Posted on 08/08/2005 5:22:46 AM PDT by OESY
We would like to take a moment to pause and marvel at the U.S. economy. Friday's Labor Department report of more than 200,000 new jobs in July, and two million over the past year, provides the latest bullish details. But the larger story of American job creation, and its causes, is even more impressive.
First, more Americans have jobs today than at any other time in history. Second, over the past two decades or so, the U.S. has created more than 40 million jobs -- twice as many as Europe and Japan combined. And third, the U.S. has one of the lowest jobless rates of all developed nations.
It was only a year ago that John Kerry was blasting the "jobless recovery." Lou Dobbs was flogging "outsourcing" every night on CNN as a sign of peril for the American workforce. That criticism now looks wildly off base. The 5% jobless rate today is almost a percentage point below what it was during the same stage of the business cycle during the vaunted "Clinton expansion."...
But just when it seemed there was reason to celebrate, a new study by the Federal Reserve Bank of Boston warns that the low U.S. unemployment rate is a "false signal" of prosperity....
Labor economist Diana Furchtgott-Roth of the Hudson Institute has thoroughly refuted the Boston Fed study. She finds that "most non-participants are out of the labor force by choice -- in school, parenting their children, or retired early."....
We are undeniably losing some manufacturing jobs over time (although manufacturing output has risen as a result of new technology and productivity gains).
But those positions are being rapidly replaced with information, technology and service jobs -- most of which pay more than factory work and are less physically grueling....
(Excerpt) Read more at online.wsj.com ...
Yes! Get back to work. You are ruining the figures. :-)
I agree, but the ironic thing is that all this debt is seen as a good thing by people who call themselves "conservative."
It's so tiresome to see the pro government-subsidized "cheap" labor, pro "free tradin' transfer of technology, wealth, and jobs" crowd crow about how great things are; but on the other hand economists point to falling wages for some, lagging wages for others, underemployment for many, lost consumer demand as jobs go offshore, and economic facts such as imported productivity.
Then there's the household v. establishment debate over the number of jobs created. If you are not getting paid are you really employed? Household says yes. If you are not a W-2 employee are you counted by the payroll survey?
There are studies like some from Northeastern University, Pew Hispanic Center, and CIS that show jobs losses for citizens and established immigrants and huge gains in employment by recent immigrants (legal, ILLEGAL it matters not).
Somewhere between there is truth?
Or is "truth" determined by dollars that one side gains over the other?
THE BEST PAYING COUNTIES IN THE USA
Here's where workers can earn the most.
August 8, 2005: 9:41 AM EDT By Les Christie, CNN/Money staff writer
NEW YORK (CNN/Money) - The nation's biggest county, Los Angeles, has more businesses than any other, according to a new report from the Census Bureau. But among the 50 U.S. counties with the most businesses, New York County, better known as the New York City borough of Manhattan, has the best-paid workers.
The release, which covered data through March 12, 2003, reported that the average annual payroll per employee in Manhattan during 2003 was $73,032. That was 14.6 percent higher than the next highest paid county, Silicon Valley's Santa Clara County, where the average worker earned $63,704 a year.
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Look what NAFTA-CAFTA had done - obviously NYC must be where all those 'good jobs' were created.
Your post was excellent but you are wasting your time with these guys. Their goal is to sell gloom and doom. They would look for a pimple on Miss Universe.
What they need to do is count the numbers of people who are working temp jobs, not just working.
Sad to say, but it makes a difference in job security and outlook, as I have known for about 13 years now!
You cannot imagine the relief at finally having a full time job again!
...in the service sector, too! Technical, but FIELD SERVICE.
Nope. If you're filing tax returns you're counted as employed. The 5% is that part of the population that are unemployable.
We may not be responsible for other nations' jobs but our consumption is responsible for creating hundreds of thousands of jobs (or more) around the world. The American consumer has lifted countries out of poverty and offered hope to those who had none.
As those economies develop and per capita GDP increases, they become markets for our high value goods and services. It's apples to apples and it's all good news. Sorry.
There's the operative word - created. Were the jobs actually needed or worth while?
Where do you think you live? That's just a ridiculous thing to ask.
You mean that I am still supposed to be paying taxes on my income?
Just kidding.
I live in the socialist state of Illinois and retirement income is exempt from state taxes. Our socialist governor was making noises about taxing that income but dropped it. I think he heard about the angry mob of senior citizens getting the tar and feathers ready for him. I gotta give him credit though, he is trying to be a good little socialist.
Where do you think you live? That's just a ridiculous thing to ask.
That is why I decided against replying to his nonsense. Obviously he has more grasp of leftwing political points than economics.
You weren't a mechanic were you
First of all, what are the Chinese and Japanese going to do with all the dollars they receive? They can spend them or invest them. If they had a better place to invest them, they would.
Second, who says we can't afford our homes? The average American household has more than 57% equity in their home. American household net worth is at an all time high of $49 trillion with only 20% of that coming from home equity.
When the inflation from all that credit dries up, will the value of the McMansions fall? Will the stock market fall?
And just where is all this inflation you say exists? The bond market doesn't see it. Do you see something they don't?
that we are all created equal and all in this together whether we want to be or not.
This is really all about your personal circumstances, isn't it?
No, but why do you ask?
What ever happened to "From each according to his abilities"? I thought that you people valued the work of the common laborer/peasant.
Fine. Forget the unemployment rate. Let's look at other economic indicators. Where is the bad news in these?:
GDP growth
Rising wages
Low interest rates
Tame inflation
Manufacturing expansion (26 months in a row)
Service sector expansion
Corporate earnings
Export growth
Household net worth
Home ownership
Home equity
Number of Americans invested in the stock market
Consumer confidence
I am amazed by your ability to ignore all things positive in favor of doom and gloom based on anything but fact. It is truly unfortunate that you will not be happy until our economy is truly hurting. The public is not stupid, they just don't share your irrational moroseness.
Im not doubting you, I am just curious as to what type of high value goods and services.
Considering how many people now comprise our workforce (almost 134 million on the non-farm payroll), and given the welfare-state mentality that pervades much of the industrial world, a 5% unemployment rate is miraculous. It also does not include many thousands of undocumented jobs held by day laborers, illegal immigrants and those paid "under-the-table". If we could eliminate the illegals, we'd have an even lower rate.
My sentiments exactly, for literally all of my adult life I've been hearing the same doom and gloom rhetoric about the economy, the deficit, outsourcing etc, etc.Yet for all of that time I've been employed.In fact for most of that time I've had two and sometimes even three jobs.I suppose one shouldn't have to work two jobs to get by but then again how many millionaires do you suppose got to where they are by working 40 hours a week?
Too bad it takes at least 150K/year to live there. ;)
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