Saturday, April 4, 2015

An Update on the Ongoing US Job

Given it was BLS jobs day...thought I'd update the US jobs picture based on the latest and not-so-greatest jobs info.  Read it and weep.  Most economists, politico's, and wall street hacks call this "full employment" and are concerned about runaway wages...well, they are definitely earning their money.  All data directly from the US Bureau of Labor Statistics.

First, a longer term view of like 15 year periods.  Look at how population growth has slowed, full time job and job growth have collapsed, and the rise of the infamous "not in labor force".

Source, BLS
Second, a close-up of the '01 to present situation, using like 7 year periods.  Population growth continues slowing, part time jobs account for all employment gains.  Fewer full time jobs exist today than Dec of '07 (despite the population gain of 17 million).  And the "not in labor force" is the big winner.

Source, BLS
I know all the numbers in the charts above don't add up but that's the beauty of the BLS with me.  Also, note that I evened out the time periods on both charts to compare like durations.

Bottom-line, how anyone can look at this data and tell the US public, investors, and themselves that a recovery has taken place is hard to fathom.  The quantity and quality of the jobs created are both abysmally low.  Amazing that government and central bank actions are not under greater scrutiny for their creation of the boom and bust cycles under their horrific leadership.