As it happens, your Editor has some stock expressions that he uses both frequently and often, one of which, at work, is to spread my arms, gaze at the sky, and yell, “I love my job!” Some people think that I’m being sarcastic, but every time I think that, “Gee, I really don’t want to go to work today,” my next thought is that there are a lot of guys out there who would love to go to work today, but don’t have jobs to which to go.
From The Wall Street Journal:
July Figure Revised Sharply Lower as Labor Market Remains Sluggish
By Jonathan House and Eric Morath
WASHINGTON—Employers added 169,000 jobs in August and July’s figure was revised sharply lower to 104,000, suggesting the labor-market recovery isn’t gaining strength and potentially complicating the Federal Reserve’s plans to start dialing back its support for the economy.
In its monthly employment report released Friday, the Labor Department lowered the combined tally for job gains in June and July by 74,000. The nation’s unemployment rate stood at 7.3% in August, down slightly from 7.4% in July.
The August jobs gain was slightly lower than the average monthly gain of 184,000 over the prior 12 months and the 175,000 new jobs forecast by economists. The private sector added 152,000 jobs in August and government increased employment by 17,000.
The new estimate of 104,000 jobs added in July, down from an initial estimate of 162,000, was the lowest increase in over a year, a sign of easing momentum in the labor market recovery.
More at the link. But, if you are wondering how the number of new jobs created keeps falling below estimates — the guesstimate for August was 180,000 — and the following month’s revisions always seem to be downward, yet the official unemployment rate keeps inching down, the answer came in the last paragraph of the story:
The labor force participation rate fell to 63.2%, the lowest level since the summer of 1978.
Since the unemployment rate is based on the total number of people who have jobs and the total number looking for jobs, if fewer people without jobs quit looking for work, the unemployment rate drops. That’s the Obama economy for you!
Unfortunately, I happen to know one guy who will be looking for a job. Jim Lynch tweeted:
In about 10 hours I become a full time blogger…not by choice.
— Jim Lynch (@brightandearly) September 6, 2013
If you’ve read this blog for any part of the eight years I’ve been doing this you probably don’t remember very many posts related to my day job. It’s not that I’m ashamed of what I do, or that I feel that my blogging would have a negative impact on my career. Truth be told, while I enjoy my job and I’ve never really had a day where getting out the door was a chore, most people would be bored to tears to find out about my typical day. Here’s the short version. Emails, phone calls, enter who’s not coming to work today, grant or deny time off, lather, rinse, repeat. The exciting part is the daily discussion of what we’re going to do for lunch. Not the stuff of great and interesting blog posts.
Well, that’s about to change.
I’m about to be a statistic. The company that I’ve worked for since 2002 is moving our work (there are six of us in my department) off shore. Don’t misunderstand. I’m not bitter. From a business standpoint I understand what they’re doing. I think it’s a mistake, and I think they’ll be less than pleased with the results, but I do understand how it will impact the bottom line.
I’m not even all that concerned. I’ve always been a “the glass is half full and there’s another bottle in the fridge” kind of guy. Still, looking for work when I was looking at retirement in less than ten years isn’t the most exciting prospect. I do have a bit of a wish list that I posted on my Job Hunt Facebook page.
More at the link.
Mr Lynch lives in Polk County, Florida; if we have any readers in that area with work that needs to be done, Mr Lynch would make a good worker for you. The donation button on the right is for Mr Lynch’s site, not mine; if you can help him out, both he and I would appreciate it.