May jobs report June 6, 2014, Jobs added replace jobs lost in recession?, US Labor Dept BLS orwellian data, Low information voters and reporters, CNN Market Watch reports
“According to shocking new numbers that were just released by the Bureau of Labor Statistics, 20 percent of American families do not have a single person that is working. So when someone tries to tell you that the unemployment rate in the United States is about 7 percent, you should just laugh. One-fifth of the families in the entire country do not have a single member with a job. That is absolutely astonishing. How can a family survive if nobody is making any money? Well, the answer to that question is actually quite easy. There is a reason why government dependence has reached epidemic levels in the United States. Without enough jobs, tens of millions of additional Americans have been forced to reach out to the government for help. At this point, if you can believe it, the number of Americans getting money or benefits from the federal government each month exceeds the number of full-time workers in the private sector by more than 60 million.”…Zero Hedge April 29, 2014
“Nearly half of U.S. companies are reluctant to hire full-time employees because of the ACA. One in five firms indicates they are likely to hire fewer employees, and another one in 10 may lay off current employees in response to the law.
Other firms will shift toward part-time workers. More than 40 percent of CFOs say their companies will consider switching some jobs to less than 30 hours per week or targeting part-time workers for future employment.”…Duke University Fuqua School of Business December 11, 2013
“Over the last six months, of the net job creation, 97 percent of that is part-time work,”…Keith Hall, former BLS chief
We not only have low information voters in this country we have low information reporters.
Yesterday the big jobs news was the alleged recovery of jobs lost during the recession.
From CNN June 4, 2014.
“U.S. soon to recover all jobs lost in crisis
Set your sights on this number: 113,000.
“That’s how many jobs the U.S. economy needs to hit its break-even point, to finally recover all the jobs lost in the financial crisis.
Get ready, because we’re about to get there this Friday.
That’s when the U.S. Department of Labor will release its May jobs report, and the outlook is rosy. Economists surveyed by CNNMoney expect the U.S. economy added 200,000 jobs in May.”
From Market Watch June 5, 2014.
“When the Labor Department releases the data on jobs created in May, the figures are expected to show that, for the first time, the total number of jobs has surpassed the level when the U.S. entered recession in December 2007. The U.S. is just 113,000 jobs away from the previous peak reached in January 2008. Economists polled by MarketWatch expect a 210,000 gain.”
At least Market Watch added this:
“And it’s important to note the U.S. population has grown by about 12.5 million people since 2008. Not all of them will be in the work force, but if the numbers on labor-force participation of that group are similar to what’s seen nationally, that’s another 6 million positions to fill.”
And thank God some of the public is paying attention.
From the Market Watch article comments.
“Wayne H1 hour ago
Government fuzzy math.
Growth of 12.9M during Obama presidency
US Labor force participation:
Jobs shrunk 3.4M during Obama presidency
US household income:
The reality is that fewer people are making less money to support even more people.
Seamus Brown2 hours ago
Hey MW, you missed this chart:
It tells the whole story, factoring in the falling participation rate.
Of course, we all know the truth is not your goal, is it?
Will O’My2 hours ago
This is a good one also –
This data center has all the data for economics research, it is the Fed’s central data center.”
“Bill Johnson2 hours ago
Quick get the memo to all those extra people on food stamps that they need to cancel their benefit. They are employed again and didn’t even know it.
In the year 2000 we had 17,194,000 people on food stamps with a population of 282,162,411. In 2008 we had 28,223,000 people on food stamps. As of February of 2014 we have 46,177,144 people on food stamps. Our current population is 318,176,220 million.
This means that we went from having 6% to 14.5% of the population on food assistance in 14 years. What type of jobs are exactly being created here? What type of “progress” are we experiencing here? ARE YOU SICK AND TIRED OF IT YET!!?
Oh I know the answer, we will just keep expanding the gov’t some more. That will fix it because its obviously worked so well for us so far. Before you jump down the Democrats throats the Republicans get some of this blame too.