Oxymoronic Economics: "Jobless" Recovery

[marmar]

:shrug: I hated Econ for a reason.



U.S. Recovery Leaving Workers Jobless May Stoke Company Profits
By Carlos Torres


Sept. 4 (Bloomberg) -- Employers kept Americans’ working hours near a record low in August, indicating that economic growth is poised to reward companies with added profits while postponing any recovery in the job market.

The average workweek held at 33.1 hours, six minutes from the 33 hours in June that was the lowest since records began in 1964, the Labor Department said today. The report also showed that while payrolls dropped by the least since August 2008, the unemployment rate rose to a 26-year high of 9.7 percent.

The preconditions for gains in payrolls, including giving the army of part-timers longer hours and taking on additional temporary employees, weren’t met last month. At the same time, with economic growth forecast to resume this quarter, the figures set the stage for a surge in worker productivity and drop in labor costs that will stoke corporate profits.

“It’s disappointing and it tells us that we are not quite there yet,” said Michael Feroli, an economist at JPMorgan Chase & Co. in New York who used to work at the Federal Reserve. “It’s great for business and terrible for households” for coming months, Feroli said.

There were almost 9.1 million Americans working part-time last month who would rather have a full-time job, up 278,000 from July, today’s report showed. It almost matched May’s reading, when it reached the highest level since records began in 1955. ...........(more)

The complete piece is at: http://www.bloomberg.com/apps/news?pid=20601087&sid=adK82ggZxaL8

[Donnachaidh]

wait for the econ dweebies to rush in and spit on the folks who call BS

Of course, THEY are probably working..... :sarcasm:

[benld74]

1. U.S. Recovery Leaving Workers Jobless MAY? Stoke Company Profits

MAY? Ah come on man, of course it does
Short term thinking once more.
Slaves to the bottom line

[napi21]

2. If decisions like Whirlpool made continue, it can't be anything but a jobless recovery!

With the storke of a pen, they sent 1,100 jobs to Mexico, and they're talking about moving the development division which is another 350-400 jobs! It's been a very long time since I've heard of any factories OPENING and ADDING JOBS!!!!

[Auggie]

3. "...(a) drop in labor costs that will stoke corporate profits."

It's always about profits --always about the stock price. This is how we measure success in the USA. This is why the system is so broken.

[customerserviceguy]

6. At some point, it is about that

Profits keep companies viable, and viable companies provide jobs.

That said, screwing over the little people to give fat bonuses to the asshats who ran the company into the ground is just plain wrong, and I hope that the marketplace punishes those companies that do that.

[FiveGoodMen]

4. In my view, the purpose of an economy is to keep us all housed and healthy and participating

The only people who could support a jobless "recovery" are those who really want slavery back.

[HillbillyBob]

5. Bingo they want free labor or as close to it as they can get.

If you live in the South like I have for almost all my life you realize it pretty quick that many business owners will screw you out of pay in a heartbeat.

I had an exchange with public relations at Levi Straus here in Greensboro when they shipped all those jobs to Mexico and Russia...
Their stance was that they had to take care of their stock holders...fuck the 400 employees that were key to making Levis a big name and they were generational jobs too. 100 years don't mean squat to them.
I told them I would not buy anymore of their clothes and that I had been a lifelong customer. I think that if we all actually stood up for what is right and boycott those businesses that pull that, it would stop the outsourcing in pretty short order.

I have personally experienced having jobs outsourced my own and my partner which left us high and dry and pretty much we lost our home, with out food to eat and we landed in a home w/out heat and really bad mold that almost killed me.

I am a long term aids patient and I got really sick and being that sick seemed trigger daily grand mal seizures or seemed to. Dr never did figure out if it was the mold or what was triggering them
If not for the local food bank we would have starved. One of our dogs died from the exposure, we guess as she was fine until we moved there.
For a year we did not know if we we

[FiveGoodMen]

7. Glad we agree. And very sorry to hear about the rest of it.

What a series of bad breaks!