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Clara Listensprechen
Clara Listensprechen friendica

Joyce Donahue

2022-08-05 14:04:35


All this crowing about job growth in July... but these are not the jobs you are looking for


As someone who is watching job postings, I see tons of jobs for receptionists, retail workers, customer service, warehouse pickers, pay-by-the-word copywriters and the like, but few jobs that even tempt me to take a look. Good jobs that require an education and provide a living wage are not so plentiful. Also, we are far from getting back to the number of jobs there were before COVID.

In a NYT article (probably behind the paywall) I read this quote from someone at a staffing agency: “I think we do have a gap in the jobs that are available and the desire to do those jobs. We know there are tens of thousands of warehouse jobs out there, but standing on your feet for 10 hours a day isn’t everyone’s cup of tea.”
https://www.cbsnews.com/news/jobs-report-528000-july-08-05-2022/


Hiring surged in July, with employers adding 528,000 jobs

Job growth last month blows past analyst forecasts, as the U.S. jobless rate fell to the lowest since February 2020.
Aimee Picchi (CBS News)
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Joyce Donahue
Joyce Donahue • diaspora
Also, this. I read somewhere that many people who were working before COVID are not working... these jobs in the stats are often second jobs for people who can't afford to work just one.
https://www.cbsnews.com/news/inflation-american-workers-are-taking-on-second-jobs/

More American workers are taking on second jobs as inflation rages

Number of people working two full-time jobs is at a record high, according to government labor numbers.
Megan Cerullo (CBS News)
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Clara Listensprechen
Clara Listensprechen friendica
Yes--the term "McJob" was coined over a dedace ago and I'll wager it's still in the Oxford English Dictionary. The bright side of this picture is that the McJob is regarded by those who demand service to now be essential workers...maybe.
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libramoon
libramoon • diaspora
and the Fed is creating a recession to take back whatever gains the workers have attained
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Clara Listensprechen
Clara Listensprechen friendica
Looks like you've swallowed some disinformation there. Not true.
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libramoon
libramoon • diaspora
It is exactly what they are doing, whether they look at it that way or not. This is not something I have swallowed, but my own analysis from looking at the facts.
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Clara Listensprechen
Clara Listensprechen friendica
It still isn't true. That's not how stuff works.
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libramoon
libramoon • diaspora
so, how does stuff work?
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Clara Listensprechen
Clara Listensprechen friendica
The Fed doesn't create recessions, depressions, or has the run of any economy, for starters. The Fed controls currency, and therefore interest rates.

There have been people claiming that the Fed simply prints money and banks create money out of thin air, and that doesn't happen either. How it all works in detail is something people get college degrees in, so that's a lot of subject matter to cover in a single thread without the benefit of years of coursework...however...

The Fed does have limits, and although wildly printing money would cause inflation, that's not what we have here. We have a hot job market with 3.5% unemployment rate, pretty close to a record low, and people who want to spend money can't get what they want to buy so the price on what's hard to get has gone up. THAT's what's happened.
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Clara Listensprechen
Clara Listensprechen friendica
Oh--and the original article I shared turns out was wrong, too--the number of jobs in ALL employment sectors has gone up, and with this being summer vacation season, there's a higher demand for McJob workers by people on summer vacation including and especially the kids who are still out of school at the moment. When everybody goes back to school you're going to see another significant shift in the economy.
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Clara Listensprechen
Clara Listensprechen friendica
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libramoon
libramoon • diaspora
the Fed's monkeying with interest rates to decrease inflation does so, not magically, by making investment more costly and making interest rates on all that borrowing we do to get by go up -- leading to corrective recession and taking away whatever gains workers had by making them more redundant
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Clara Listensprechen
Clara Listensprechen friendica
Interest rates have no impact on investments unless you have a savings certificate of deposit which yields are set by what interest rate the Fed sets, and the larger the interest percentage is, the MORE your CD investments earn, so what you just said is just the opposite.

Higher interest rates impacts loans in an undesirable way, and there are several types of loans; a fixed rate loan isn't affected. Variable rate loans are.

In terms of stock investments, those always go up and down regardless, and are based on corporate earnings, not interest rates. When interest rates go up, professional investing simply shifts just a portion of a financial portfolio from stocks to bonds because the bond yields are better, but they still invest.

Now then--if you're taking out loans for the purpose of investing in stocks, that's just foolishness and foolishness deserves the punishment it gets.
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libramoon
libramoon • diaspora
businesses invest in keeping up inventory and expansion by borrowing, which with higher interest rates is more expensive and less appealing
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Clara Listensprechen
Clara Listensprechen friendica
Actually, they don't do that at all. Who told you that they did? That's more disinformation.
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libramoon
libramoon • diaspora
uh, business people -- who told you the disinformation that they don't?
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Clara Listensprechen
Clara Listensprechen friendica
I'm an investor that does market analyses.
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libramoon
libramoon • diaspora
so why would you think businesses don't reinvest by borrowing?
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Clara Listensprechen
Clara Listensprechen friendica
It's a contradiction in terms, that's why. Reinvestment involves earnings that the company earns that you put back into the company. A loan is simply for necessary expenses which would include expansion. Going into hock simply isn't investing. Investing is what you do with your own money.
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Lee Rothstein
Lee Rothstein • diaspora
@Clara Listensprechen I've tried to stay out of this because economic models are Stochastic and require extensive numerical analysis that is seldom covered by mere words. Your statement that investments are not affected by interest rates is pure unadulterated bunk.

When the Fed made money free, i.e., reducing interest rates to near zero, stocks sky-rocketed for years because bonds were a null investment. All the bond bucks poured into stocks. Contrariwise, as the Fed has started to drastically raise interest rates, stocks have tanked. I've tracked this carefully both ways and there is no doubt.
@Clara Listensprechen
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Clara Listensprechen
Clara Listensprechen friendica
Mr. Bunkster, you overlooked the part where I said it affects WHERE investments are made, so you're reading blind. No willfully blind person is a contact of mine so welcome to my BLOCKED list.
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Clara Listensprechen
Clara Listensprechen friendica
I have near zero tolerance for people who lie to my face about what I said. Or for disinformationists generally speaking.
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libramoon
libramoon • diaspora
I am talking about common everyday business practice, and don't get why you don't get it
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Clara Listensprechen
Clara Listensprechen friendica
It's because it's not a practice, everyday or otherwise.
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