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Saturday, April 4, 2015

An Update on the Ongoing US Job Catastrophe...er...Recovery?

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 data...work 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.

6 comments:

  1. What counts isn't total population, but working age population. For the most part, kids under 16 and adults over 65 don't work.

    The growth in prime age working adults in America has been tremendous, up 45.3% since 1980.

    ReplyDelete
    Replies
    1. Job growth in the 65 and older cohort has far outpaced the 25-54 age group ( which still has not recovered to pre-recession levels).
      http://research.stlouisfed.org/fred2/graph/?g=16tp

      Delete
  2. Uh, ok. My point is that jobs creation has broken down while population continued to grow...whether jobs are compared to total population or per the 16-65 year old segment, we're not making enough.

    I think I cover this topic in chapter 4 of my book at the link below...
    http://econimica.blogspot.com/2015/02/fundamentally-flawed-chapter-4.html

    ReplyDelete
  3. Thanks for publishing all this. You have a gift for analysis and presentation.

    Janet Yellen has the same information and lots of staff. She must be adept at not noticing the obvious.

    Normal people don't bother with this stuff, perhaps they should?

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  4. This comment has been removed by a blog administrator.

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  5. Nice information.
    It is helpful to every one .
    Thanks for sharing. Full Time Jobs

    ReplyDelete

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