The Market Ticker
Commentary on The Capital Markets- Category [Employment]
2017-04-07 07:45 by Karl Denninger
in Employment , 295 references
[Comments enabled]  

Oh this is amusing...

The unemployment rate declined to 4.5 percent in March, and total nonfarm payroll employment edged up by 98,000, the U.S. Bureau of Labor Statistics reported today. Employment increased in professional and business services and in mining, while retail trade lost jobs.

smiley

The household survey says something different entirely; it was +1,034 (1.034 million), statistically identical to last month's 1.067.

262,000 people came back into the workforce and the employment:population ratio ticked up 4 ticks.

Meh.  As for the employment:population ratio that's normal from a seasonal perspective:

So far there's no trend break here.  I'll keep an eye on it for a possible break of trend next month, but thus far, nope.

What I find particularly amusing is the continued "employment gain" in the biggest theft sector in the economy: Health care.  Of course nobody cares about what the CBO says is going to blow us all to bits -- the exponential expansion of Medicare and Medicaid, a fact I've been tracking for a couple of decades, raising hell about since I started writing this column and which the CBO now pegs as having entered the "headed for straight up" part of the curve -- which is where it blows the economy and markets to bits.

Most of those "health care" jobs, incidentally, have exactly zero to do with delivering one bit of care to anyone.  They're all administrative -- or, if you prefer, parasitic.  Ditto for "financial activities" (read: buy KY by the 55 gallon drum; you're going to need it.)

Retail trade went in the toilet, losing 30,000 employees.

One interesting point: 16-19 year olds, which are mostly high school students, saw a outsized improvement in employment:population ratio.  This is a very odd month for that -- it's normal to see it during May or June (when school is out) but not now.   You have to wonder on this one....

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