Skeptical as ever, David Rosenberg is by no means convinced Friday's unemployment report is a positive.
All of the gain in the Household Survey was in farm workers and even with that, the broad U6 unemployment rate jumped to 16.8% from 16.5%. If it weren’t for the decline in the labour force participation rate in the past year, the headline unemployment rate would be well above 11% right now. Wage growth is slowing discernibly as seen by the near-stagnation in average hourly earnings. And with jobless claims trending around the 470k mark, how is it possible that employment is really turning the corner?
Mar 8, 2010 11:17 AM
The Curious Capitalist says this morning's February jobs number — the one everyone said to discount because of the effect of the East Coast snow storms — shows the labor market is back on the right track.
So if we had sun instead of snow, February would have been the best jobs month since May 2007, and the second time since the beginning of the recovery that we have had a positive jobs number. And if you believe my argument that snow only delays things, we have a 200,000 jobs head start. That almost guarantees us to have a positive jobs month in March, and our first back-to-back gain in monthly jobs.
Mar 5, 2010 11:50 AM
Yeah, it's going to be tough to live off your shrunken nest egg, but once they think about it, most younger folk will be scared to death about the implications your continued employment will have on the American society and will all but shove you out of the office.
Mar 5, 2010 9:53 AM
Factories add some jobs, seasonal sectors retreat
Mar 4, 2010 2:34 PM
The St. Louis Fed has some compelling graphic evidence of how our budding recovery is on track when it comes to industrial production and retail sales — aren't we supposed to be spending less these days? — but on pace to set new lows when it comes to job and income growth.
Mar 4, 2010 9:34 AM
Gubernatorial candidate Bill Haslam says Tennessee's job-creation efforts coming out of this recession should be coordinated on a regional level.
He envisions 10 to 13 regional directors that will be responsible for supporting and coordinating already existing local and regional efforts, aligning resources and developing regionalized short‐term and long‐term plans for economic development. These regional directors would be tasked with giving weekly progress reports directly to the Governor and Commissioner of Economic and Community Development.
Mar 3, 2010 2:04 PM
Nashville staffing company Synergy Systems yesterday acquired Apaisant Executive Search and HR Consulting. Apaisant is active in the finance/accounting space, with Synergy focuses on the IT sector. From the press release:
“I am very excited about the addition of Brian Hoppes to the Synergy Systems team and the potential upside that it brings to our clients,” says Jeff Martin, founder and president of Synergy Systems. “Brian is a proven leader who has the ability to create meaningful partnerships with organizations that improve their selection processes, as well as their bottom line.” ... “Our clients stand to benefit greatly from this acquisition,” says Martin. “It has always been our desire to offer more comprehensive services and to fully utilize our substantial network and resources. By acquiring Apaisant and bringing Brian Hoppes onto the team, we are now in position to fully realize our potential.”
Mar 2, 2010 1:38 PM
The Curious Capitalist previews some Congressional testimony that will be delivered this morning by Federal Reserve Governor Elizabeth Duke. Among her talking points: Bank examiners are being instructed and trained to avoid becoming "overly conservative in an attempt to ameliorate past weaknesses in lending practices." Combined with some anecdotal evidence that some lenders actually want to get out and lend more to small businesses, decent small biz-led job growth in 2010 may not be a pipe dream.
Feb 25, 2010 8:30 AM
A National Association of Business Economics survey shows some optimism about companies driving growth in 2010 with consumer spending chipping in a bit more next year. Peter Cohan says the latter assumption is optimistic.
The 2000s featured a well-orchestrated war on workers. Recall that NABE prediction of employment growth that will soon hit 103,000 new jobs a month: Well, it will take an economy producing at least 100,000 jobs a month just to absorb new entrants to the workforce. While it sounds robust, that level of job creation won't even make a dent in the 15 million unemployed.
Feb 23, 2010 8:22 AM
The number of people filing new claims for unemployment benefits jumped unexpectedly last week, although observers say the Mid-Atlantic snow storm played a role and will keep the bigger picture muddled for a while.
Feb 18, 2010 11:05 AM