LISTSERV mailing list manager LISTSERV 16.5

Help for PORTSIDE Archives


PORTSIDE Archives

PORTSIDE Archives


PORTSIDE@LISTS.PORTSIDE.ORG


View:

Message:

[

First

|

Previous

|

Next

|

Last

]

By Topic:

[

First

|

Previous

|

Next

|

Last

]

By Author:

[

First

|

Previous

|

Next

|

Last

]

Font:

Proportional Font

LISTSERV Archives

LISTSERV Archives

PORTSIDE Home

PORTSIDE Home

PORTSIDE  December 2011, Week 1

PORTSIDE December 2011, Week 1

Subject:

The Jobs Report: Don’t Break Out the Champagne

From:

Portside Moderator <[log in to unmask]>

Reply-To:

[log in to unmask]

Date:

Sat, 3 Dec 2011 01:44:24 -0500

Content-Type:

text/plain

Parts/Attachments:

Parts/Attachments

text/plain (96 lines)

The Jobs Report: Don’t Break Out the Champagne

by Robert Reich
Friday, December 2, 2011
http://robertreich.org/

In brief: The Bureau of Labor Statistics’ household
survey shows unemployment at 8.6 percent, a nd the
payroll survey shows 120,000 new jobs in November
(140,000 from the private sector, and a loss of 20,000
in the public sector). BLS also revised upward its job
numbers for September and October.

What does it mean? We’re not out of the woods but we
might be seeing some daylight.

Maybe. Here’s what you need to worry about:

First, this rate of job growth is barely enough to keep
up with the growth in the working-age population. So
we’re not making progress on the backlog of more than 13
million jobless Americans, and another 11 million
working part-time who’d rather have full-time jobs.

Second, retail jobs constituted a third of new private-
sector employment in November. Retail jobs tend to be
unstable, temporary, and low-paying. Although the BLS is
supposed to adjust for seasonal employment (i.e.
Christmas), it doesn’t take account of the fact that
more and more Americans have been pushing up their
Christmas buying to before Thanksgiving. So some of
these jobs may not be around very long.

Third, the jobless rate fell partly because around
315,000 people who had been looking for jobs dropped out
of the job market in November. Remember: If you’re not
actively looking, you’re not counted as unemployed on
the household survey.

Fourth, hourly earnings are down, as are real wages. So
to some extent Americans have been substituting lower
wages for lost jobs -- either by accepting lower wages
at their current place of employment, or getting the
boot and settling for lower wages elsewhere. A job is
better than no job, of course, but a job with a lower
wage isn’t nearly as good as a job with at the same or
better wage.

Fifth, another reason for November’s job growth is that
American consumers -- whose spending accounts for about
70 percent of the economy -- increased their spending.
But this can’t continue because, as noted, wages are
dropping. They spent more by cutting into their meager
savings. Don’t expect this to last.

Finally, there’s the wild card of the rest of the global
economy -- the European debt crisis and the high
likelihood of recession in Europe, the slowdown in China
and India, slower growth in developing nations. Some of
our jobs depend on exports, which will drop. Others are
keyed to the financial sector, which is being hit
directly.

Two final wild cards closer to home: The Fed, and
Congress. The Fed meets in two weeks to decide on
further monetary easing. With today’s report, the odds
of easing are down, unfortunately. Believe it or not,
several Fed members are worried about inflation.

And if Congress refuses to extend the payroll tax cut
and/or unemployment benefits by December 30, it will
create another drag on the economy. When people ask me
what Congress is likely to do I always say the same
thing: The odds are in favor of nothing.

So while today’s jobs report is in the right direction,
it’s way too early to break out the champagne.

___________________________________________

Portside aims to provide material of interest to people
on the left that will help them to interpret the world
and to change it.

Submit via email: [log in to unmask]

