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Where The Jobs Are: Low Wage Sectors Add Most Jobs In The Past Year
As we continue spreading today's NFP report, here are two chart summarizing which sectors are hot, and which are not. In another indication of just how weak the US jobs market truly is, as the second chart from Bloomberg Brief confirms, the bulk of the job additions have been in low-wage sectors. The one highest paying, and thus greatest tax-generating, sector - financial jobs - will continue to bleed more and more workers as the credibility of the broken casino formerly known as the capital markets continues plumbing negative territory.
And what this means:
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He built that !
No he didn't, Bush made that happen.
Except for our inexplicable, printing-fueled stox rally. He made that happen. All my his-self.
I just can't believe that we as a nation are sitting on our asses while it all burns down. We're rolling over into a recession and the market is hitting new highs? Really?
Hey, every "broken casino" needs doormen and waitresses.
When this monarchy passed health care, it all but assured that almost everyone still with a job, will at some point in the future, become a low paid contractor... (Except if they had and could keep a job within the monarchy of course...)
Small businesses will hire contractors... If they hire at all...
Small businesses will strive to stay small... how does that help anyone?
I will work my children to death before I hire another employee...
You must think like a cheater... Freakanomics...
Rolling over into a recession? That's rich!
98% of the population are idiots
Only one point off.......not bad!
The 1% approve this message.
10% of the population makes things happen.
10% of the population watches things happen.
80% of the population wonders what the heck just happened.
+1 though the makes things happen group is probably closer to 3 to 5%
Low estimate.
Obviously, unemployment is the most pressing issue in the current economic climate. However, for the size of the crisis, the numbers do not seem so bad. I think with greater political decision could be seeing a jobs recovery. Many sectors are "ready" to start hiring more workers. Lack confidence.
employment, or unimployment is a byproduct of economic policy. when it becomes the goal, the law of unintended consequences takes over.
excellent...
And when the model is skewed toward policy that does not favor an employment (employee) economy... It becomes an individual (or self employed) economy...
Looking for a better discriptive for the latter...
My kids are no longer going to college (they are 9, 7 & 7) we are going to open a pizza restaurant instead. That will insulate them from the need to have JOB's...
Stock Tips:
People are broke. What part of that concept escapes you?
Or are you another Milion Dollar Bonus with sublime satire? Give us a clue so we know whether you're are an idiot, or a comedian . . .
-30-
the are called Iphones. the ultimate dummy distraction around
Couldn't have; construction jobs fell off a cliff. Forward!
PHYS, WTF? Halted.
Where's Jon Corzine?
$341m @ 1730 is about 200 tons? Is that why PMs jumped? Is Sprott gaining weight?
$341000000/$1730/~16/2000=~6 tons
6 tons is about the size of a small beachball, 33in in diameter.
Oops! sorry got distracted.
YES WE CAN!
BTW - Did Obammie promise anything new last night, like a list of things, or was it just more of the same?
At least the people are getting a little spare CHANGE to go with their HOPE!
I Hope someone Changes this economy's diapers because this shit stinks.
I'm sorry, I must disagree. Based on stealth inflation statistics, Hope or the refined version of Hopium now costs roughly 463% more than it did 4 years ago. Therefore, no change is given back with the acquisition of said hope or hope byproduct.
However the alternative product of Despair has been vastly produced in the same time period and is widely available. I even heard that it can be obtained using your EBT.
Start at the bottom, work your way up. It's the American dream!
It is definately time to start calling this economy what is... a Greater Depression.
It is definately time to start calling this economy what is... a Greater Depression.
I would think it's only a depression for those without a guv-job.
I'll be back in an hour after I go mop the floors at McDonalds
Work hard, be loyal to the system, and one day you may be promoted to burger flipper.
just got laid off because of someone with more expierence,floor tech from JPM:(
Food stamps for all bitchez! Forward!
And the jobs will be coming out of the restaurant sector as the year over year profit growth is now at 0.26%.
ejmoosa:
Great observation. In my market, restaurants that have closed that have been around for decades. Of course, that means unemployment for those workers.
Have you noted the prices at restaurants, and how they are shooting up? We have food price inflation, and those increased prices are doing two things: 1) they are lessening the number of people who will go out to eat; 2) they are lessening the tips the wait staff receives.
I've had some real horror stories told to me by these people of large parties - particularly "People of Color" - who will bring in 6 - 15 persons and leave a $2 tip for the entire table. These parties know which restaurants have mandatory tipping percentages and which don't have them - and of course, they frequent the non-mandatory establishments.
-30-
That whole tip thing is such a scam. Waits basically just aren't paid a wage.
