Jobs Market isChanging

[CloverKnollFarms]

Amazon to lay off 10,000. The economy is strong as hell.

 

[MossRoad]

Amazon to lay off 10,000. The economy is strong as hell.

Let's put that in perspective.

With more than 1.5 million employees, that's 0.6667 of their workforce.

That would be the equivalent of a company with about 130 employees laying off 1 person.

The release from the company said they had to scramble to hire massive numbers of people at the start of the pandemic to satisfy the demand of people shopping from home. Now that people are going outdoors again, back to work, etc... the demand is slowing. They said it's a whipsaw effect, and their efficiency analysis said many were duplicate jobs that took a while to ferret out.

There were over 220,000 jobs added in the U.S. in October.

There hasn't been one month since January 2021 where jobs haven't been added.



That's not to make light of the fact that 10,000 people lost their jobs. It's just putting things in perspective of the overall job market and the big picture of the current employment situation.

 

[sea2summit]

Let's put that in perspective.

With more than 1.5 million employees, that's 0.6667 of their workforce.

That would be the equivalent of a company with about 130 employees laying off 1 person.

The release from the company said they had to scramble to hire massive numbers of people at the start of the pandemic to satisfy the demand of people shopping from home. Now that people are going outdoors again, back to work, etc... the demand is slowing. They said it's a whipsaw effect, and their efficiency analysis said many were duplicate jobs that took a while to ferret out.

There were over 220,000 jobs added in the U.S. in October.

There hasn't been one month since January 2021 where jobs haven't been added.

View attachment 770929

That's not to make light of the fact that 10,000 people lost their jobs. It's just putting things in perspective of the overall job market and the big picture of the current employment situation.

Interesting, how many have left the job market to make that statistic look so good as it's just a measure of who wants a job vs who can get one...

 

[Hay Dude]

A little more perspective: Meta just laid off 13% of its workforce, so the economy continues to shrink.

Here are the Big Tech companies that have announced layoffs in 2022

Big Tech companies have announced tens of thousands of layoffs in recent weeks amid stock losses, jumbo interest rate hikes implemented by the Federal Reserve and consumers’ pivot away from g…

thehill.com

 

[MossRoad]

The job growth outweighs the layoffs.

 

[Oaktree]

A little more perspective: Meta just laid off 13% of its workforce, so the economy continues to shrink.

Here are the Big Tech companies that have announced layoffs in 2022

Big Tech companies have announced tens of thousands of layoffs in recent weeks amid stock losses, jumbo interest rate hikes implemented by the Federal Reserve and consumers’ pivot away from g…

thehill.com

How different is this than any other business? In boom times, companies get bloated with more employees than they really need. Eventually, that growth tapers off/declines and someone wakes up to that fact and starts to trim the fat. What exactly do all these people who work(ed) at Facebook/Meta actually do?

 

[sea2summit]

The job growth outweighs the layoffs.

Because no one wants to work...there is a labor shortage.

But either way, these stats are so manipulated and cherry picked by both parties putting any weight in them at all is pretty self destructive for the lay person.

 

[MossRoad]

Because no one wants to work...there is a labor shortage.

But either way, these stats are so manipulated and cherry picked by both parties putting any weight in them at all is pretty self destructive for the lay person.

Think about what you just said.

The U.S. has added hundreds of thousands of jobs each month for the past 22 months because no one wants to work?

 

[Hay Dude]

Think about what you just said.

The U.S. has added hundreds of thousands of jobs each month for the past 22 months because no one wants to work?

No it’s because there’s more demand for workers since the pandemic has eased.

 

[5030]

Adding jobs and filling those added positions with employees are 2 distinctly different things. There are a boatload of unfilled 'positions' out there because at least in the under 30 crowd, applicants (if they even do apply), want top buck to start, complete benefit packages immediately and time off when they get a hair crossways.

Work ethic today has basically vanished.

 

[sea2summit]

Think about what you just said.

The U.S. has added hundreds of thousands of jobs each month for the past 22 months because no one wants to work?

It's in how it's measured. Look at the calculations. There's a reason one party looks at the jobs and another party looks at unemployment.

ETA both manipulate the data to make it look like their policies increase the total number of jobs or economic strength and while both are measures they are not stand alone measures of economic strength and can go in opposite directions at the same time due to how they are calculated but both align with party policies so look at the trends over the last 30 years for your chosen metric and chances are it will mirror the party in power.

 

[MossRoad]

This pretty much explains the reasons there's 10 million job openings and only 6 million unemployed.

The top three reasons people who could be working but aren't are increased savings, early retirements, and lack of access to child care.

Understanding America’s Labor Shortage

Workforce participation remains below pre-pandemic levels. We are missing 1.7 million Americans from the workforce compared to February of 2020.

www.uschamber.com

 

[5030]

it's also why employers are hiring the older crowd, because they still posses a good work ethic. Like me, my Kubota dealer asked me if I would work part time for them and I complied. The owner can count on me to be there when he needs me and I don't have the hair crossways issue either.