Submit via the Web: http://portside.org/submittous3

Frequently asked questions: http://portside.org/faq

Sub/Unsub: http://portside.org/subscribe-and-unsubscribe

Search Portside archives: http://portside.org/archive

Contribute to Portside: https://portside.org/donate

Top of Message | Previous Page | Permalink

Advanced Options


Options

Log In

Log In

Get Password

Get Password


Search Archives

Search Archives


Subscribe or Unsubscribe

Subscribe or Unsubscribe


Archives

February 2020, Week 4
February 2020, Week 3
February 2020, Week 2
February 2020, Week 1
January 2020, Week 5
January 2020, Week 4
January 2020, Week 3
January 2020, Week 2
January 2020, Week 1
December 2019, Week 5
December 2019, Week 4
December 2019, Week 3
December 2019, Week 2
December 2019, Week 1
November 2019, Week 5
November 2019, Week 4
November 2019, Week 3
November 2019, Week 2
November 2019, Week 1
October 2019, Week 5
October 2019, Week 4
October 2019, Week 3
October 2019, Week 2
October 2019, Week 1
September 2019, Week 5
September 2019, Week 4
September 2019, Week 3
September 2019, Week 2
September 2019, Week 1
August 2019, Week 5
August 2019, Week 4
August 2019, Week 3
August 2019, Week 2
August 2019, Week 1
July 2019, Week 5
July 2019, Week 4
July 2019, Week 3
July 2019, Week 2
July 2019, Week 1
June 2019, Week 5
June 2019, Week 4
June 2019, Week 3
June 2019, Week 2
June 2019, Week 1
May 2019, Week 5
May 2019, Week 4
May 2019, Week 3
May 2019, Week 2
May 2019, Week 1
April 2019, Week 5
April 2019, Week 4
April 2019, Week 3
April 2019, Week 2
April 2019, Week 1
March 2019, Week 5
March 2019, Week 4
March 2019, Week 3
March 2019, Week 2
March 2019, Week 1
February 2019, Week 4
February 2019, Week 3
February 2019, Week 2
February 2019, Week 1
January 2019, Week 5
January 2019, Week 4
January 2019, Week 3
January 2019, Week 2
January 2019, Week 1
December 2018, Week 5
December 2018, Week 4
December 2018, Week 3
December 2018, Week 2
December 2018, Week 1
November 2018, Week 5
November 2018, Week 4
November 2018, Week 3
November 2018, Week 2
November 2018, Week 1
October 2018, Week 5
October 2018, Week 4
October 2018, Week 3
October 2018, Week 2
October 2018, Week 1
September 2018, Week 5
September 2018, Week 4
September 2018, Week 3
September 2018, Week 2
September 2018, Week 1
August 2018, Week 5
August 2018, Week 4
August 2018, Week 3
August 2018, Week 2
August 2018, Week 1
July 2018, Week 5
July 2018, Week 4
July 2018, Week 3
July 2018, Week 2
July 2018, Week 1
June 2018, Week 5
June 2018, Week 4
June 2018, Week 3
June 2018, Week 2
June 2018, Week 1
May 2018, Week 5
May 2018, Week 4
May 2018, Week 3
May 2018, Week 2
May 2018, Week 1
April 2018, Week 5
April 2018, Week 4
April 2018, Week 3
April 2018, Week 2
April 2018, Week 1
March 2018, Week 5
March 2018, Week 4
March 2018, Week 3
March 2018, Week 2
March 2018, Week 1
February 2018, Week 4
February 2018, Week 3
February 2018, Week 2
February 2018, Week 1
January 2018, Week 5
January 2018, Week 4
January 2018, Week 3
January 2018, Week 2
January 2018, Week 1
December 2017, Week 5
December 2017, Week 4
December 2017, Week 3
December 2017, Week 2
December 2017, Week 1
November 2017, Week 5
November 2017, Week 4
November 2017, Week 3
November 2017, Week 2
November 2017, Week 1
October 2017, Week 5
October 2017, Week 4
October 2017, Week 3
October 2017, Week 2
October 2017, Week 1
September 2017, Week 5
September 2017, Week 4
September 2017, Week 3
September 2017, Week 2
September 2017, Week 1
August 2017, Week 5
August 2017, Week 4
August 2017, Week 3
August 2017, Week 2
August 2017, Week 1
July 2017, Week 5
July 2017, Week 4
July 2017, Week 3
July 2017, Week 2
July 2017, Week 1
June 2017, Week 5
June 2017, Week 4
June 2017, Week 3
June 2017, Week 2
June 2017, Week 1
May 2017, Week 5
May 2017, Week 4
May 2017, Week 3
May 2017, Week 2
May 2017, Week 1
April 2017, Week 5
April 2017, Week 4
April 2017, Week 3
April 2017, Week 2
April 2017, Week 1
March 2017, Week 5
March 2017, Week 4
March 2017, Week 3
March 2017, Week 2
March 2017, Week 1
