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Thread: U.S. Adds 217,000 Jobs in May, Unemployment Rate Stays at 6.3%[W:218]

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    Re: U.S. Adds 217,000 Jobs in May, Unemployment Rate Stays at 6.3%[W:218]

    Quote Originally Posted by imagep View Post
    Our current labor force participation rate is higher than it was at any time prior to 1978. Were things terrible during the mid 20th century?

    Our per work out productivity rate is higher today than it has ever been. As we produce more per work hour, then we either need shorter work hours, or fewer workers, or both.
    It's only natural that as we become a richer society, we will have fewer workers working at any one point in time. We simply don't need as many workers.

    Sorry, I just don't see what the issue is. The work force participation rate has been dropping since the year 2000, so it's not an Obama problem, or even a Bush issue, it dates back to Clinton. I don't think that it is a political or an economic issue it all, it's just a natural occurance based upon socio-technological-demograpic factors more than anything else.

    And yes, the higher than normal unemployment rate does factor into it.

    I often use the term "Great Bush Recession" just to take a little jab at those who like to blame the recession on Obama. I am actually not an Obama supporter, didn't vote for him either time, and wouldn't vote for him today, but it disgusts me when people blame ever little thing that happens in the world, including the recession that started 14 months before he took office, on him. I believe it has to do more with racism than anything else. Sorry, probably shouldn't have used that term with you.
    Enough of the armchair economics. Please read the words of basically any expert on the matter before talking about this again. The decline of the labor force participation right is not a product of technology or demographics, but a product of the weak economy. It is just a fact. You don't have to accept that, but it is true all the same.
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    Re: U.S. Adds 217,000 Jobs in May, Unemployment Rate Stays at 6.3%[W:218]

    Quote Originally Posted by Demon of Light View Post
    Enough of the armchair economics. Please read the words of basically any expert on the matter before talking about this again. The decline of the labor force participation right is not a product of technology or demographics, but a product of the weak economy. It is just a fact. You don't have to accept that, but it is true all the same.
    That doesn't explain why it started declining in the year 2000.

    You can't seem to get it into your head that this didn't just happen when the Great Recession started, it was going on years before that, even when our economy was booming. I've pointed this out over and over again, then you pretend like it's not a fact because the real life data doesn't fit your theory.
    Quote Originally Posted by ocean515 View Post
    ...I'm not interested in debating someone who is trolling for an argument....
    Quote Originally Posted by Papa bull View Post
    I see a big problem with the idea that whatever the majority wants is OK.

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    Re: U.S. Adds 217,000 Jobs in May, Unemployment Rate Stays at 6.3%[W:218]

    Quote Originally Posted by imagep View Post
    That doesn't explain why it started declining in the year 2000.

    You can't seem to get it into your head that this didn't just happen when the Great Recession started, it was going on years before that, even when our economy was booming. I've pointed this out over and over again, then you pretend like it's not a fact because the real life data doesn't fit your theory.
    It declined slightly over the course of the previous recession (the one that started in 2000), flattened out for several years, and then started a precipitous decline when the recession hit.
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    Re: U.S. Adds 217,000 Jobs in May, Unemployment Rate Stays at 6.3%[W:218]

    Quote Originally Posted by Demon of Light View Post
    http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2012/05/LFP%20Rate_0.jpg
    Quote Originally Posted by ocean515 View Post
    ...I'm not interested in debating someone who is trolling for an argument....
    Quote Originally Posted by Papa bull View Post
    I see a big problem with the idea that whatever the majority wants is OK.

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    Re: U.S. Adds 217,000 Jobs in May, Unemployment Rate Stays at 6.3%[W:218]

    Quote Originally Posted by imagep View Post
    I am not sure what point you are trying to make, unless you are merely confirming what I just said.
    "For what is Evil but Good-tortured by its own hunger and thirst?"
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    Re: U.S. Adds 217,000 Jobs in May, Unemployment Rate Stays at 6.3%[W:218]

    Quote Originally Posted by Demon of Light View Post
    I am not sure what point you are trying to make, unless you are merely confirming what I just said.
    The clfpr dropped until late 2005, went up for one and a half years when we were at the peak of the construction boom, and then started falling again.

    The first Bush recession ended in 2001 or 2002, and was very mild, yet the clfpr continued to drop. Your theory is disproven by actual historic facts.

    While these recessions definitely contributed to the issue, they were not likely the cause, any more than Obama was.
    Quote Originally Posted by ocean515 View Post
    ...I'm not interested in debating someone who is trolling for an argument....
    Quote Originally Posted by Papa bull View Post
    I see a big problem with the idea that whatever the majority wants is OK.

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    Re: U.S. Adds 217,000 Jobs in May, Unemployment Rate Stays at 6.3%[W:218]

    Quote Originally Posted by imagep View Post
    The clfpr dropped until late 2005, went up for one and a half years when we were at the peak of the construction boom, and then started falling again.

    The first Bush recession ended in 2001 or 2002, and was very mild, yet the clfpr continued to drop. Your theory is disproven by actual historic facts.
    I am sure you have heard that this was called a "jobless recovery" and the statistics bear that out. There were job losses and weak job growth extending into 2003 and that is roughly how long the labor force participation rate was declining before it turned around.
    "For what is Evil but Good-tortured by its own hunger and thirst?"
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    Re: U.S. Adds 217,000 Jobs in May, Unemployment Rate Stays at 6.3%[W:218]

    Quote Originally Posted by Demon of Light View Post
    I am sure you have heard that this was called a "jobless recovery" and the statistics bear that out. There were job losses and weak job growth extending into 2003 and that is roughly how long the labor force participation rate was declining before it turned around.
    I don't see much of a correlation between the clfpr and unemployment:
    Quote Originally Posted by ocean515 View Post
    ...I'm not interested in debating someone who is trolling for an argument....
    Quote Originally Posted by Papa bull View Post
    I see a big problem with the idea that whatever the majority wants is OK.

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    Re: U.S. Adds 217,000 Jobs in May, Unemployment Rate Stays at 6.3%[W:218]

    Quote Originally Posted by imagep View Post
    I don't see much of a correlation between the clfpr and unemployment:
    When you put out ridiculous charts like that it can be hard to see correlations.
    "For what is Evil but Good-tortured by its own hunger and thirst?"
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    Re: U.S. Adds 217,000 Jobs in May, Unemployment Rate Stays at 6.3%[W:218]

    Quote Originally Posted by Demon of Light View Post
    I am sure you have heard that this was called a "jobless recovery" and the statistics bear that out. There were job losses and weak job growth extending into 2003 and that is roughly how long the labor force participation rate was declining before it turned around.
    Agreed.
    But I would call it more a 'McDonald's job recovery'.

    Take the last 12 months for example (according to the BLS):

    1,382,000 jobs were created.

    BUT - of those jobs, only 78,000(!?!) of those were between the all-important 25-54 age ranges. And men between 25-54 actually lost 30,000 jobs.

    Yet the unemployment rate dropped from 7.4% to 6.3%.

    That means 94.4% of all the jobs created in America over the past 12 months have been for those under 25 and those over 55.

    A prime example of how the headline number looks good - but the fine print shows the REAL story...this is a McDonald's/WalMart-type fueled recovery.



    Table A-9. Selected employment indicators
    Last edited by DA60; 06-21-14 at 05:32 AM.

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