Job Progress

I’m beginning to think we are becoming immune to employment reporting.  A sentence from the beginning and end of a CNNMoney.com article (emphasis mine): The good news: Overall employers announced fewer planned job cuts. … Economists are expecting the report to show there were 120,000 jobs lost in August, an improvement over July’s 131,000 job loss. In a prolonged recession, I guess these pieces of information are uplifting.

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The Unanswered Question

Take a look at this headline from Twin Cities Business: MN June Unemployment Rate Drops, Sheds 3,700 Jobs Jobs are lost and the unemployment rate decreases…how can this be?  It is a question that begs an answer, yet you won’t find it in this article.  The closest it comes: Minnesota’s unemployment rate dropped 0.2 percent in June to a seasonally adjusted 6.8 percent even though employers cut 3,700 jobs during the month, the Minnesota Department of Employment and Economic Development (DEED) said on Thursday. Clearly workers had to leave the workforce or unemployment benefits expired for many Minnesotans.  It is probably a combination of both factors.  This is a critical… Read More

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Spin Defined

From a CNNMoney.com article this morning (emphasis mine): Private sector employment fell more than expected in September, but the pace of job losses continued to slow, according to a report released Wednesday. Automatic Data Processing, a payroll-processing firm, said private-sector employers cut 254,000 jobs in September, down from a revised 277,000 in August. It was the smallest monthly total since July 2008. The decline was greater than the 200,000 loss economists surveyed by Briefing.com had forecast. But the difference was “not statistically meaningful,” according to Joel Prakken, an ADP spokesman and chairman of Macroeconomic Advisers, LLC. “Not statistically meaningful” – tell that to the 54,000 people who lost their job… Read More

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Where The Jobs Aren’t

When the economy is in a downturn, most people wonder when will it bottom out.  I’m not sure if we have bottomed yet or not, but Yahoo has a quick story listing the 5 cities that will lose the most jobs this year (speculative, of course): The New York area is expected to lose 181,000 jobs in 2009, the report said. Consulting company IHS Global Insight produced the report for the group. The Los Angeles area is expected to see 164,000 lost jobs, in part because of the huge drop in home prices that has punctured the California economy. After New York and Los Angeles, the Miami area is expected… Read More

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