The economy is in rough shape as most people know. However, I give credit to the Business Journal for attempting to spin a good story out of this hot mess. Here is the headline: Challenger report: June job cuts hit 13-month low Sounds positive and they lead off with this info: Nationally, the country’s employers announced plans to slash 37,551 jobs in June, down 39 percent from May, which marks a 13-month low for planned cuts, according to a new report from human resources consultancy Challenger, Gray & Christmas Inc. Ah, but the truth often lies in the later paragraphs: Still, halfway through 2012, there have been a total of… Read More
Continue ReadingHow To Tell You Are In A Bad Economy
From the Herman Trend Alert (emphasis mine): In December, companies with fewer than 300 employees experienced employment growth of 1.54 percent, representing the largest percentage increase since June 2010. 1.54 percent? That is encouraging? I know, I realize there has been little to no growth, but 1.54 percent is almost as miniscule as it can be. This is the largest growth in 18 months. To say it is a difficult employment market would be a monumental understatement.
Continue ReadingThe 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
Continue ReadingJob Location-North Dakota
Ok, I know it isn’t an exotic port of call, but North Dakota does have one very interesting fact – 3.3% unemployment. From our local Pioneer Planet newspaper: Ziesch says the state had the lowest unemployment rate in the nation in June at 3.3 percent. He says North Dakota has about 10,700 unfilled jobs. Yes, it is a sparsely populated state, but they definitely have demand. This time of year is the right time to visit, too. 6 months from now and you will be crying through blizzards the like you have never seen. Nonetheless, count me as a fan of North Dakota.
Continue ReadingSpin 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
Continue ReadingWhy Is Economic News Always Surprising?
Isn’t this an old marketing trick – include “surprising,” “stunned,” or “unexpected” in a headline? It seems to me that every time an economic report comes out, we are presented with one of these words to describe the data. The latest example comes from cnnmoney.com today: U.S. construction spending unexpectedly posted its biggest increase in eight months in April, advancing for a second straight month as the private sector put money into both residential and nonresidential projects, according to a government report on Monday. Oh to be able to surprise a sales manager with an unexpectedly lower sales forecast! If the experts are consistently surprised, what credentials do they have… Read More
Continue ReadingPink-Slip Parties
This is a new trend, I think: As unemployment numbers hit historic highs, “pink slip” parties are popping up in big cities around the country. Hundreds of axed employees are going to happy hour meet-and-greets, where one can enjoy a drink and discuss career prospects with eager recruiters. People are finding creative ways to stand out above the pack. In order to get a job in this economy, people have to get out there. And while there are no guarantees of gaining anything more than good conversations and a few contacts, some pink slip attendees have had success in finding new employment. Pink slip parties offer those on the prowl… Read More
Continue ReadingWhere 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
Continue ReadingThe Extended Unemployment Rate
The Bureau of Labor Statistics has put out their numbers for October and the unemployment rate rose to 6.5% and non-farm employment fell by 240,000. The job losses occurred across all industries other than healthcare, which rose by 26,000 for the month. Not surprising, the Healthcare industry has grown in employment by almost 350,000 in the past year alone. Manufacturing took the biggest fall with over 90,000 losses (27,000 of them are the results of strikes in the aerospace sector) with construction employment second, falling by 49,000. But reading a post from Liz Wolgemuth over at US News & World Report provided some interesting facts that I had not seen before. The extension… Read More
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