The Market Ticker
Commentary on The Capital Markets- Category [Employment]
2015-08-21 06:00 by Karl Denninger
in Employment , 185 references
 

Just another ivory tower jackass who doesn't understand the real world because he has never run a real business.

Former Federal Reserve Chairman Ben Bernanke stirred controversy Monday when he dismissed the long-held conventional wisdom – and ever present marketing campaigns – that says military experience is a plus in the job market.

Speaking at an event at the Brookings Institution in Washington, Bernanke pointed to “the evidence” painting a much different picture.

“If you go into the military at age 18 – versus an identical person who stays in the private sector and takes a private sector job – 10 years later, if you leave the military, your skills and wages are probably not going to be quite as high on average as a private sector person,” Bernanke said. “The military,” he added, “is not really adding much to the private sector through training or any other experience.”

Bah.

Let me tell you what my experience with hiring ex-military people was.  They tended to outperform, usually radically so, because they understood hard work, dedication to a task and the chain of command.

My #1 at MCSNet was a former military member; I know exactly what I speak of in this regard.

Given two people of the same nominal skill level and other known attributes the person with a record of meritorious service and an honorable discharge wins.

Bernanke can argue otherwise all he wants but the fact of the matter is that my knowledge from running an actual business is that if I could find a qualified vet for a position I had (or have) open and that person's service has been meritorious, he or she gets the job.

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2015-08-07 07:52 by Karl Denninger
in Employment , 590 references
 

From the Bureau of Lies and Scams:

Total nonfarm payroll employment increased by 215,000 in July, and the unemployment rate was unchanged at 5.3 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in retail trade, health care, professional and technical services, and financial activities.

Meh.

Let's have a look inside this pig of a report.

Nothing to see here; the unadjusted rate of change was not 215,000, it was near zero -- +77,000.  To put context on this last year it was +161k and the year prior (2013) it was +272k.  This is terrible on an unadjusted basis.

Nor can we blame this on "Not In Labor Force" either; that shifted downward a bit (-31k.)

On a population adjusted basis employment actually declined.  That is, over the last 12 months when one looks at the change in the workforce we have a negative 396,000 job change.  Of course the gross addition looks reasonably good, but that's dishonest as you must account for the larger number of workers.

There was no change in the employment:population ratio last month, nor the "formal" unemployment rate; both were flat.

The only real note of interest found in the internals is that college-educated and people with "some college" saw a dip in their employment ratio (percentage of those with a degree who are employed) while those with less than a high school diploma, and high school graduates both gained slightly.

That bodes very poorly for the economy over the intermediate and longer term.

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