Where is the US economy headed?

@revelette2,

Nothing wrong with you observations about job growth and thinking on education. Computer science is a very good field as are some of the other professions such as doctor, accountant, marketing, business administration, and finance. However, having said all that, I also believe that the individual should seek a career field that will make them happy working in.

0 Replies

Thank you, revel, for commenting.
I agree that the numbers are promising, but are not worthy of dancing in the streets. Even some of the President's harshest critics are somewhat quiet after the June report.
I quibble a bit with the source you cited. While not inaccurate they, perhaps because of space limitation, were a bit vague in the quality of jobs added. I use the BLS numbers which break things down more, Unlike earlier months there were more "professional" and fewer "burger flipping" jobs added.
Wages earned, hours worked, and overtime hours paid rose, albeit modestly. The last one is important because it is believed that it will tempt employers to hire new workers.
U-3, the "official" rate of unemployment is probably wrong to use. U-6 would be preferable but U-3 has been around for so long that it would be hard to make the switch. I or others here can explain it if anyone needs a brief tutorial.
Similarly, much has been made of the "Employment participation rate" which is at the lowest rate in decades. But in my mind it is a meaningless statistic.
Finally, with U-3 now at 6.1% people will (gasp) begin talking about where the bar should be set for what rate of unemployment counts as full employment. When I was in school the mark was 4%. I am hearing noises now that it should be 5%.

2 Replies

@realjohnboy,

http://blogs.reuters.com/counterparties/files/2014/06/productivity-growth.jpg

This is a recovery?? Not for labor it is not, and most people rely on wages to support their standard of living. The truth is that labor has no bargaining power because their are too many people for the number of jobs we have. This graph explain why retail, which accounts for a lot of our jobs, is going nowhere.

1 Reply

@hawkeye10,

Again

http://www.washingtonpost.com/blogs/wonkblog/files/2013/03/median-income.png

This is a recovery??

Not for labor it is not....

2 Replies

@hawkeye10,

Nice example of how to make a misleading chart.

1 Reply

@parados,

parados wrote:

Nice example of how to make a misleading chart.

Yawn, another case of a snotty/lazy bastard going around placing " garbage" labels on things not not justifying the claim.

Here is a claim...." the moon is made of blue cheese".

The relevance of my claim matches yours.

1 Reply

@hawkeye10,

This graph on household income probably tells a better story about our economy.
The graph I have shows a decrease of 11% since 2000.

I tried photobucket to copy and paste, but they changed the process, and I can't figure out how to transfer pictures now.

0 Replies

@hawkeye10,

Anytime someone makes a chart with 2 items using different axes scales and attempts to use it to draw conclusions it is misleading. Use 2 charts if you feel you must and then tell us why there is a comparison. Using one chart with no explanation is nothing more then garbage.

0 Replies

@realjohnboy,

Thank you, but I do well to balance my checkbook, most of what you said is lost on me. But are you saying that more higher paying jobs were added last month than in previous months?

1 Reply

@revelette2,

I am saying that. You can find the full monthly BLS at their website. The report is about 30 pages full of numbing tables of data. There is a cover letter from the commissioner that attempts to hit the high points.
There were a net 288k jobs created, which is above the monthly average for the past year. Admittedly, this is not cause for great celebration but I think it is positive.
I don't want to totally bore you but here is the evidence:
The category of Professional and business services added 67k jobs (compared to an avg of 53k for the last 12 months)
-- Management and technical consulting: +8k
-- Architecture and engineering: +7k
-- Computer systems: +7k
Retail trade +40k (vs an avg of 26k). The list of kinds of jobs includes motor vehicles (+12k), building materials (+8k) and electronics and appliances (+7k)
Financial services created 17k (vs an avg of 5k)
Food services and drinking places (17k) up from an avg of 5k. I am assuming that jobs in this category are not particularly high paying

Aren't you sorry you asked?

1 Reply

@realjohnboy,

No, just wish I understood math more, but I understood that well enough. I think though, that in general, more females are getting into those fields which is a good thing. Now if only fairer wages are paid, but I guess that belongs on another thread.

1 Reply

@revelette2,

As a matter of fact, in the high tech industry, women's pay and benefits are the best in this country compared to men's. What I also appreciate in our area is the fact that many communities have increased their minimum wage that's higher than the federal or state's. Everybody benefits.

However, this morning's newspaper reported that company CEO's and Officers gained over $25 million in this week's stock option trades. More of the company profits should be shared with 'all' employees IMHO.

0 Replies

Robert, Thanks for sharing your perspective on our economy. However, I'd like to share my .02c worth of opinion for whatever it may be worth.
1. Car sales are increasing at a very healthy rate in the US.
2. More people are traveling; not only in the US but around the world.
3. The US economy compared to all others are doing quite well regardless of the problems in Europe and China.
4. Job growth is beginning to show some momentum which bodes well for our economy.
5. Many states and cities are increasing the minimum wage; this will impact our economy in mostly positive ways.
6. The stock market seems to reflect consumer confidence in our economy, and recently broke the 17,000 barrier.
7. I'm seeing many travel companies are selling out their tours - even those with moderately high prices. *Over $5,000.
8. Finally, consumer debt is lower now than a year ago.

