Watching the Economy Crumble

HUMAN EVENTS ^ | Aug 9, 2005 | Paul Craig Roberts

[Willie Green]

The United States continues its descent into the Third World, but you would never know it from news reports of the Bureau of Labor Statistics' July payroll jobs release.

The media give a bare-bones jobs report that is misleading. The public heard that 207,000 jobs were created in July. If not a reassuring figure, at least it is not a disturbing one. On the surface, things look to be pretty much OK. It is when you look into the composition of these jobs that the concern arises.

Of the new jobs, 26,000 (about 13 percent) are tax-supported government jobs. That leaves 181,000 private sector jobs. Of these private sector jobs, 177,000, or 98 percent, are in the domestic service sector.

Here is the breakdown of the major categories: 30,000 food servers and bartenders, 28,000 health care and social assistance, 12,000 real estate, 6,000 credit intermediation, 8,000 transit and ground passenger transportation, 50,000 retail trade and 8,000 wholesale trade.

(There were 7,000 construction jobs, most of which were filled by Mexicans.)

[RightWhale]

The search function is flumoxxed today anyway. Hit or miss.

[BushCountry]

There are help wanted signs all over town today. If the economy is headed down the chute at this time, it isn't obvious locally.

Same here, the 5% full employment figure has hurt the local ecomony, they can't find enough good workers. Heck, even our small local county can't fill about 100 jobs (between 30-75 thousand). Everyone is screaming for people willing to work. There is no doubt that if you are willing to work hard and show up with a good attitude you could make a living in my neck of the woods.

[Willie Green]

I only posted duplicate for your information in case you wanted to withdraw the thread.

Thanks, but no thanks.
A closer examination of the other thread reveals that I'm the one who followed proper posting protocol.
But since you're so concerned, perhaps you can ask SirLinksalot why he posted The Economy: Behind the Rising Jobs Data Lies a Troubling Trend when the actual title of the Newmax article was the same as what I posted.

[Past Your Eyes]

Same here. Businesses have to import workers from Russia, South Africa, Hungary, Romania, etc. etc. They're all over the place around here. Awful nice folks, too.

[advance_copy]

Where are the jobs for the 65,000 engineers the United States graduates each year? Where are the jobs for the physics, chemistry and math majors?

There were 16,941 "Professional and Business Services" jobs created in July 2005, which is where Engineering, Math, Physics, and Chemistry majors are employed. That's according to the Bureau of Labor Statistics report.

Oh, and summer time is always a slow time for hiring in the tech sector because the people who do the hiring are on vacation.

Also, IT and telecom are lagging indicators of a rising economy because companies tend to use the equipment and technology they have before they buy anew.

Paul Craig Roberts knows all this but he just wants to promote doom and gloom (just like some trolls on FR).

[RobFromGa]

At this rate, the US will descend right through the Third World status, and go straight to Fourth World.

What are you going to complain about in about 5-10 more years when the boomers start retiring in droves, and we can't find enough workers to take care of them?

[telebob]

"What are you going to complain about in about 5-10 more years when the boomers start retiring in droves, and we can't find enough workers to take care of them?"

Turn us into Soylent Green....

[BureaucratusMaximus]

"What are you going to complain about in about 5-10 more years when the boomers start retiring in droves, and we can't find enough workers to take care of them?"

Turn us into Soylent Green....

Another reason why Hillary must never be president! /tinfoil

[longtermmemmory]

Under the clinton administration the same 5% was a booooomtime.

[inquest]

This guy gives village idiots a bad name. If 5% unemployment makes us a third world country,

I suppose one criterion for being a village idiot is inability to read. He never said we were a third world country. Nor did he say that the 5% unemployment makes us resemble one in any way. What he said was that the types of jobs that are being created are of the non-productive type that get created in third world countries. To quote:

"Of the new jobs, 26,000 (about 13 percent) are tax-supported government jobs. That leaves 181,000 private sector jobs. Of these private sector jobs, 177,000, or 98 percent, are in the domestic service sector."

[al baby]

Ok guys out of the sandbox

[advance_copy]

the types of jobs that are being created are of the non-productive type that get created in third world countries.

According to the Bureau of Labor Statistics July report:

Employment in professional and technical services increased by 23,000 in July. Over the year, this industry has added 211,000 jobs. Management and technical consulting services, as well as architectural and engineering services, contributed to the July gain.

Paul Craig Roberts is a liar.

[O6ret]

when you look into the composition of these jobs that the concern arises

So what is your point? What is the concern?

BTW, the numbers don't add. Something is missing.

[kallisti]

I've hired 17 since October for a company of less than 200 people centered in NJ. About half were engineers.

[Dat Mon]

Ive checked the BLS pages off and on for months. What I need are statistics that track the employment numbers specifically for ENGINEERING AND SCIENCE. Can you direct me to those sorts of numbers?

Right now they are lumped in with other professional and technical services in a nebulous way.

Engineering and science are special in that, although they are service professions within manufacturing and manufacturing development...they are part and parcel of manufacturing...while other service professions such as architecture aren't. Their end work product is a manufactured item.

Every machine, good, or chemical item produced in this country has to be designed and specified first by an engineer, or controlled or produced by a production engineer.

Production engineers would include mechanical and chemical engineers for example.

[dinodino]

Ooh, another Willie Green post! I was wondering when we were gonna see another one of these cheery missives!

[inquest]

Third world countries can't afford services. Services are only affordable in a wealthy country.

There are wealthy people in poor countries who can afford services - those who are in charge, and those who are politically connected to them. Then there are foreigners.

[stocksthatgoup]

Tom Daschle is smiling