July 2009 Jobs Report

[Scataphagos]

Quote from Arnie:

That's true, but consider this. The only areas to gain were teachers, health care and government. I don't know how any of those will be a catalyst for growth. Maybe it's typical for these areas to gain before manufacturing, services etc... at the end of a recession. I don't know. What I do know is teaching, health care and government are not where the next bull market will come from.

Not all that great of a jobs report... for the economy.... jobs which promote "capital accumulation" are what we NEED... you know, like the Chinese are doing and America did up until about 25 years ago.

The jobs that COUNT (in the big picture) are the ones which produce a "profit margin".. manufacturing and services.

The economy can "carry the expense" of only so many non-profit jobs (government, public education).

 

[SNBthetrue]

Haa ! was great ! GG AmEriCa !

 

[SNBthetrue]

Quote from truehawk:

Because of the wonderful quality of fungibility, your tax dollars are helping to pay obscene bonuses to executives of banks that would otherwise have gone belly up. Here are some lowlights: Goldman Sachs made $2.3 billion in 2008, but gave out $4.8 billion in bonuses; they also received $10 billion in TARP funds and more than $12 billion of taxpayer money as a counterparty to AIG. JPMorgan Chase made $5.6 billion, but gave out $8.69 in bonuses; they received $25 billion in taxpayer bailout money. Citigroup and Merrill Lynch lost $54 billion, but gave out $9 billion in bonuses. It must have helped that taxpayers wrote them a check for $55 billion. As the report dryly puts it, "there is no clear rhyme or reason to how the banks compensate or reward their employees."

http://www.huffingtonpost.com/arianna-huffington/remember-that-whole-thing_b_252548.html

Working in a bank is even better than I could dream... but to be a slave as a price...

 

[Scataphagos]

Quote from SNBthetrue:

Working in a bank is even better than I could dream... but to be a slave as a price...

Not to worry. If Obama gets his wish, we'll ALL soon be slaves...

 

[bit]

Quote from SNBthetrue:

Working in a bank is even better than I could dream... but to be a slave as a price...

Judging from the size of those bonuses...it's priced in.

 

[scriabinop23]

Quote from Scataphagos:

Not all that great of a jobs report... for the economy.... jobs which promote "capital accumulation" are what we NEED... you know, like the Chinese are doing and America did up until about 25 years ago.

The jobs that COUNT (in the big picture) are the ones which produce a "profit margin".. manufacturing and services.

The economy can "carry the expense" of only so many non-profit jobs (government, public education).

Jobs are jobs. People that make incomes have money to spend. Eventually the cyclical stuff improves. What's fascinating is if you look at the job loss trend, it isn't a stretch to assume we might have slight job growth numbers within 3 or 4 months. And within 6 months, real growth, not just breakeven jobs... Not far fetched considering stimulus is just starting to kick in.

 

[Scataphagos]

Quote from scriabinop23:

"... People that make incomes have money to spend.

So do those who receive welfare. They are a parasitic drain on the country and the economy... just like government.

If your logic is correct, then the solution to unemployment is to have the government give ALL unemployeds a job.. half of them digging holes, the other half filling them back up again...

 

[dtan1e]

actually "cooking" up the numbers is a fairly common phenomenon, just suppose you are the employee compiling the figures and you understands the pressure to provide the most favorable figure, there will always be a way to it, anyone who has worked in a financial institution that has traders will know that as you cannot make the traders look bad or you will be out of a job pretty quickly, same situation in this case, that's why never trust such figures when there is an agenda involved

 

[Kassz007]

Quote from Arnie:

That's true, but consider this. The only areas to gain were teachers, health care and government. I don't know how any of those will be a catalyst for growth. Maybe it's typical for these areas to gain before manufacturing, services etc... at the end of a recession. I don't know. What I do know is teaching, health care and government are not where the next bull market will come from.

But the more people who are employed as teachers, health care professionals, and government employees means more people have jobs, which means more people are spending money, which means the economy grows. It has nothing to do with these jobs being where the next bull market will come from, it's all about having more people with jobs to spend money.

 

[Kassz007]

Quote from scriabinop23:

Jobs are jobs. People that make incomes have money to spend. Eventually the cyclical stuff improves. What's fascinating is if you look at the job loss trend, it isn't a stretch to assume we might have slight job growth numbers within 3 or 4 months. And within 6 months, real growth, not just breakeven jobs... Not far fetched considering stimulus is just starting to kick in.

+1

The cyclicals will come soon, but jobs are jobs. The main thing is that job growth is not falling at a greater pace, it is improving. More people with more money to spend is a good thing for the economy.