Before everybody gets “irrationally exuberant” over the latest employment data from the federal government, it’s important to consider exactly what sort of jobs are being created.
For that, we turn to the always reliable Tyler Durden over at Zero Hedge …
In June, the household survey reported that part-time jobs soared by 360,000 to 28,059,000 – an all time record high. Full time jobs? Down 240,000. And looking back at the entire year, so far in 2013, just 130K full-time jobs have been added, offset by a whopping 557K part-time jobs.
Yikes …
We’re honestly not trying to rain on anybody’s parade (Lord knows there’s been plenty of rain lately), but this full-time versus part-time dynamic is worth considering as we assess our nation’s employment health. Also worth considering? How underemployment – a broader, more accurate measure of joblessness – is nearly twice as high as unemployment, and how our labor participation rate is hovering at thirty-year lows.
Such is the new normal in our “recovered” economy …
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30 comments
No Fits, as usual you are finding the dark cloud in the silver lining … Amazing job numbers considering sequester and huge cuts in federal and state employment.
I don’t know why government doesn’t just give everyone a job. That would clean up this whole mess.
No Fits, as usual you are finding the dark cloud in the silver lining … Amazing job numbers considering sequester and huge cuts in federal and state employment.
I don’t know why government doesn’t just give everyone a job. That would clean up this whole mess.
Iowahawk pretty much nailed it when he tweeted something to the effect of “Jobs report in a nutshell: Taco Bell that had 30 40-hr workers now has 40 30-hr workers.”
Progress!
The “free Enterprise” system in action!God Bless Taco Bell!Give em another tax cut!
Iowahawk pretty much nailed it when he tweeted something to the effect of “Jobs report in a nutshell: Taco Bell that had 30 40-hr workers now has 40 30-hr workers.”
Progress!
The “free Enterprise” system in action!God Bless Taco Bell!Give em another tax cut!
For a change of pace from your Zero Hedge habit, try this:
http://economistsview.typepad.com/timduy/2013/07/a-solid-but-not-spectacular-employment-report.html
BTW, the market was not bummed out by these numbers.
http://www.myrtlebeachonline.com/2013/07/05/3571885/stocks-up-after-encouraging-jobs.html
The market is for the rich, who invest inherited, or earned-earlier money. The market is no good when a family cannot afford the astronomical price of gas or food, because they have no job…
Not only is this a horrible presidency..it is a heartless one….Shame on the lavish-living, elitist Obama. He is the ugliest of a royal figure. He feasts while we suffer. America is NOT supposed to be like this…It’s not what my family fought and shed its blood for…
Youre right!It is for us rich people?And I need another tax cut !So shut the Hell up and keep votin Republcan.Yiheeee!!!!
Who cut unemployment benefits in NC — such a big cut, BTW, that it made NC ineligible for federal matching funds? It was the Republican majority in the legislature and a Republican governor. That was not Obama starving the unemployed.
Nothing to help the needy will come out of Congress until the Republicans blocking aid to the unemployed are voted out.
I will give you credit for recognizing that the market is beyond the reach of the unemployed, but the market’s reaction to the better-than-expected jobs report was because American business interests see that as an improvement in the economy, and that those suffering will be finding jobs and be able to buy the products of businesses.
Understanding that this current recession is a result of lack of demand is essential to turning it around. Paul Ryan and John Boehner still have no clue.
Count on Tom as the simple-minded, lockstep Kool-Aid Drinker. The spiral downward began w/ Obama, and that Dumb@$$ does not care to fix it…or he’s clueless…
He thinks he’s getting Revenge on the White people, he, you, the DNC and Eric Holder hate…He does not care that all Americans suffer while he lives large….
Face it: This country is in a BIG mess, and your lord-god Obama is the reason…
Now that’s funny. Get the white people!
So when are we going to see that Republican jobs bill?
