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This Week's Business News

Job Markets - Unemployment Rates

May 1997 - 7.4 - Latinos
May 2007 - 5.8 - Latinos

May 1997 - 10.3 - blacks
May 2007 - 8.5 - blacks

May 1997 - 4.0 - whites
May 2007 - 3.9 - whites

You know, honestly, if zombie-bots in the media saw those figures I suspect their heads collectively would spin around and explode - sort of like what might have happened if Linda Blair had had a cameo in "Scanners."

Job Markets - Payroll Job Growth

Check this out:

129.83 million = net W-2 employment, May 2003
137.83 million = net W-2 employment, May 2007

Ergo:

8,000,000 = net gain in W-2 employment, 5/03 - 5/07

That means on average 167,000 net payroll jobs have been created each month over the past four years.

Go figure.

Breaking that down by sectors:

7.3 million = private sectors - 91%
0.7 million = government - 9%

Hmm.

Breaking it down by occupation:

1,125,000 = healthcare
216,000 = computer systems design
210,000 = engineering and architecture
160,000 = management of companies/enterprises
130,000 = accounting
85,000 = securities and investments
65,000 = insurance
52,000 = commercial banking

Don't get the wrong impression, however. There's also good news for young students at liberal journalism schools:

Wal-Mart and Costco are hiring.

BTW, for those of you who are incredulous about the reference to May 2003, well, think of the following and they will elucidate the same:

A song on the Beatles' "Revolver" album, H&R Block, death and ______.

GDP Growth - Q1

Folks the job markets are doing A-OK - unless of course your name is Stone Phillips or you happen to work at a big-city newspaper - but the economy really has slowed down over the past year.

I mean s-l-o-w-e-d d-o-w-n.

Real GDP growth in Q1 barely was above zero and substantially was lower than the growth rates posted in the comparable periods of the prior two years: 0.6% inflation-adjusted growth in Q1 versus 5.6% in Q1 2006 and 3.4% in Q1 2005.

The anemic bottom-line growth rate posted last quarter was more a function of a spike in inflation than a total retrenchment of top-line growth. But still there's no way to view that report as anything other than a negative indicator.

It might be a blip. On the other hand it might portend more than just a blip. Club Fed might have raised short-term rates way too far, much too fast. We should know for certain by the end of Q1 next year.

Private Equity

Buyouts, buyouts everywhere. This week it was Ceridian and Archstone. The former is a major payroll processor. Archstone is a huge REIT. Last week it was Bausch & Lomb. That's on top of the ga-zillions of dollars worth of deals previously announced this year, e.g., Sallie Mae, Equity Office, Tribune, etc.

Vast sums of cash, plus cheap debt, plus a willingness to take on risks.

I *love* the smell of capitalism in the morning.

Of course at some point the private equity train will slow down or perhaps derail. Stuff happens. Club Feb might overreact and jack up short-term rates even further. Mr. Bond Market might suddenly reverse course and determine there should be major risk premiums on private IOUs. Hell, John Edwards might get elected and then via executive order decree the U.S. Treasury to be responsible for the costs of his haircuts and 'poverty' speeches. That would be a true fiscal catastrophe, no?

Until then, however, the private equity machine will keep engulfing and devouring businesses.

Job Data Source: DOL, BLS.
GDP Data Source: DOC, BEA.


Comments (7)

yeah but, yeah but, left-ha... (Below threshold)
metprof:

yeah but, yeah but, left-handed one-eyed stumplegged women aren't doing better. They're SUFFERING.....and BUSH DOESN'T CARE!!!!

I'm counting the minutes until some moonbat nitwit posts a comparable story. Nice work Jayson.

I blame Bush!Oh, i... (Below threshold)
Mitchell:

I blame Bush!

Oh, it's good news. Shhhhh.

/sarcasm off

Hooverville!!!... (Below threshold)
John F Not Kerry:

Hooverville!!!

"Jobless Recovery!"<p... (Below threshold)
_Mike_:

"Jobless Recovery!"

"Worst economy since Herbert Hoover!"

I like business as well. Ho... (Below threshold)

I like business as well. However unless the housing market improves and gas prices drop more, the U.S. economy could be in a new recession by the end of 2007. Mark that down.

I guess I missed where you ... (Below threshold)
Dave Morrison:

I guess I missed where you listed "manufacturing jobs" when you broke it down under "occupation". That's probably because there hasn't been any growth there. But I don't care, I'm doing fine stock trading with my extra money due to tax cuts that Daddy Bush gave me. And the stocks that are doing well are ones that have moved out of the country. Who needs a job when we can all just invest overseas?.....if we already have money. Let's not worry about the poor working class people, who wouldn't know what to do with their money anyway. Right? Let them eat cake. Let'm suffer, as long as us rich people get to buy our fine clothes and jewels.

Study what you wrote: ... (Below threshold)
Dave Morrison:

Study what you wrote:

Breaking it down by occupation:

1,125,000 = healthcare
216,000 = computer systems design
210,000 = engineering and architecture
160,000 = management of companies/enterprises
130,000 = accounting
85,000 = securities and investments
65,000 = insurance
52,000 = commercial banking

Can't you tell that the facts of the growth occupations show severe problems in our economy? What's missing here? We don't produce anything anymore! Well, some, but not much. And soon other countries will be producing those more highly technical products and services that are still ours to export. As China and India grow, we are going to simply export our raw goods to them, just like Africa, South America, and the Middle East have been exporting their raw goods to us for years. We will end up just like them, slaves to another population. But you know what? There's not a damn thing we can do except work harder and smarter. And that gets back to education. But we can't spend money on education when we go in and try to "free" all people from their own "elected dictators" such as Saddam Hussein. The Iraqi people let him get into office, so they deserved him, just as we deserved Bush, and just as the Germans deserved Hitler. So, until someone like that starts interfering with other nations, like invading them, we need to just leave them alone. So, you say, well Saddam invaded Kuwait. O.K. we stopped him then, and it might have been better to have killed him in that fight, maybe not. But that was 10 years before this present invasion began. We need to cut our losses, get out of Iraq, and put money into educating our people for more high tech jobs. And if Iran gives us trouble, then sure, we need to fight them..and fight them hard, not dilly dally around with some limited war, but full scale war, and get it over with. Let the people who want to mess with us know that we won't stand for it. But due to our form of government, we need to fight wars quickly, fully and then move on to the next one. It's our tradition and way of life, isn't it?




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