??r?l/ if there is another molecule—in reality or in potential—that is of identical composition, but which is arranged in a non-superposable mirror image configuration. The presence of anasymmetric carbon atom is a main structural feature that induces chirality in molecules,

Flip sides same coin

Sat, 11/07/2015 - 12:36 | 6761612 Demologos
Demologos's picture

The Baader-Meinhoff and Red Brigades false flags were run through the Operation Gladio networks by the CIA and MI5. The subversion was through the lying Western news media. During that time the Soviets complained about Western "revanchism". They were right and all the proof you need is The Ukraine takeover using the Bandarist networks we covertly kept alive for the right opportunity.

Fri, 11/06/2015 - 12:46 | 6758279 mayhem_korner
mayhem_korner's picture

 

 

mambly mouth

+1000

Fri, 11/06/2015 - 12:58 | 6758325 SWRichmond
Fri, 11/06/2015 - 13:26 | 6758449 golden kafir
golden kafir's picture

Boris' story is confirmed by highlevel whisteblower from 1970's dr.peter beter. ( u can't make this stuff up)

Fri, 11/06/2015 - 20:12 | 6760157 GubbermintWorker
GubbermintWorker's picture

Yep, I get SS and a Gov't pension. I'm not naive though and have a back up plan that involves gold, silver, and lead. Fuck working at Home depot.

Fri, 11/06/2015 - 12:11 | 6758127 divide_by_zero
divide_by_zero's picture

Or Chrome and especially a Chromebook

Fri, 11/06/2015 - 12:35 | 6758238 Down to Earth T...
Down to Earth Thinking's picture

what are good alternatives to either firefox or IE ?

Fri, 11/06/2015 - 13:59 | 6758598 GeezerGeek
GeezerGeek's picture

What constitutes "good"? For security/privacy, one might try the Tor browser, but that's based, I believe, on Firefox. The new Firefox version 42 has tracking protection, if that's what you're looking for. For most of us, Google and the NSA will still know everything about us, including the current color of your socks.

Fri, 11/06/2015 - 20:39 | 6760221 WhackoWarner
WhackoWarner's picture

There is a large difference between TOR and Firefox.   I am not geeky enough to really explain but suffice to say TOR hoops and frustrates the spy guys; anonoymizes the point of origin of traffic and way more.  This, in my limited wish to understand the internal combustion engine or TV set....I am not claiming to know anything more than my 2 year search for privacy.

 

Tor has been mentioned by the spy guys. They don't like it because it is not easy to crack the back doors.  So that is all I need.

Fri, 11/06/2015 - 20:34 | 6760211 WhackoWarner
WhackoWarner's picture

what are good alternatives to either firefox or IE ?

 

TOR 

The browser that NSA and gov's hate.  TOR and please do not just download BUT do pay for it somehow with a bit of a donation.   TOR.  

Fri, 11/06/2015 - 12:11 | 6758129 FringeImaginigs
FringeImaginigs's picture

Newsflash, newsflash.  Google decided years ago that the browser is the internet. Some of us have noticed. Now is your opportunity too.

Fri, 11/06/2015 - 15:01 | 6758998 zz2ipper
zz2ipper's picture

What's a browser?

Fri, 11/06/2015 - 18:31 | 6759937 11b40
11b40's picture

No, they are hiring people who don't spend half their work day on Facebook and texting their BFF's.

Fri, 11/06/2015 - 23:22 | 6760633 Abbie Normal
Abbie Normal's picture

Given a choice between a 55-yr old with 30 years experience and a 25-yr old that knows the internet is more than just a browser, guess who most business owners will hire?  And that is why you fail.

Sat, 11/07/2015 - 10:47 | 6761379 perkunas
perkunas's picture

Thats why you wont get hired, we need  people who know how to use a hammer. Instead we are given girly boy feminists, that only understand facebook. I !@# you not, we had un an under 20s guy, who was putting feathers in his hair. I told him they have lice, whats wrong with you, he complained i was mean, and then got fired. The guy was useless couldnt add and subtact knew nothing, his commet was just google it, you dont need to know anything.

Fri, 11/06/2015 - 12:59 | 6758327 Booked
Booked's picture

Maybe they're hiring REAL workers on the top and in-house sex workers on the bottom.

Fri, 11/06/2015 - 15:42 | 6759253 Jack Burton
Jack Burton's picture

I saw a major retailer hire stupid at headquarters for 15 years, now they can't fire them fast enough. Yes, Stupid does exist out there!

Fri, 11/06/2015 - 16:21 | 6759449 johnconnor
johnconnor's picture

Right, every baby boomer hired is working on splitting the atom, sending a rocket to mars and the cure for cancer...

Fri, 11/06/2015 - 18:19 | 6759893 Lore
Lore's picture

The comments above are a bit harsh and poorly expressed, but their essential point is good. If you're a service industry recruiter in what's left of the debased, debt-saturated economy, which would you choose: the younger person with less practical knowledge and experience and statistically greater unreliability and likelihood of flip-flopping between jobs, or the older person with a good resume, reliability, better education, interpersonal skills and commitment, and with lower expectations of the employer vis: long term opportunity, benefits and pension?

YOUNG PEOPLE ARE BEING "FREED UP" FOR MILITARY RECRUITMENT. THE PSYCHOPATHS ARE GOING TO NEED CANNON FODDER.

Fri, 11/06/2015 - 20:53 | 6760253 WhackoWarner
WhackoWarner's picture

I agree.  Take the broke guy/gal who has nothing saved OR had their minimal investments flushed in 2000 and again in 2008..and not get nothing from the casino and nothing from a bank?  Employer will hire the older person who has a history of showing up. Who has a history of business and needs the job.  Will hire a person who understands that taking personal phone calls and texting is not allowed. A person who is not covered in piercings and tatoos with multi-coloured hairdos. A person who dresses in a clean manner for the job. 

Not the person with student loans who lives in the basement and uses every excuse for everything.

Fri, 11/06/2015 - 11:43 | 6758004 Mr. Schmilkies
Mr. Schmilkies's picture

They used to be retired; had to come out of retirement to supplement their lower-value SS payments and Medicare and no/low-interest CDs and savings rates. 

Do NOT follow this link or you will be banned from the site!