Maybe that's our future as a country--we could let ALL employers pay less than minimum wage and have *everyone* step and fetch it for tips.
Long apple carts !
My grandmother sold apples on the street during the great depression. She told me some days it was the only income they had which kept them from starving. Probably wouldn't work today. People would probably pass them up for a McD's apple pie instead. I don't think we can truly appreciate what these people when through during that time.
Miffed:-)
I think it's great to see government shedding jobs while other sectors are adding jobs.
Education is gov; look again.
Better to have more teachers instead of a bunch of desk jockeys
Yes, but how many of those are teachers and not new educrats in charge of "improving education" through increased regulation and deprofessionalization of said teachers? NCLB, RtTT, etc. are scams.
McSchools staffed with McTeachers are just around the corner. McEducation will be just as tasty as a Big Mac.
So is healthcare.
+++
Government is not 'shedding jobs', at least in the way that most would understand that; viz., no one is being fired, let go, downsized, etc. What government does is take out their list of positions, and cross off a few ("See? We eliminated 15 positions.") But no one is ever actually fired. Or let go. Or sent out into the private sector.
Gov employee retires at 50, but no one is hired to take their place, as in the past. Funny how no one notices that they're gone.
When we see guys holding signs near on ramps reading, "Will red tag projects for food," well, then we might actually conclude that one of our supreme overlords was let go.
i work in the service industry. When you are working with people who have two degrees and advanced education who are in their late twenties and making ends meet as a waitress, there are problems. if this were a real market, we would be down 800+ points today alone..........no worries.
The "markets" no longer have any meaning, simply a propaganda tool to convince the masses that the "recovery" is continuing.
check the bonds
Money is dripping out of the bonds at a more or less slow pace, I know. But why do you state bonds here? Pensions?
two degress....one in women's studies and one in underwater basketweaving......and an advanced education in beerology.....thats nit gonna get you very far.
try engineering, accounting, or nursing and be flexible about relocating.....you will be employable.
http://www.newsnet5.com/dpp/news/local_news/water_cooler/video-robotic-c...
Run
Ladies and Gentlemen:
I have posted on here for months. My anger has showed through on numerous posts.
I know I am among many fellow traders here, and see others like me - who are as angry - feel cheated - robbed - of being a trader. I can bellow my angst - use foul language - rage against the machine that is the markets these days....on here, and elsewhere.....but what good does it do?
Nothing....in reality.
These numbers - and the market action of these past months, have led me to become totally disenfranchised from the ability to see things clearly - as a trader of others people's money - to make good decisions - and frankly, I don't know what to do about it.
Being that we see all the honest data - and much of it on this site, I feel we have jaundiced ourselves; I sure have.
On one hand, I cannot join this hopium rally based on false numbers. I look like a fool as a result - performance wise.
On the other, not doing so is cheating my clients out of performance. Clients I am responsible for. Clients who depend on me to make right decisions - most of the time. The key word being "most".....I hardly have done that this year....
I honestly can say that I am not sure what to do about it. I know I am not alone - but "misery loves company" means nothing as well.
I value ZH for providing the truth. For giving the un-varnished reports and data that they do.
However, KNOWING the REAL truth, and exacerbating it from reading it here daily, has effected me.
Therefore, beginning with this post on here, I'll cut down on my comments herein, and not visit the site as much as I have been; certainly not to rage anymore......it does no good.
I wish all the professionals and fellow traders that come here God Speed in their endeavor to persevere in these extremely troubled times....
How about joining Andrew Maguire's gold trader army?
http://www.tfmetalsreport.com/podcast/3621/tfmr-podcast-16-special-annou...
check the bonds; easier to trade. today is a great example of the PPT at work.
Beetle:
Well, that's honest.
The truth is that reading too much ZH will, after angering you, make you depressed. It really lets you know how inconsequential you are as an individual - despite all that "One person can change things" BS.
If you are not in the 1%, you are nothing but fodder. And exactly what can we do about it?
Nothing.
I love reading those idiots who flame on about their guns. Have any of those idiots bothered to really stop and think about how their one gun matches up with the modern police SWAT firepower? The oinkers are driving armored cars - and your rifle is going to do what to them?
These guys can call in the military anytime they want to do so. One RPG through the window and your "revolution" just ended. Posse Comititus your fanny; there is no constitution, and there is no law, for the security forces any more. And the sheeple just line up for groping . . .
Speaking of your revolt against the machine, exactly how do you think you're going to organize your "revolutionary" forces? How are you going to implement command and control with the CIA's new data vacuum in Utah sucking up, and data-basing, every single electronic communication in the US? With drones covering every square inch of America, where are you going to meet, to train, and to launch your revolution?
