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Thread: May employment report: Economy adds 175K jobs

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    Re: May employment report: Economy adds 175K jobs

    Quote Originally Posted by pinqy View Post
    Net change of 175,000 jobs. 0.1% monthly change. Not great, but it does represent a growing economy (highest under Bush was 0.3% for comparison). The nature of the jobs is not the best, but it's unclear what the implications are.
    175k jobs a month is like trying to fill a swimming pool with a table spoon. we need to create 150k to 200k a month just to keep up with population growth. We have the lowest labor participation rate in the last 40 years. if we had the same labor participation rate as we did 5 years ago unemployment would be about 9%

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    Re: May employment report: Economy adds 175K jobs

    Quote Originally Posted by trfjr View Post
    175k jobs a month is like trying to fill a swimming pool with a table spoon. we need to create 150k to 200k a month just to keep up with population growth. We have the lowest labor participation rate in the last 40 years. if we had the same labor participation rate as we did 5 years ago unemployment would be about 9%
    Yup, the only reason the U-3 rate is 7.6% and not 9.6%+ is because people are leaving the workforce - either through retirement or because they can't find work.

    There is no way Obama deserves credit for the drop in the U-3...unless he wants to take credit for forcing people to give up looking for work.


    And btw - I am neither a Dem or a Rep.

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    Re: May employment report: Economy adds 175K jobs

    Quote Originally Posted by Eighty Deuce View Post
    As the unemployment numbers under Obama have been manipulated by the most egregious shifts in the Labor Force Participation Rate (LFPR) we have ever seen, this is all smoke-and-mirrors.
    How is a changing Labor Force Participation Rate "manipulation?" Describe the process that you think happens.
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    Re: May employment report: Economy adds 175K jobs

    Quote Originally Posted by DA60 View Post
    Yup, the only reason the U-3 rate is dropping is because people are leaving the workforce - either through retirement or because they can't find work.
    Except the Labor Force has been increasing the last couple of years...in fact, that's why the rate went up in May...increase in both Employment and Unemployment.
    Therefore, since the world has still/Much good, but much less good than ill,
    And while the sun and moon endure/Luck's a chance, but trouble's sure,
    I'd face it as a wise man would,/And train for ill and not for good.

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    Re: May employment report: Economy adds 175K jobs

    Quote Originally Posted by a351 View Post
    May employment report: Economy adds 175K jobs - CBS News



    A modest figure, but one that exceeded expectations by a slight amount. Also important to note is the loss of 14,000 positions at the federal level, reflecting budget cuts, and a sizable decline in manufacturing employment (8k). The full and official report can be found here:

    Employment Situation Summary

    Employment may have increased, but the types of jobs being created are pretty sucky.

    "Occupations paying below-average wages accounted for more than half of last month’s U.S. payroll increase, a dynamic that may restrain consumer spending and the economic recovery." (Bulk of U.S. Payroll Gain in Jobs Paying Less-Than-Average Wages - Bloomberg)

    Paul Craig Roberts has found that

    According to the Bureau of Labor Statistics, the jobs created are the usual lowly paidnon-exportable domestic service jobs–the jobs of a third world country.

    • Retail trade accounts for 27,700 of the jobs.
    • Wholesale trade accounts for 7,900 jobs.
    • Ambulatory health care services accounts for 15,300 of the jobs.
    • Waitresses and bartenders account for 38,100 of the jobs.
    • Local government accounts for 13,000 of the jobs.
    • Amusements, gambling, and recreation account for 12,500 of the jobs.
    • Temporary help services provided 25,600 jobs.
    • Business support services provided 4,300 jobs.
    • Services to buildings and dwellings provided 6,400 jobs.
    • Accounting and bookkeeping services provided 3,100 jobs.
    • Architectural and engineering services provided 4,900 jobs.
    • Computer systems design and related provided 6,000 jobs (most likely filled by H-1B work visas).
    • Management and technical consulting services provided 3,200 jobs.

    Another Phony Jobs Report From A Government That Lies About Everything --Paul Craig Roberts - PaulCraigRoberts.org
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    Re: May employment report: Economy adds 175K jobs

    Quote Originally Posted by pinqy View Post
    Except the Labor Force has been increasing the last couple of years...in fact, that's why the rate went up in May...increase in both Employment and Unemployment.
    Yeah, the rate went up. And what happened to the U-3? It went up too, despite enough jobs being created that it probably should have stayed at 7.5%.
    That just shows how much higher the U-3 would be if all the discouraged workers that have left the work force since Obama took over were actually counted as part of the work force (which they should be, IMO).