The market has only had decent volume on two days since 2008. If you go to the equivolume maps on Yahoo.com’s business historical section, compare the daily volume in 2007 compared with today. You will find that the average daily volume is anywhere from 1/2 to 1/3 today of what it was then. Most of the money is out of the market and the numbers you see are being driven by computers.
The inflation ratios were changed by the Obama administration so that it is incapable of reflecting actual inflation rates among individual citizens while reflecting inflation rates for very large corporations, necessary to fuel a fascist economy (buddy capitalism). Using the old method of big basket indicators, inflation is actually somewhere between 15% and 21%.
Employment calculation was also recalculated by the Obama administration, beginning in 2009. Using the simple formula of people laid off vs. people getting jobs minus people dying & retiring, the unemployment rate is 21%, not 14% and certainly not 7.6%
Keynesian economics has never worked, wherever it has been employed because Keynes did not know about chaos theory. He can’t be blamed for that, but iterations in the failure of the velocity of printed money is a reality and cannot be explained away.
This economy can be saved, but not by the phony numbers and phony excuses and phony apologetes. We must go back to real money with real value and pure capitalistic principles and few but effective rules. It will hurt a lot, but the bubble must be burst, like lancing a festering boil. The veil MUST be lifted.
Polyphemos, thanks for that post. Obama changed the CPI and the way we calculate unemployment. 21% inflation. Chaos Theory (last heard of in 1993’s Jurassic Park). Fascist economy. You got it all, hombre.
For a change of pace from your Zero Hedge habit, try this:
http://economistsview.typepad.com/timduy/2013/07/a-solid-but-not-spectacular-employment-report.html
BTW, the market was not bummed out by these numbers.
http://www.myrtlebeachonline.com/2013/07/05/3571885/stocks-up-after-encouraging-jobs.html
The market has only had decent volume on two days since 2008. If you go to the equivolume maps on Yahoo.com’s business historical section, compare the daily volume in 2007 compared with today. You will find that the average daily volume is anywhere from 1/2 to 1/3 today of what it was then. Most of the money is out of the market and the numbers you see are being driven by computers.
The inflation ratios were changed by the Obama administration so that it is incapable of reflecting actual inflation rates among individual citizens while reflecting inflation rates for very large corporations, necessary to fuel a fascist economy (buddy capitalism). Using the old method of big basket indicators, inflation is actually somewhere between 15% and 21%.
Employment calculation was also recalculated by the Obama administration, beginning in 2009. Using the simple formula of people laid off vs. people getting jobs minus people dying & retiring, the unemployment rate is 21%, not 14% and certainly not 7.6%
Keynesian economics has never worked, wherever it has been employed because Keynes did not know about chaos theory. He can’t be blamed for that, but iterations in the failure of the velocity of printed money is a reality and cannot be explained away.
This economy can be saved, but not by the phony numbers and phony excuses and phony apologetes. We must go back to real money with real value and pure capitalistic principles and few but effective rules. It will hurt a lot, but the bubble must be burst, like lancing a festering boil. The veil MUST be lifted.
Polyphemos, thanks for that post. Obama changed the CPI and the way we calculate unemployment. 21% inflation. Chaos Theory (last heard of in 1993’s Jurassic Park). Fascist economy. You got it all, hombre.
Each state averaged 3824 new jobs last month. The graduating class of 2013 is not going to do well under this administration.
Each state averaged 3824 new jobs last month. The graduating Class of 2013 is not going to do well under this administration…and the Class of 2012, 2011, 2010, 2009, and soon 2014.
ONLY 47% OF ADULTS HAVE FULL-TIME JOB…
Longest Stretch of 7.5%+ Unemployment on Record…
Obama is an absolute DISASTER!!!!…..no way to spin that….
Hey Sockpuppet, you ever hear of the Great Depression?
And can you remind me when the economy imploded? Right.
So you’re admitting Obama has us back in a Depression.. Congrats on your growth and honesty…I am making progress…
Funny how you fit “not trying to rain on anybody’s parade” and “new normal” in the same post.
Funny how you fit “not trying to rain on anybody’s parade” and “new normal” in the same post.