1 Reply

@cicerone imposter,

Quote:

1. Car sales are increasing at a very healthy rate in the US. Wealthy
2. More people are traveling; not only in the US but around the world. Wealthy
3. The US economy compared to all others are doing quite well regardless of the problems in Europe and China. Being better off than the rest of the sinking ship does not make me feel any better
4. Job growth is beginning to show some momentum which bodes well for our economy. Shitty jobs, which do not provide enough income to perpetuate the current world order...pardon me for not being impressed
5. Many states and cities are increasing the minimum wage; this will impact our economy in mostly positive ways. Prob more neg than positive. Pardon me for not being impressed.
6. The stock market seems to reflect consumer confidence in our economy, and recently broke the 17,000 barrier. Thanks to government and central bank debt, pardon me for not being impressed
7. I'm seeing many travel companies are selling out their tours - even those with moderately high prices. *Over $5,000. The wealthy are doing great. They were also doing great before the French and Russian revolutions...Pardon me for not being impressed
8. Finally, consumer debt is lower now than a year ago.

1 Reply

@hawkeye10,

Your expressions have no basis in fact. What you claim to be the wealthy are those buying moderately priced Japanese cars that are rated as dependable. They're not buying the luxury cars in comparable ratios to the past - those bought by the wealthy. Car sales are up!

Car factory workers get decent pay and benefits. That's the true story.

You lack perspective and reality. Quit bitching and get a life!

1 Reply

@cicerone imposter,

Quote:

Car factory workers get decent pay and benefits. That's the true story.

new hires make $15 hour, Seattle/San Francisco min wage. Try again, idiot.

1 Reply

@hawkeye10,

The 'idiot' is you looking in the mirror. Here's what auto factory workers make as starting pay, $27/hour.

Quote:

VW Chops Labor Costs in U.S.

By MIKE RAMSEY
Updated May 23, 2011 12:01 a.m. ET
Volkswagen AG VOW.XE 0.00% on Tuesday will celebrate the opening of a new Tennessee auto plant that gives the German auto maker much lower U.S. labor costs than not only its Detroit rivals but its Japanese competitors on American soil.

The new plant will present a stiff challenge for Detroit auto makers, which restructured with the goal of achieving cost parity with Japanese companies building cars in the U.S.

Located near Chattanooga, Tenn., the plant will pay starting workers about $27 an hour in wages and benefits, according to estimates by industry analysts. That's roughly half the $52 an hour cost of labor at the Detroit Three auto makers and some non-union U.S. plants owned by Toyota Motor Corp. TM +0.39% and Honda Motor Co. HMC -0.11% It comes as Korea's Hyundai Motor Co. and Kia Motors Corp., whose Alabama and Georgia plant labor costs are similar to VW's, are gaining share against Detroit and

[/url]

Production wages in Tennessee doesn't even come close to what auto makers are making - at starting wages.

Quote:

