Monday, October 10, 2016

Employment October 2016

We have been tracking the employment situation after the eight years since the collapse. It frankly is not as good as one suspects. Let's examine some numbers.
The above is a comparison by sector between 2005 and last month. As we have been noting the higher paying jobs are down and the service and lower paying jobs are up.
The growth in Government supported jobs continues. Government employment is starting a rebound and Health and Education is advancing ever more quickly. Since both sectors are effectively tax payer supported they become a true weight on growth.
The above is a metric for participation rate which still is decaying. Thus the putative employment numbers are highly skewed.
The Core versus Government sectors are rebounding so that as we noted earlier more people are being supported by fewer.
Sector changes are shown above with Mining taking a massive hit.
The same is shown above.

Overall things really are not getting better despite the verbiage.