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Thursday, July 6, 2017

The underlying job market changes

US created 158K private-sector jobs
Companies added 158,000 positions for the month, a number that economists who released the report said was still strong but stood well below the robust 230,000 number the report showed in May. The reading also was considerably below the 185,000 gain that economists surveyed by Reuters expected, and was revised lower from the initial 253,000 count.

"The job market continues to power forward," Moody's Analytics chief economist Mark Zandi said in a statement. "At this pace, which is double the rate of labor force growth, the tight labor market will continue getting tighter."

The part that strikes me is the fact that 150K used to be the benchmark for keeping up with labor force growth. But now 150K is about double what is needed to keep up with labor force growth. Eventually (perhaps sooner than later) there will come a time where there will be fewer applicants than jobs, which can be a concern for businesses.

More to the point, as educated, experienced, and driven baby boomers continue to retire, there doesn't appear to be the same caliber work force stepping up to replace them. I am not talking quantity as much as I am talking quantity. Say what you will about the boomer generation, but they were driven to succeed and were willing to work. Not sure our current millennial generation has that same ability or motivation.

At the very least, this might be a very good time for a young person with skills and motivation to be entering the job force.

18 comments:

opie said...

The part that strikes me is the fact that 150K used to be the benchmark for keeping up with labor force growth.

The operative word, "used to be" in CH's static world. Looks to me the world is passing you by as you remained mired in the past instead of looking forward. Once again, another created problem in CH world as trumps economy continues in fits and starts and not as robust as you want reported. Please blame the press for crappy coverage and not bowing down to the omnipotent trump, the fraud.....

Roger Amick said...

The automobile business recently had a steep decline in sales. That will not show up in the next report and it won't that good either. It isn't much different than the Obama recovery at this time slow but steady but not spectacular.

Roger Amick said...

This is off topic but it needs to be pointed out.

During an important foreign policy speech and press conference in Poland today the president could not resist calling out Barack Obama on tampering what's the American election. Second again during a foreign policy speech he attracted the media again and again and again that should not be a part of foreign policy speech even press conference no.

I have no serious issues with some of those previous comments on how we're going to handle the North Korea and other stuff like that and he didn't mention without blaming Putin for interference in this country and and Ukraine and other places like that. They just cannot resist blacking out at the Press Free Press

opie said...

Just as I predicted last month to the farmer....growth forecasts for a trump bump will be moderated on 2nd quarter results which fall short of the necessary growth of 3%....

As a result, Wall Street forecasters have been busy lowering their growth estimates for the second quarter, which ended last Friday, much as they were forced to do over the first three months of the year. Economic expansion for the full year now appears unlikely to be much greater than 2 percent — about the average for the current recovery, which celebrates its eighth year this month.

While hardly terrible, it is not the burst of growth — a “Trump bump” — that many expected to result from an upturn in consumer and business sentiment after President Trump’s election.

opie said...

president could not resist calling out Barack Obama

And once again the man-boy embarrasses the country with his unfettered idiocy... He also made a comment about NBC news being fake and should have remembered how much money he made for them on his trash show. The man is a walking disaster area.

Commonsense said...

The Poles seem to like the speech.

If one message came through loud and clear is that break is over, American leadership is back.

Commonsense said...

POLISH CROWD CHANTS ‘DONALD TRUMP!’'USA! USA!'

Not leading from behind.

Commonsense said...

Barack Obama on tampering what's the American election

He was asked the question Roger and he answered it.

What did you want him to do?

opie said...

He was asked the question Roger and he answered it.

And like you, blamed everyone but the russians for the hacking....Yeah, only to the mentally impaired did that qualify as an answer.....

Did you see the pew polls of countries other than poland as to the trusting of the donnie???? Composite was something like less than 20% thought him trustworthy.... Apparently not as the Polish president also bashed their press. Two peas in a pod. LOL

OPIE said...

American leadership is back.

BWAAAAAAAAAAAAAAAAAAAAAAAAAAA!!!!!!!!!!!!!!!!

Commonsense said...

The Russians weren't to blame for Hillary Clinton losing the election.

Hillary Clinton is to blame for Hillary Clinton losing the election.

KD, LOL @ Alky lack of economic knowledge said...

Tesla will field 200,000 cars by years end. Winning


James, do tell us a few things, like why would you wish ill economically upon the USA?

It is clear from your post since Nov 9th, 2016 at about 3 am central time you have become , well, anti-business, pro-unemployment and want people of the US to struggle more to make ends meet.

I did not like the president of the Lost Years, but, never did I will ill upon my Nation and my Fellow American.


Really, do we have to do this everyday, you (jane) start a topic, then run.

Someone on the other thread with a higher pitch attempted to answer it for Jane, but it was an epic fail.

"But like all trolls you have no sense of humor. " CS

Just like the left media.


Leading # and google search, CnnBlackmail

Amused, James said...

The ultimate verdict of historians on that may be quite interesting.

Amused, James said...

Commonsense said...
The Russians weren't to blame for Hillary Clinton losing the election.
Hillary Clinton is to blame for Hillary Clinton losing the election

________________

James says:
The ultimate verdict on that may be very interesting.

opie said...


Tesla will field 200,000 cars by years end. Winning


Yeah, while the rest of the market has lost steam. At least they are green vehicles, something you rail against....Idiot

opie said...

It is clear from your post since Nov 9th, 2016

It is clear from your post of your desperate attempts to disparage something James did not say. The only one yapping is you KD, in your Leoesque stupidity.

Commonsense said...

James says:
The ultimate verdict on that may be very interesting.


If you really believe anything different you're hopelessly delusional.

But keep on waiting for that verdict. You'll be waiting a long time. Another 7 1/2 years to be exact.

opie said...

Another appropriate response to the immensely wasteful hunt to prove trump lost by 3 million votes due to illegal votes.....Of course menstral and CH only see salvation from this real witch hunt.....Idiots...


“As my grandmother used to say, ‘It’s about as welcoming as a breeze off an outhouse,’” Grimes said on MSNBC Wednesday. “The folks across the state — not just Democrats, but Republicans — are realizing that turning over personal sensitive information to the federal government — to the president who has requested this — one, isn’t in the state’s interest and two, isn’t in individuals’ interests.