September 2013

JOLTS Shows Jobs Static Again - 3.1 Unemployed Per Opening in July 2013

The BLS July JOLTS report, or Job Openings and Labor Turnover Survey shows there are 3.1 official unemployed per job opening and this has been the same story for the last six months.  Job openings declined by -4.7% from the previous month to a total of 3,689,000.  Hirings increased 2.3% to 4.419 million.  Real hiring has only increased 22% from June 2009.

The Majority of New Jobs are Not Part-Time

There are a host of claims out there on part-time work, including this one which claims 96% of all jobs in 2013 are part-time.  Is this really true?  There is no doubt people forced into part-time hours for economic reasons has dramatically increased, as we show every month in our unemployment overview and reproduce below.

Consumer Credit Report Shows Credit Card Use Down for July 2013

The Federal Reserve's consumer credit report for July 2013 shows a 4.4% annualized monthly increase in consumer credit, driven by auto loans.  Once again student loans increased, while credit card debt declined.   Revolving credit declined by -2.6%, and non-revolving credit jumped another 7.4%.  June showed consumer credit increasing by a 5.1% annualized rate.

Charts from BLS Employment Report Show Bad Jobs Continue to Rule in 2013

The BLS unemployment report shows total nonfarm payroll jobs gained were 169,000 for August 2013, with private payrolls adding 152,000 jobs.  Government jobs increased by 17,000.  Probably the worse news of this report is July was revised down by 58,000 jobs to show only a 104,000 payroll gain and June was also revised down by 16,000 to 172,000 jobs added for that month.

Free Markets are Fraudulent Markets

How the Financial Elite Con Us into Wanting the Wrong Thing

Competitive or self-regulating market economies promote dynamic creative destruction and rebirth—led by people’s needs, wants and desires, thus properly directing economic progress. Historically, competitive market economies are a relatively new economic system, and while very productive, they are not self-sustaining, are unstable and require significant state support and regulation to function properly.

Unemployment Rate Drops On Over Half a Million More Not In Labor Force

The BLS employment report shows the official unemployment rate declined a percentage point to 7.3% as over half a million people dropped out of the labor force.  The labor participation rate just hit a low not seen since August 1978.  Less people were employed as well.  People dropping out of the labor force is no way to lower an unemployment rate, yet this is what is going on, five years eight months after the start of the Great Recession.

ADP Employment Report Shows 176,000 Jobs for August 2013

ADP's proprietary private payrolls jobs report shows a gain of 176,000 private sector jobs for August 2013.  ADP revised July's job figures down by 2,000 to 198 thousand jobs.  Overall, August shows same ole, same ole in the ADP job figures.  This report does not include government, or public jobs.