What a drunken fantasy these 2nd Amendmenters are living in with their cheap talk . . .
If I haven't learned anything else from ZH, it is that it's over for the dreams of our Founding Fathers. This is not the America they created - it is a demonic farce of lies, crime, and greed.
So all you can do is try to survive until the 1% in the West, and the 1% in the Islamic culture, and the 1% in the Asian culture decide to have it out. And no, they won't ask your opinion first before going to war - because you don't mean squit to them.
This election is between Tweedledee, and Tweedledum; the only thing that might change with Romney is that we might get rid of the Black Racists in the Just Us Department.
To me, the ultimate insult to us was the TSA shake-down of Ron Paul as he was leaving St. Petersburg-Clearwater airport in a private plane after the RNC. They actually said, with a straight-face, that their unconstitutional shake-down was necessary because "there might be explosives on the plane" - and that Paul's plane was therefore a possible threat to Romney. These are some really sick bastards.
They are nothing less than the American version of a bastard child born of the Gestapo and the NKVD. And the Lesbian-in-Chief reigning over DHS is our modern day Beria.
And to think there are actually people who will get in your face and tell you this is the best thing since sliced bread.
So survive, fellow ZHers. That's all you can do. You can change . . . nothing.
-30-
Good rant. Not sure why you got dinged. Made someone uncomfortable I suppose.
If anyone doubts that the law does not apply to the jackbooted thugs, watch this:
http://www.youtube.com/watch?v=RVmGWLsn0iM&feature=youtu.be
Bye, bye.
Oh and do buy a sub-zero sleeping bag to keep you warm.
The rest of us will keep warm with our anger because this is something that has been done to us deliberately, and we have more than a right to be pissed about it.
If you're pissed off all the time, you probably won't live as long, which should be some kind of relief.
I played hooky from work yesterday and went to the park for a few hours. The PARK? Yep. It was a pretty pleasant day, despite the "ghost-world" of bullshit that seems to make so many folks around here miserable.
"I am in a world of shit, but I am alive, and I am not afraid." -- Pvt. Joker
Why do you feel entitled to being a trader, and a successful one at that? Trading isn't investing; can't trade with scared money.
A lot of jobs in the leisure sector.
Do they count people on unemployment in the leisure sector?
Now now, to be fair 3 big new stores have opened within 2mi. from my store and they are hiring. And I can confidently say.."they didn't build those businesses, Barry built those...nice big new pawn shops. Seem to do quite the business.(funny they all share the same theme "got gold"). One even has a FULL time sign twirler.
Stupid question, but...If the Federal Reserve Bank is in charge of "full employment", why do people blame the WH?
because there is no black man running the Federal Reserve?
I just read a comment from a "Bull" about the labor participation rate. I thought I was gonna scream. This is what he stated:
"it's been mentioned more and more over the last couple years....especially by the bears...bulls see that as either "early retires" or "two wage families becoming one wage families"....not necessarily a bearish thing"
Honestly, I can't tell if he's grasping at straws or if really believes this bullshit. I was absolutely amazed by this take.
No scale was provided, so I'll just assume we've added an aggregate 1,808 jobs in the past year. Actually... yeah, that seems right.
Who needs to work anyway. Didn't you hear the dictator and chief? He specifically promises shared prosperity. All I want to know is where is my check?
"The one highest paying, and thus greatest tax-generating, sector - financial jobs - will continue to bleed more and more workers as the credibility of the broken casino formerly known as the capital markets continues plumbing negative territory."
I forget the exact numbers, but in 1980, the "finacial sector" accounted for about 15% of the economy. When things blew up in 2008, it had grown to over 40% of the economy. 40 freaking %! What a huge misallocation of capital flowing to a segment of society that makes nothing. In fact, it is a parasite, skimming a little blood off the top from everybody, while we let our manufacturing sector be strip-mined and the wage/tax base that served the greatest number of people and communities vanish.
What we desperately need is a re-birth of manufacturing jobs, and if it means more 'protectionism', then so be it. If it means fewer jobs in the financial sector, I think that is simply a swell idea.
"financial jobs - will continue to bleed more and more workers as the credibility of the broken casino formerly known as the capital markets continues plumbing negative territory."........... best statement of the week. These idiots better get this thing back to being a market cause if they dont youll see nothing but tumbleweeds next to that idiot pastrami on the NYSE floor. You dont need analyst pushers,,oops excuse me, brokers to tell anyone to tell us you need more than a second grade knowlege of fed market manipulation.