    During Obama's term(s), the LFPR (Labor Force Participation Rate) has been dropping like a stone.

    Bureau of Labor Statistics Data


    As for the labor force going up? So what? All that means is the birth/immigration rate is still growing strong.

    What matters is that the LFPR is shrinking because of retirement/discouraged workers (probably mostly the latter) which is making the U-3 look far better then it really is.
    Last edited by DA60; 06-11-13 at 02:28 PM.

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    Re: May employment report: Economy adds 175K jobs

    Quote Originally Posted by specklebang View Post
    As long as MacDonalds and Walmart stay in business, there will be excellent jobs for everyone. This is a good illustration of why we need a minimum wage or manufacturing would have added quite a few $2 an hour jobs.
    I have to ask: what is an excellent job?

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    Re: May employment report: Economy adds 175K jobs

    Quote Originally Posted by pinqy View Post
    How is a changing Labor Force Participation Rate "manipulation?" Describe the process that you think happens.
    If you can't understand how a decrease in the LFPR will mask real unemployment, then you won't understand any further explanation, and I surely do not waste my time when Google can be your friend.

    Quote Originally Posted by pinqy View Post
    Except the Labor Force has been increasing the last couple of years...in fact, that's why the rate went up in May...increase in both Employment and Unemployment.
    The LFPR has most certainly been decreasing since Obama took office. That it spiked up this past month does not a trend make.

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    Re: May employment report: Economy adds 175K jobs

    Quote Originally Posted by DA60 View Post
    I am quite sure that was one of the things the Fed had in mind when they dropped rates to near nothing. ..force people to spend their savings (although that is killing seniors on fixed incomes who are trying to live off of heir savings).

    But there are other places Americans could put their money. Gold/silver until recently did exceptionally well, stocks will probably continue to climb - more or less - for the time being (as long as the Fed keeps QE's going and increasing).

    But simply spending your savings because the average consumer is getting squat from their savings accounts when the recovery is FAR from assured is foolish, IMO.

    Unfirtunately, the government seems to be counting on Americans to continue to spend every penny they have, save nothing and go further and further into debt.
    Some, myself included, took their savings and paid off/paid down their mortgage or other debts. It wasn't quite what the Fed had in mind I'm sure. That is the best use of cash, if you have it, when you also have debt.

    The investment in precious metals is not looking so rosy right now, but at least if you got in when it started rising, you should still have a profit margin of 10-20%. I have no faith in the stock market, which I consider to be artificially inflated by the powers that be, either through QE or being pumped and primed by the big players, which will burst the bubble with devastating effects.
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    Re: May employment report: Economy adds 175K jobs

    Quote Originally Posted by pinqy View Post
    Except the Labor Force has been increasing the last couple of years...in fact, that's why the rate went up in May...increase in both Employment and Unemployment.
    you uniformed idiot. you are a prime example how ignorance of the American public is what got Obama reelected

    May 31, 2013
    63.40%

    April 30, 2013
    63.30%

    March 31, 2013
    63.30%

    Feb. 28, 2013
    63.50%

    Jan. 31, 2013
    63.60%

    Dec. 31, 2012
    63.60%

    Nov. 30, 2012
    63.60%

    Oct. 31, 2012
    63.80%

    Sept. 30, 2012
    63.60%

    Aug. 31, 2012
    63.50%

    July 31, 2012
    63.70%

    June 30, 2012
    63.80%

    May 31, 2012
    63.80%

    April 30, 2012
    63.60%

    March 31, 2012
    63.80%

    Feb. 29, 2012
    63.90%

    Jan. 31, 2012
    63.70%

    Dec. 31, 2011
    64.00%

    Nov. 30, 2011
    64.10%

    Oct. 31, 2011
    64.10%

    Sept. 30, 2011
    64.20%

    Aug. 31, 2011
    64.10%

    July 31, 2011
    64.00%

    June 30, 2011
    64.00%

    May 31, 2011
    64.20%

    US Labor Force Participation Rate (Monthly, SA)

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