Labor Pains

May 8th, 2009 8:52 am | by John Jansen |

This report does not look real swell to me. The net revisions subtract 66K and the one area of strength was government workers where my friends at UBS had a nice call on the census worker hiring (66K also).

Back out the 132K and you get -671.

There is weakness in every category of this report except government and education and health.

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  1. 5 Responses to “Labor Pains”

  2. By Dr.Dan on May 8, 2009 | Reply

    Yes, Govt hiring people to run the sweatshops at FED (ie the printing press)

  3. By Les on May 8, 2009 | Reply

    Does it really matter who hires these people; at least they are employed. You make it sound as though that is a bad thing. Worst case, it buys these people time; if their jobs last a year, the hope is the economy will have recovered (somewhat) and that they can find another job. The Report is good news.

    [You know, at the end of they day, this is a type of “jobs/works” program; it is exactly what the govt s/b doing, and it has a stimulus effect.]

  4. By John Jansen on May 8, 2009 | Reply

    i am not denigrating those people. i do not mean that.

    Real employment,in my opinion, is created in the private sector.

    These are temporary jobs and will disappear when the census is complete.

    I have no idea what they pay but it cannot be much and consequently will not drive much economic activity.

  5. By Bman on May 8, 2009 | Reply

    John, spot on.

  6. By Les on May 8, 2009 | Reply

    I did not mean to imply you were being disrespectfull of those people. My point was: an employer of last resort is better than no employer at all; 67,000 jobs, no matter what the wages, will have some type of multiplier effect.

    In any event, I have started to read your column faithfully; I literally race to work each morning to get your opening reports. I have been accumulating a fairly significant position in TYO since the day it began trading, about three weeks ago. [Hence, my interest.] Still holding; looking to add more.

    Take care.

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