February 2017, Week 4
February 2017, Week 3
February 2017, Week 2
February 2017, Week 1
January 2017, Week 5
January 2017, Week 4
January 2017, Week 3
January 2017, Week 2
January 2017, Week 1
December 2016, Week 5
December 2016, Week 4
December 2016, Week 3
December 2016, Week 2
December 2016, Week 1
November 2016, Week 5
November 2016, Week 4
November 2016, Week 3
November 2016, Week 2
November 2016, Week 1
October 2016, Week 5
October 2016, Week 4
October 2016, Week 3
October 2016, Week 2
October 2016, Week 1
September 2016, Week 5
September 2016, Week 4
September 2016, Week 3
September 2016, Week 2
September 2016, Week 1
August 2016, Week 5
August 2016, Week 4
August 2016, Week 3
August 2016, Week 2
August 2016, Week 1
July 2016, Week 5
July 2016, Week 4
July 2016, Week 3
July 2016, Week 2
July 2016, Week 1
June 2016, Week 5
June 2016, Week 4
June 2016, Week 3
June 2016, Week 2
June 2016, Week 1
May 2016, Week 5
May 2016, Week 4
May 2016, Week 3
May 2016, Week 2
May 2016, Week 1
April 2016, Week 5
April 2016, Week 4
April 2016, Week 3
April 2016, Week 2
April 2016, Week 1
March 2016, Week 5
March 2016, Week 4
March 2016, Week 3
March 2016, Week 2
March 2016, Week 1
February 2016, Week 5
February 2016, Week 4
February 2016, Week 3
February 2016, Week 2
February 2016, Week 1
January 2016, Week 5
January 2016, Week 4
January 2016, Week 3
January 2016, Week 2
January 2016, Week 1
December 2015, Week 5
December 2015, Week 4
December 2015, Week 3
December 2015, Week 2
December 2015, Week 1
November 2015, Week 5
November 2015, Week 4
November 2015, Week 3
November 2015, Week 2
November 2015, Week 1
October 2015, Week 5
October 2015, Week 4
October 2015, Week 3
October 2015, Week 2
October 2015, Week 1
September 2015, Week 5
September 2015, Week 4
September 2015, Week 3
September 2015, Week 2
September 2015, Week 1
August 2015, Week 5
August 2015, Week 4
August 2015, Week 3
August 2015, Week 2
August 2015, Week 1
July 2015, Week 5
July 2015, Week 4
July 2015, Week 3
July 2015, Week 2
July 2015, Week 1
June 2015, Week 5
June 2015, Week 4
June 2015, Week 3
June 2015, Week 2
June 2015, Week 1
May 2015, Week 5
May 2015, Week 4
May 2015, Week 3
May 2015, Week 2
May 2015, Week 1
April 2015, Week 5
April 2015, Week 4
April 2015, Week 3
April 2015, Week 2
April 2015, Week 1
March 2015, Week 5
March 2015, Week 4
March 2015, Week 3
March 2015, Week 2
March 2015, Week 1
February 2015, Week 4
February 2015, Week 3
February 2015, Week 2
February 2015, Week 1
January 2015, Week 5
January 2015, Week 4
January 2015, Week 3
January 2015, Week 2
January 2015, Week 1
December 2014, Week 5
December 2014, Week 4
December 2014, Week 3
December 2014, Week 2
December 2014, Week 1
November 2014, Week 5
November 2014, Week 4
November 2014, Week 3
November 2014, Week 2
November 2014, Week 1
October 2014, Week 5
October 2014, Week 4
October 2014, Week 3
October 2014, Week 2
October 2014, Week 1
September 2014, Week 5
September 2014, Week 4
September 2014, Week 3
September 2014, Week 2
September 2014, Week 1
August 2014, Week 5
August 2014, Week 4
August 2014, Week 3
August 2014, Week 2
August 2014, Week 1
July 2014, Week 5
July 2014, Week 4
July 2014, Week 3
July 2014, Week 2
July 2014, Week 1
June 2014, Week 5
June 2014, Week 4
June 2014, Week 3
June 2014, Week 2
June 2014, Week 1
May 2014, Week 5
May 2014, Week 4
May 2014, Week 3
May 2014, Week 2
May 2014, Week 1
April 2014, Week 5
April 2014, Week 4
April 2014, Week 3
April 2014, Week 2
April 2014, Week 1
March 2014, Week 5
March 2014, Week 4
March 2014, Week 3
March 2014, Week 2
March 2014, Week 1
February 2014, Week 4
February 2014, Week 3
February 2014, Week 2
February 2014, Week 1
January 2014, Week 5
January 2014, Week 4
January 2014, Week 3
January 2014, Week 2
January 2014, Week 1
December 2013, Week 5
December 2013, Week 4
December 2013, Week 3
December 2013, Week 2
December 2013, Week 1
November 2013, Week 5
November 2013, Week 4
November 2013, Week 3
November 2013, Week 2
November 2013, Week 1
October 2013, Week 5
October 2013, Week 4
October 2013, Week 3
