If I blow the conch and they don't come back; then we've had it. We shan't keep the fire going. We'll be like animals. We'll never be rescued.
Yes, because it's not always about the dollar I spend. The dollar I spend means nothing if that dollar goes to a firm that is not using its productive capacity in an efficient way. Jobs need to be highly productive and create value. If they don't, you'll either see 1) a cut in hours (which is actually occurring in the leisure and hospitality sector) or 2) a reduction in employment. When this happens, it means that employers are wasting resources and need to trim the fat somewhere. The only way to prevent scenario number 2 from happening is for consistently high earnings. This only helps in the short term, because in the long term earnings will fall, due to cyclical reasons, lack of sales or whatever excuse employers will come up with. What do you think will occur once this happens?I think that we need all the jobs we can get. The more jobs we have, the more wealth we produce, REGARDLESS of the sector.
Can you really make an argument that a dollar spent on good meal at your favorite eatery is any less productive than a dollar spent on a new pair of kicks, or a dollar spent on a tattoo or on some new mag wheels for your pimped up ride?
Considering this, it's not a good thing to have lots of employment in low productive sector because it doesn't help anyone in the long run.
There are plenty of jobs besides construction and research that create lasting value. Education, health, finance, information technology, manufacturing, professional/technical services etc etc. The economy increasingly needs more of these jobs.The most productive dollar spent and the most productive job is in whatever sector there is enough demand to create more jobs and more dollars. Why would we want more jobs in sectors that don't need more workers?
The only sectors that really create lasting value are research and construction. Nothing else does. Do you not value any jobs other than researchers and construction workers?
Btw, that 295,000 more Americans employed number is NOT just businesses reporting in. A large percentage of it is BLS estimates.
The Birth Death model 'To account for this net birth/death portion of total employment, BLS uses an estimation procedure'.
And, this month, 132,000 of the 295,000 number came from the BLS's Birth Death estimate.
'What kind of sick and twisted toy factory is this?'
'We are all the sum of our tears. Too little and the ground is not fertile, and nothing can grow there. Too much, the best of us is washed away.'
"Better to be dead and cool, than alive and uncool."
Leisure and hospitality in the bls is the same as the arts, entertainment, recreation, accommodation, and food services sector in the bea. That has an output of 3.8% quarter over quarter. The only industry with lower output besides warehousing is the good producing industry, which is mining, manufacturing and argiculture, which an average output of 1%. That is what I said, that is what the data shows, which means everything I said is correct.
Now if you're looking at sub sectors within the industry, which is probably where your confusion lies, that is statistically invalid.
Let me know which part of this you don't undetstand.
Last edited by WallStreetVixen; 03-07-15 at 10:36 AM.
The Gruber-crat is strong in this one!