Total all industries

Tennessee

Production Occupations

Occupation Occ. code Est. empl. Mean wage Entry wage Exp. wage 25th pct Median wage 75th pct
PRODUCTION OCCUPATIONS 51-0000 244,520 31,880 19,400 38,120 21,920 29,020 37,780
15.35 9.35 18.35 10.55 13.95 18.15
First-Line Supervisors/Managers of Production and Operating Workers 51-1011 15,110 53,750 33,580 63,840 38,130 50,070 66,190
25.85 16.15 30.70 18.35 24.05 31.80
Coil Winders, Tapers, and Finishers 51-2021 590 32,140 23,880 36,270 25,850 31,830 38,730
15.45 11.50 17.45 12.45 15.30 18.60
Electrical and Electronic Equipment Assemblers 51-2022 2,860 27,610 20,770 31,030 23,130 27,180 30,800
13.25 10.00 14.90 11.10 13.05 14.80
Electromechanical Equipment Assemblers 51-2023 520 31,260 23,850 34,960 25,550 30,640 36,180
15.05 11.45 16.80 12.30 14.75 17.40
Engine and Other Machine Assemblers 51-2031 1,520 30,970 27,040 32,940 26,770 29,390 34,260
14.90 13.00 15.85 12.85 14.15 16.45
Structural Metal Fabricators and Fitters 51-2041 1,930 34,800 26,250 39,080 27,450 32,690 40,770
16.75 12.60 18.80 13.20 15.70 19.60
Fiberglass Laminators and Fabricators 51-2091 850 31,270 24,730 34,550 26,950 31,970 35,670
15.05 11.90 16.60 12.95 15.35 17.15
Team Assemblers 51-2092 38,740 30,180 19,020 35,760 21,110 27,520 35,690
14.50 9.15 17.20 10.15 13.25 17.15
Assemblers and Fabricators, All Other 51-2099 N/A 25,600 18,220 29,290 19,790 23,740 31,350
12.30 8.75 14.10 9.50 11.40 15.05
Bakers 51-3011 2,120 22,130 16,820 24,790 17,880 20,800 25,340
10.65 8.10 11.90 8.60 10.00 12.20
Butchers and Meat Cutters 51-3021 2,550 27,350 19,370 31,340 21,460 26,680 32,610
13.15 9.30 15.05 10.30 12.85 15.70
Meat, Poultry, and Fish Cutters and Trimmers 51-3022 2,950 20,650 16,720 22,610 17,730 20,220 23,150
9.95 8.05 10.85 8.50 9.70 11.15
Slaughterers and Meat Packers 51-3023 70 19,470 16,670 20,880 16,810 18,370 21,140
9.35 8.00 10.05 8.10 8.85 10.15
Food and Tobacco Roasting, Baking, and Drying Machine Operators and Tenders 51-3091 380 34,700 23,620 40,240 27,070 33,430 38,900
16.70 11.35 19.35 13.00 16.05 18.70
Food Batchmakers 51-3092 1,620 31,840 20,140 37,690 22,690 32,360 41,420
15.30 9.70 18.10 10.90 15.55 19.90
Food Cooking Machine Operators and Tenders 51-3093 1,310 35,240 23,000 41,360 27,280 38,920 43,320
16.95 11.05 19.90 13.10 18.70 20.85
All Other Food Processing Workers 51-3099 1,030 22,960 17,520 25,680 19,050 21,890 24,890
11.05 8.40 12.35 9.15 10.55 11.95
Computer-Controlled Machine Tool Operators, Metal and Plastic 51-4011 2,550 32,430 21,300 37,990 23,980 32,410 38,780
15.60 10.25 18.25 11.55 15.60 18.65
Numerical Tool and Process Control Programmers 51-4012 470 40,980 30,480 46,220 32,840 38,090 46,560
19.70 14.65 22.20 15.80 18.30 22.40
Extruding and Drawing Machine Setters, Operators, and Tenders, Metal and Plastic 51-4021 2,380 44,820 25,080 54,700 28,260 36,480 67,220
21.55 12.05 26.30 13.60 17.55 32.30
Forging Machine Setters, Operators, and Tenders, Metal and Plastic 51-4022 610 32,960 25,970 36,450 27,420 32,140 37,540
15.85 12.50 17.55 13.20 15.45 18.05
Rolling Machine Setters, Operators, and Tenders, Metal and Plastic 51-4023 900 35,650 28,730 39,110 31,440 35,260 40,330
17.15 13.80 18.80 15.10 16.95 19.40
Cutting, Punching, and Press Machine Setters, Operators, and Tenders, Metal and Plastic 51-4031 6,630 31,340 23,190 35,420 25,470 30,760 36,950
15.05 11.15 17.05 12.25 14.80 17.75
Drilling and Boring Machine Tool Setters, Operators, and Tenders, Metal and Plastic 51-4032 500 30,210 21,120 34,750 23,140 29,280 36,730
14.50 10.15 16.70 11.10 14.10 17.65
Grinding, Lapping, Polishing, and Buffing Machine Tool Setters, Operators, and Tenders, Metal and Plastic 51-4033 1,560 31,460 22,630 35,870 24,550 29,750 37,760
15.10 10.90 17.25 11.80 14.30 18.15
Lathe and Turning Machine Tool Setters, Operators, and Tenders, Metal and Plastic 51-4034 700 31,890 23,550 36,060 26,980 32,660 36,760
15.35 11.30 17.35 12.95 15.70 17.65
Milling and Planing Machine Setters, Operators, and Tenders, Metal and Plastic 51-4035 550 28,260 20,370 32,210 23,890 28,960 34,050
13.60 9.80 15.50 11.50 13.90 16.35
Machinists 51-4041 7,890 39,850 27,680 45,930 31,860 38,710 47,160
19.15 13.30 22.10 15.30 18.60 22.70
Metal-Refining Furnace Operators and Tenders 51-4051 790 37,550 25,590 43,530 28,890 36,770 44,940
18.05 12.30 20.95 13.90 17.70 21.60

You're one stupid ****. You have never once made a correct challenge of any of my posts. Why don't you quit while you're way behind? Look in the mirror, you'll see a real idiot. LOL

2 Replies

@cicerone imposter,

you used to know how to find information: have you consulted with your doctors about your failing abilities?

http://uaw.org/content/wage-increases-entry-level-workers-add-their-base-pay

Starting salary is $15.78. They will make less than $20 for years. This is far less than autoworkers used to get, it is yet another example of how this economy is failing labor.

0 Replies

@cicerone imposter,

Wages

vs

wages and benefits

The starting wage for union auto workers was $15.78 in 2011. That doesn't include benefits which probably push it up to about $27.

2 Replies

@parados,

The average benefit cost for private industry in March 2014 was 30.1%. The $27 hourly wage at the Tennessee auto plants were higher than most (if not all) other production workers in Tennessee.

0 Replies

Where is the US economy headed?

Related Topics

Quick Links

My Account

able2know