Pages

Thursday, October 3, 2013

In Lieu Of Today's Jobs Report --

... this, as reported by MarketWatch:
Because of a sharp decline in jobs during the recession, the number of nonfarm workers is up only 5% over the past 10 years. While the past decade’s painful recession and the slow job growth that has followed has hurt most Americans, certain occupations have experienced job losses that were severe.
24/7 Wall St. compared employment figures published by the Bureau of Labor Statistics (BLS) for hundreds of occupations from May of 2002 and May 2012. In that time, the estimated number of advertising and promotions managers fell by nearly two-thirds. Because of the housing crisis, many occupations in the construction sector were disproportionately hurt, while many manufacturing trades lost jobs due to structural changes in the economy. These are America’s disappearing jobs.
The graphic below suggests the extent to which the oil and gas industry "saved" the United States:
This graphic has changed little over the past eight months (maybe longer).

Note comparison "year-to-date" vs 2012.

Almost everything is in the red. The few "green" statistics are up 0.1% to 1.1% in many cases.

But petroleum and petroleum products are in the "green" and not by a paltry 1%. Or 2%. Or 5%. Or 10%. Or 25%. But a whopping 37.5% -- almost 40% increase over last year, and remember, CBR terminals probably reached their zenith a year ago.

There's another interesting story line here.

Remember the poll in which I asked whether there would be a railcar shortage for grain due to the oil industry? Not to worry. Grain shipments are down a whopping 15% this year compared to this time last year, and this is a cumulative/average, not a one-time snapshot.

Another interesting story line: the war on coal has resulted in less than a 5% decrease in shipments over last year. There is every possibility that could turn green a year from now as "we" export more coal.

***************************

Later: I didn't think we were going to get a jobs report today, but there it is. US jobless claims edge higher.  The spin has not changed: "the number of jobless claims edged higher, but the numbers still point to a healing labor market." That's been the headline for two years. I can't make this stuff up.
The number of Americans filing new claims for jobless benefits edged higher last week but remained at pre-recession levels, a signal of growing strength in the labor market.
Initial claims for state unemployment benefits rose 1,000 to a seasonally adjusted 308,000, the Labor Department said on Thursday.
The data could provide some of the strongest guidance this week on the health of the U.S. economy as a partial government shutdown delays the release of economic data, including the monthly employment report which was scheduled to be released on Friday.
The big question: will the 800,000 furloughed workers be allowed to apply for jobless benefits?

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.