Payrolls popped by 272K in May — linkedin.com Yippee! They are part-time jobs. There was a significant decrease in full-time jobs and the unemployment rate rose to highest in over two years. (The photo above of the Now Hiring at Pizza Hut sign is from the actual LinkedIn story. I like it. Very appropriate.) It would be helpful to get some context around this 272,000 number, beyond just “Payrolls popped.” Nice alliteration though. Who says there’s no value in a liberal arts degree? Read more →
EppsNet Archive: Employment
I Don’t Think the Jobs Report Was Good
I don’t think the jobs report was good. I don’t think the economy is good. I just read a series of comments on the story linked above and commenters were euphoric. Why do we see one sunny report after another on jobs, unemployment and the economy while Forbes reports that 40% of Americans are living paycheck to paycheck, and 29% are doing even worse, i.e., their income doesn’t cover their expenses? Why has the sentiment on LinkedIn been so dismal? The jobs numbers are illusory. The jobs are all part time. Last month’s jobs were all part time. Full-time employment actually went down. We’ve added 6.2 million jobs since May 2022 and full-time employment has gone up by only 263,000. Number of jobs “created” has gone up much faster than number of people employed, I suspect because a single person working multiple jobs counts as multiple jobs. The unemployment numbers… Read more →
A Dissent on the Biden Radio City Fundraiser
What we saw last night was the president’s ‘let them eat cake’ moment. Millions of Americans are suffering because of the mismanagement of this economy. I say this frequently. We’re seeing record numbers of foreclosures, people are having their cars repossessed, we are seeing a silent job loss because the reports are now showing that the actual growth in employment is in part-time jobs, not in full-time jobs. It is totally and completely unseemly, in this economic environment, for our president to say that we’re going to try to set the record for the amount raised. No money to help people buy eggs and bacon. No money to make sure that people can afford gasoline. — Horace Cooper Read more →
If Your House Burns Down and You Rebuild It, Did You “Create” a New House?
Over 13 million new jobs created.More Americans are working than ever.Record number of small business applications. Bidenomics is growing our economy. — Joe Biden (@JoeBiden) June 28, 2023 I love these Biden tweets on job “creation.” ChatGPT tells me that the COVID-19 pandemic caused the loss of more than 22 million jobs in the United States. The 13 million jobs that Biden “created” are those lost jobs coming back. But he’s still 9 million short. What happened to those people? The unemployment rate is low, which suggests that people have left the labor force for some reason. If COVID didn’t kill them all, then they may have retired, given up (not everyone wants to work at fast-food restaurants), or cobbled together a welfare package they can live on. The labor force participation rate (shown below) has never come back to pre-pandemic level, and people who have left the labor force… Read more →
Accountability Without Consequences
‘I was too ambitious’: Spotify CEO announces layoffs among 6% of employees as tech job cuts continue — msn.com Spotify CEO Daniel Ek said that the decision to restructure Spotify is an “effort to drive more efficiency, control costs, and speed up decision-making,” adding that he takes “full accountability for the moves that got us here today.” I love it — and when I say I love it, I mean I don’t love it — when someone says they take “full accountability” for some disaster, knowing perfectly well that there won’t be any personal consequences. There’s no accountability without consequences. Had he said “I’m forfeiting my salary for the year and donating it to the employees who lost their jobs,” now that’s something I could respect. Popular Bookstores, Including Barnes & Noble, Are Closing Locations, Starting Feb. 11 — bestlifeonline.com JCPenney Is Closing Even More Locations, Starting Next Month —… Read more →
All is Well! All is Well!