Good example of the employee revolving door is the outfit I retired from. Their Butler, Indiana plant cannot keep employees. They pay well, have an excellent benefit package but the employees have to actually do manual labor and they come in, apply and get hired (if they can pass the drug screen which eliminates a lot of them) and then they work a couple days and never come back because they actually have to work and not play games on their cell phones or text friends. It's so bad there they cannot even fully staff a 3rd shift.

I know exactly what the issue is, the plant manager is a good friend of mine. I get to hear about it all the time.

There may be a lot of positions created but filling them is the issuer because a good work ethic is a rare commodity today.

 

[sea2summit]

This pretty much explains the reasons there's 10 million job openings and only 6 million unemployed.

The top three reasons people who could be working but aren't are increased savings, early retirements, and lack of access to child care.

Understanding America’s Labor Shortage

Workforce participation remains below pre-pandemic levels. We are missing 1.7 million Americans from the workforce compared to February of 2020.

www.uschamber.com

I find it funny that they reference unemployment benefits as a primary way saving expanded 4 trillion dollars, I don't think that's how it works

 

[scootr]

I'll say it again. The labor shortage caused by a receding work ethic started with professional sports paying 6 figures, then millions. Kids saw ordinary people play ball for multi million dollar pay. Then they watched entrepreneurs and influencers on you tube getting rich fast doing fun stuff. It's no wonder they shied away from physical labor as a way to support themselves. Stock market champions and more get rich quick options...
Who do you think is going to fill these labor jobs? Certainly not young middle class america.
AI better advance fast to fill the labor shortage.

 

[Shenandoah MF1760]

Ohh the dreams of youth, how they beget the regrets of maturity.

A rather large number of those people who during the covid pandemic thought they could move to some beautiful remote location and work from home and made the howling mistake of buying (or worse Building) a home - - well they are facing a terror.

Companies are realizing that if those jobs can be fulfilled by a remote employee then they can be filled even better by an outsourced overseas contractor in India at an enormously reduced cost.

Ohhhh, Baby, hard times are coming.

View attachment 762633

This is nothing new. I was in a refinery in Los Angeles working on commissioning the controls of a sulfur recovery unit. I was 10 pages deep in writing a layout for the site acceptance test when the software crashed.

I work for the company that's responsible for the software and they're based out of Los Angeles, so I called customer support who I knew personally, and joked with him that this shouldn't happen to someone that can walk into their office and meet them at their desk.

He laughed and said if I wanted to confront the person responsible for writing that software I was going to need a ticket to India.

We figured the company probably paid a million to someone in India, who contracted it out to Pakistan for a hundred thousand, who sent it to Thailand for a thousand, and it finally was written by a college student in Viet Nam for beer and pizza money.

 

[jyoutz]

I'll say it again. The labor shortage caused by a receding work ethic started with professional sports paying 6 figures, then millions. Kids saw ordinary people play ball for multi million dollar pay. Then they watched entrepreneurs and influencers on you tube getting rich fast doing fun stuff. It's no wonder they shied away from physical labor as a way to support themselves. Stock market champions and more get rich quick options...
Who do you think is going to fill these labor jobs? Certainly not young middle class america.
AI better advance fast to fill the labor shortage.

The labor shortage is primarily caused by demographics. A lot of us are baby boomers who started careers as a young adult when getting hired was highly competitive due to a large population of people that age. Most boomers are now retired and young people today have their pick of jobs because there are so many vacancies from retired boomers and a smaller population of people. I see this in my field today. When I graduated from college, jobs were difficult to find. Last month I helped at a hiring event and heard from many recent graduates that they had multiple offers to consider.

 

[5030]

AI better advance fast to fill the labor shortage

A good amount of those jobs cannot be done with automation at all. Manual labor and skilled labor will always be in the mix because a robot welder or whatever cannot fix themselves when they break down and many manual positions are feeding those robots with materials. AI may streamline production and be cost effective but it will never replace the manual and skilled labor side. Kind of like electric cars in a way. People tend to forget exactly where the juice they recharge them with, comes from. IMO, they will never become maintream just because of the electrical generation issue bit that isn't on this thread.

Bottom line is, if you desire to buy goods and services today, you'd better have a real job that pays a living wage. Food stamps and welfare only go so far and certainly won't buy you a new vehicle or a new home or a new computer either. Besides, the welfare state is eating up the central government and causing the debt to tax ratio to become unmanageable.

 

[MossRoad]

I find it funny that they reference unemployment benefits as a primary way saving expanded 4 trillion dollars, I don't think that's how it works

Yep. Not supposed to but sure did.

 

[MossRoad]

I'll say it again. The labor shortage caused by a receding work ethic started with professional sports paying 6 figures, then millions. Kids saw ordinary people play ball for multi million dollar pay. Then they watched entrepreneurs and influencers on you tube getting rich fast doing fun stuff. It's no wonder they shied away from physical labor as a way to support themselves. Stock market champions and more get rich quick options...
Who do you think is going to fill these labor jobs? Certainly not young middle class america.
AI better advance fast to fill the labor shortage.

One of the reasons I don't watch pro sports anymore.