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Thread: ECONOMY Jobs Report: U.S. Adds 288,000 Jobs; Unemployment Rate Drops to 6.3%

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    Re: ECONOMY Jobs Report: U.S. Adds 288,000 Jobs; Unemployment Rate Drops to 6.3%

    Unemployment down to 6.3%
    288,000 New Jobs, but 800,000 leave labor force.
    Some of the gain due to pent up demand after cold winter.

    Jobless rate hits 5- year low, here’s why no one’s happy

    By Jeff Macke
    4 Min Video
    http://finance.yahoo.com/blogs/break...140324165.html

    another short topical vid follows saying no gain in hourly wages either
    Last edited by mbig; 05-02-14 at 02:28 PM.
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    Re: ECONOMY Jobs Report: U.S. Adds 288,000 Jobs; Unemployment Rate Drops to 6.3%

    Quote Originally Posted by CanadaJohn View Post
    The big inflators here in Toronto Canada these days are all the energy fields - electricity, natural gas, gasoline - and housing costs. Back when $15,000 was a good salary, you could buy a new car for about $3,000 and a new house for about $25,000 - try buying either one for less than your annual salary now or just above it!!
    My how things have changed. Now, you can't get a decent car for less than $25K (although there are econo-boxen to be had for less than $20K), and houses are easily multiple years worth of income, even if you're DINK.

    All sounds like the middle-class marching backwards that we've heard so much about. Only way to fix that is to drive the job demand through the roof, and having the job market dictate premium salaries, kinda like it was back in the go-go 90's.
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    Re: ECONOMY Jobs Report: U.S. Adds 288,000 Jobs; Unemployment Rate Drops to 6.3%

    Quote Originally Posted by mbig View Post
    Unemployment down to 6.3%
    288,000 New Jobs, but 800,000 leave labor force.
    Some of the gain due to pent up demand after cold winter.

    Jobless rate hits 5- year low, here’s why no one’s happy

    By Jeff Macke
    4 Min Video
    http://finance.yahoo.com/blogs/break...140324165.html

    another short topical vid follows saying no gain in hourly wages either
    It's not just the LFPR...the number of employed in America (according to the BLS) actually dropped by 73,000.

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    Re: ECONOMY Jobs Report: U.S. Adds 288,000 Jobs; Unemployment Rate Drops to 6.3%

    Quote Originally Posted by CanadaJohn View Post
    I wanted to check to see if there was another drop in the labour force but your source is a paid subscription one - oh well.
    1 million dropped out of the labor force. The only job gains were in the 55-69 age group. Lots of jobs lost in the younger age groups.

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    Re: ECONOMY Jobs Report: U.S. Adds 288,000 Jobs; Unemployment Rate Drops to 6.3%

    Sure is an employers market. A couple engineering buddies are having a hard time finding job upgrades even due to the heavy experience/certificate requirements. Basically locks out any newcomers.

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    Re: ECONOMY Jobs Report: U.S. Adds 288,000 Jobs; Unemployment Rate Drops to 6.3%

    News flash! The labor participation rate started to drop in 2001.

    It's basically falling because:
    1) The Baby Boomers are starting to retire
    2) More people are going on disability.

    In terms of 2), there was a big run-up that started in 2000, and it jumped again a few years ago. Nor, as far as I recall, has the Obama administration changed disability eligibility or requirements.

    The recession accelerated these trends, but they were already in progress.

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    Re: ECONOMY Jobs Report: U.S. Adds 288,000 Jobs; Unemployment Rate Drops to 6.3%

    Quote Originally Posted by Lutherf View Post
    How much do you want to bet that those over 55 are taking part time positions?
    The biggest gaining cetegories were in the lowest paying fields: Education and Health, Retail Trade, Temp Help & Leisure, and Hospitality which had a total gain of 126.5k.

    The smallest gains were in the two best paying fields: Financial Services and Information which saw a combined 3K jobs added between them.

    The median wage professional/business services category had the single biggest gain of 51k.
    Last edited by JRSaindo; 05-02-14 at 04:24 PM.

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    Re: ECONOMY Jobs Report: U.S. Adds 288,000 Jobs; Unemployment Rate Drops to 6.3%

    Quote Originally Posted by eohrnberger View Post
    All sounds like the middle-class marching backwards that we've heard so much about. Only way to fix that is to drive the job demand through the roof, and having the job market dictate premium salaries, kinda like it was back in the go-go 90's.
    Yeah, too bad wages have been stagnant since the 1970s, and that the middle class is also "evaporating" because of the massive increase in income/wealth inequality, which distorts income measures.

    Employers have also spent the last 5 years doing everything they can to reduce their staffing to the barest minimum, and cut wages to the bone for everyone except the top ranks.

    The job market has dictated wages -- which, again, is why wages have been stagnant since the 1970s. Only 1.6 million people -- or 1% of the labor force -- are minimum wage workers.

    Finally, there haven't been any substantive restrictions placed on wages or the job market since the 90s. The minimum wage hasn't even kept up with inflation since the 90s.

    So... got another strategy to offer?

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    Re: ECONOMY Jobs Report: U.S. Adds 288,000 Jobs; Unemployment Rate Drops to 6.3%

    Quote Originally Posted by Visbek View Post
    News flash! The labor participation rate started to drop in 2001.

    It's basically falling because:
    1) The Baby Boomers are starting to retire
    2) More people are going on disability.

    In terms of 2), there was a big run-up that started in 2000, and it jumped again a few years ago. Nor, as far as I recall, has the Obama administration changed disability eligibility or requirements.

    The recession accelerated these trends, but they were already in progress.
    U.S. Bureau of Labor Statistics LFPR

    For sure. But its not a problem according to the administration. Cherry picking data can always make crap smell like a rose. We aren't even into the heftiest groups of boomers retiring yet.
    Last edited by JRSaindo; 05-02-14 at 04:23 PM.

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    Re: ECONOMY Jobs Report: U.S. Adds 288,000 Jobs; Unemployment Rate Drops to 6.3%

    Quote Originally Posted by Visbek View Post
    News flash! The labor participation rate started to drop in 2001.

    It's basically falling because:
    1) The Baby Boomers are starting to retire
    2) More people are going on disability.

    In terms of 2), there was a big run-up that started in 2000, and it jumped again a few years ago. Nor, as far as I recall, has the Obama administration changed disability eligibility or requirements.

    The recession accelerated these trends, but they were already in progress.
    You are half right...the Fed itself said in a report that 1/2 leave for retirement/disability AT MOST. The rest leave mostly because they can't find work.

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