Microsoft to Lay Off 10,000 Workers as It Looks to Trim Costs — msn.com Google to lay off 12,000 employees, the latest tech giant to cut thousands of jobs — usatoday.com Regal Cinemas is closing 39 more movie theaters. See the list — cnn.com Another day, another round of layoffs and closures, another sunshine up the butthole economic report from the Biden administration: We’re not in a recession! Employment numbers are great! Someone is lying to me and I don’t think it’s Microsoft, Google and Regal Cinemas. Read more →
Unemployment Stays Unbelievably Low
Bed Bath & Beyond to Close Three More Stores in Los Angeles, Orange Counties https://t.co/ELCIzMhY3Q — Paul Epps (@paulepps) January 14, 2023 The company is closing about 150 stores overall, plus layoffs in corporate and supply chain. You can swap new company names (Coinbase, Goldman Sachs, etc.) into these layoffs and closing stores stories every day and still get sunny government economic reports based on nothing I can see except unbelievably low unemployment numbers. And when I say “unbelievably low,” I mean literally not believable (see here and here). Read more →
Another Explanation for Low Unemployment Numbers
People who are not employed but not looking for employment are not considered unemployed and are not included in calculating the unemployment rate. I’ve theorized that one reason for the artificially low unemployment rate is people dropping out of the workforce, although I couldn’t explain why so many people were dropping out of the workforce. But now I think I can explain it. The Committee to Unleash Prosperity, an economist-founded nonprofit, analyzed how unemployment benefits and ObamaCare subsidies in each state stacked up against employed people’s compensation. The writers of the report found that these two benefits alone could total up to $120,000 per year for a family of four. In 14 states — including North Dakota, Oregon, Colorado, Montana, and Minnesota — unemployment benefits and ObamaCare subsidies were found to be the equivalent to a head of household earning $80,000 in salary. In other words, a spouse would have… Read more →
The Employment Numbers WERE Wrong. Implications for Elections?
It looks like I was right about the employment numbers not making sense, which is maybe not such a good thing, in that everyone could see the same things I saw and yet I didn’t notice anyone (including “reporters”) asking “Why am I being told things that do not match up with reality?” Thank god I’ve been assured by powerful people that there is no possible way our government could propagate these same kinds of mistakes (lies?) with regard to election results. Read more →
Life Gets Better After 50?
About 15 years ago, economists made an unexpected finding: the U-shaped happiness curve. Other things being equal – that is, once conditions such as income, employment, health and marriage are factored out of the equation – life satisfaction declines from our early 20s until we hit our 50s. Then it turns around and rises, right through late adulthood. — The Guardian So once you factor out all the things that make life miserable, it turns out older people can be just as happy as anyone else! Read more →
Testing a White Privilege Theory
According to an article titled “The Thing About White Privilege,” “job applicants with white sounding names are 50% more likely to receive a callback for a job interview than applicants with black-sounding names, even when all job-related qualifications and credentials are the same.” What happens when someone with an Asian-sounding name applies for a job? Serious question. Does the answer support a white privilege theory? What about someone with an Indian-sounding name? A Middle Eastern-sounding name? A Jewish-sounding name? An actual African-sounding name? Test your theories against reality rather than just slinging bullshit and ignoring information that inconveniences you. I followed the link above and learned that “applicants with white names needed to send about 10 resumes to get one callback; those with African-American names needed to send around 15 resumes to get one callback.” That’s 10 percent vs. about 7 percent. Anyone who thinks “50% more likely” is the… Read more →
A $15 Minimum Wage is Not Going to Help You
Fast Food Workers Will Strike On Thursday In L.A. : LAist Fast food workers staged a one-day strike for “living wages.” More specifically, they want the federal minimum wage to be raised from $7.25 an hour to $15. You want to make a living wage? I’ll tell you how to make a living wage. I’ve had a lot of jobs and this method has never failed me. Here it is: Before accepting a job offer, you always ask yourself, “Does this job pay enough for me to live on?” And if the answer is no, then you don’t take that job. If you want to earn $15 an hour, do what I do: get a job that pays $15 an hour. Who’s stopping you? If no one’s willing to pay you $15 an hour, it’s because the skills, intelligence and motivation that you bring to the table don’t allow you… Read more →
More People I’m Sick Unto Death Of
Recruiters who write job descriptions with requirements like this: Great Communication – must be able to speak very clear Read more →
How to Lose Your Job : A Fictional Memoir (Part I)
Because of the huge productivity differences between good programmers and bad programmers — 10x? 28x? More? — my biggest leverage point as a development manager is my ability to hire people. At my last job, we had an HR Director named Lucy. In every one of our annual Employee Satisfaction Surveys, Lucy’s group had the lowest scores in the entire organization. Nobody liked or respected her. She was, however, close with the CEO, which made that irrelevant. Lucy’s friend Kathy Slauson runs the Slauson and Slauson recruiting agency, so that’s where we got our programming candidates, who were mostly terrible. The Slauson agency doesn’t specialize in IT candidates, although they do have a “technical recruiter,” who unfortunately knows nothing about technology. They don’t bring candidates in for in-person interviews. They take whatever candidates give them in the form of a résumé and they pass the résumés along to clients like… Read more →