October 2013, Week 2
October 2013, Week 1
September 2013, Week 5
September 2013, Week 4
September 2013, Week 3
September 2013, Week 2
September 2013, Week 1
August 2013, Week 5
August 2013, Week 4
August 2013, Week 3
August 2013, Week 2
August 2013, Week 1
July 2013, Week 5
July 2013, Week 4
July 2013, Week 3
July 2013, Week 2
July 2013, Week 1
June 2013, Week 5
June 2013, Week 4
June 2013, Week 3
June 2013, Week 2
June 2013, Week 1
May 2013, Week 5
May 2013, Week 4
May 2013, Week 3
May 2013, Week 2
May 2013, Week 1
April 2013, Week 5
April 2013, Week 4
April 2013, Week 3
April 2013, Week 2
April 2013, Week 1
March 2013, Week 5
March 2013, Week 4
March 2013, Week 3
March 2013, Week 2
March 2013, Week 1
February 2013, Week 4
February 2013, Week 3
February 2013, Week 2
February 2013, Week 1
January 2013, Week 5
January 2013, Week 4
January 2013, Week 3
January 2013, Week 2
January 2013, Week 1
December 2012, Week 5
December 2012, Week 4
December 2012, Week 3
December 2012, Week 2
December 2012, Week 1
November 2012, Week 5
November 2012, Week 4
November 2012, Week 3
November 2012, Week 2
November 2012, Week 1
October 2012, Week 5
October 2012, Week 4
October 2012, Week 3
October 2012, Week 2
October 2012, Week 1
September 2012, Week 5
September 2012, Week 4
September 2012, Week 3
September 2012, Week 2
September 2012, Week 1
August 2012, Week 5
August 2012, Week 4
August 2012, Week 3
August 2012, Week 2
August 2012, Week 1
July 2012, Week 5
July 2012, Week 4
July 2012, Week 3
July 2012, Week 2
July 2012, Week 1
June 2012, Week 5
June 2012, Week 4
June 2012, Week 3
June 2012, Week 2
June 2012, Week 1
May 2012, Week 5
May 2012, Week 4
May 2012, Week 3
May 2012, Week 2
May 2012, Week 1
April 2012, Week 5
April 2012, Week 4
April 2012, Week 3
April 2012, Week 2
April 2012, Week 1
March 2012, Week 5
March 2012, Week 4
March 2012, Week 3
March 2012, Week 2
March 2012, Week 1
February 2012, Week 5
February 2012, Week 4
February 2012, Week 3
February 2012, Week 2
February 2012, Week 1
January 2012, Week 5
January 2012, Week 4
January 2012, Week 3
January 2012, Week 2
January 2012, Week 1
December 2011, Week 5
December 2011, Week 4
December 2011, Week 3
December 2011, Week 2
December 2011, Week 1
November 2011, Week 5
November 2011, Week 4
November 2011, Week 3
November 2011, Week 2
November 2011, Week 1
October 2011, Week 5
October 2011, Week 4
October 2011, Week 3
October 2011, Week 2
October 2011, Week 1
September 2011, Week 5
September 2011, Week 4
September 2011, Week 3
September 2011, Week 2
September 2011, Week 1
August 2011, Week 5
August 2011, Week 4
August 2011, Week 3
August 2011, Week 2
August 2011, Week 1
July 2011, Week 5
July 2011, Week 4
July 2011, Week 3
July 2011, Week 2
July 2011, Week 1
June 2011, Week 5
June 2011, Week 4
June 2011, Week 3
June 2011, Week 2
June 2011, Week 1
May 2011, Week 5
May 2011, Week 4
May 2011, Week 3
May 2011, Week 2
May 2011, Week 1
April 2011, Week 5
April 2011, Week 4
April 2011, Week 3
April 2011, Week 2
April 2011, Week 1
March 2011, Week 5
March 2011, Week 4
March 2011, Week 3
March 2011, Week 2
March 2011, Week 1
February 2011, Week 4
February 2011, Week 3
February 2011, Week 2
February 2011, Week 1
January 2011, Week 5
January 2011, Week 4
January 2011, Week 3
January 2011, Week 2
January 2011, Week 1
December 2010, Week 5
December 2010, Week 4
December 2010, Week 3
December 2010, Week 2
December 2010, Week 1
November 2010, Week 5
November 2010, Week 4
November 2010, Week 3
November 2010, Week 2
November 2010, Week 1
October 2010, Week 5
October 2010, Week 4
October 2010, Week 3
October 2010, Week 2
October 2010, Week 1
September 2010, Week 5
September 2010, Week 4
September 2010, Week 3
September 2010, Week 2
September 2010, Week 1
August 2010, Week 5
August 2010, Week 4
August 2010, Week 3
August 2010, Week 2
August 2010, Week 1
July 2010, Week 5
July 2010, Week 4
July 2010, Week 3
July 2010, Week 2
July 2010, Week 1

ATOM RSS1 RSS2



LISTS.PORTSIDE.ORG

CataList Email List Search Powered by the LISTSERV Email List Manager