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Posts Tagged ‘employed’

The Youth Unemployment Bomb

February 6, 2011 Comments off

From Cairo to London to Brooklyn, too many young people are jobless and disaffected. Inside the global effort to put the next generation to work

https://i1.wp.com/images.businessweek.com//mz/11/07/600/1107_mz_58youth1.jpg

Cairo, Egypt: A cloud of tear gas drives back antigovernment protesters on Jan. 28 Jorge Dirkx/Reporters/Redux

By Peter Coy

In Tunisia, the young people who helped bring down a dictator are called hittistes—French-Arabic slang for those who lean against the wall. Their counterparts in Egypt, who on Feb. 1 forced President Hosni Mubarak to say he won’t seek reelection, are the shabab atileen, unemployed youths. The hittistes and shabab have brothers and sisters across the globe. In Britain, they are NEETs—”not in education, employment, or training.” In Japan, they are freeters: an amalgam of the English word freelance and the German word Arbeiter, or worker. Spaniards call them mileuristas, meaning they earn no more than 1,000 euros a month. In the U.S., they’re “boomerang” kids who move back home after college because they can’t find work. Even fast-growing China, where labor shortages are more common than surpluses, has its “ant tribe”—recent college graduates who crowd together in cheap flats on the fringes of big cities because they can’t find well-paying work.

In each of these nations, an economy that can’t generate enough jobs to absorb its young people has created a Read more…

Employment Report: IT SUCKS

February 5, 2011 Comments off

Wow…. if you remember on the ADP and Claims numbers, I said I was expecting +100k.

That was way off – we really got +36k.

 

The unemployment rate fell by 0.4 percentage point to 9.0 percent in January, while nonfarm payroll employment changed little (+36,000), the U.S. Bureau of Labor Statistics reported today. Employment rose in manufacturing and in retail trade but was down in construction and in transportation and warehousing. Employment in most other major industries changed little over the month.

Youch.

There’s no love in here.  Worse, the benchmark revisions are out, and they show about 300,000 supposedly-reported jobs that didn’t really happen. No, really?  How come that number seems to always be in this direction?  That is, why is it that the BLS always seems to over-report reality in the establishment survey?

That inconvenient truth, incidentally, is why I always use the household numbers.  They’re at least a real survey without BS “adjustments” applied and while they’re subject to Read more…