ECONOMIST: 'Jobs market is literally on fire in most states in the union'

[Todays_Illusion]

Source: Business Insider

The US Bureau of Labor Statistics just released its monthly estimates of unemployment rates in all 50 US states and the District of Columbia, and things are looking pretty good.

The bureau noted that unemployment rates fell in 32 states and Washington, DC, went up in just three states, and stayed the same as September in 15 states. Unemployment in every state and DC was below 7%, indicating increasingly healthy labor markets across the nation.

The Bank of Tokyo-Mitsubishi's chief financial economist, Chris Rupkey, circulated an email after the report with the title "Jobs market is literally on fire in most states in the union." The email maintains that optimistic tone and suggests that the geographically broad strength of the labor market could spur the Fed to tighten monetary policy at its December meeting:

This regional breakdown is just the latest evidence that the economy has reached full employment. Coast to coast from sea to shining sea, the labor market has fully healed. At full employment the Fed can be confident that inflation will eventually move up to their 2% target ... Once again, another day, another report from Washington showing us the economy is better than many think. The state-by-state employment trend is just the evidence the Fed needs to assure them that it is time to lift rates.

Here's the map showing the unemployment rates in each state and DC:

Read more: http://www.businessinsider.com/october-2015-state-unemployment-rates-map-2015-11

---

The link has a great graph, funny thing it is red.

I think this good news is being buried by the ugly discussion about refugees.

[FrodosPet]

1. The jobs market is being consumed by fire?

Dear Chris Rupkey,

[inanna]

2. Laughing out loud at that video!

Thanks!

[Feeling the Bern]

3. And now I'm going to correct his grammar. It's not doing good. It's doing well

See, CM Punk, good is an adjective, while well is adverb.

So, I am doing a good job showing you how well I write. As well as showing people who read this how your grasp of English is not good! So go jump in a well and do the world some good!

[Tommy_Carcetti]

18. There was a fire? At the job's market? That's weird!

That's the weirdest thing I've ever heard!

[FrodosPet]

19. As a wise young man once said,

Good news about the jobs if it is real. Too bad it won't last.

[Feeling the Bern]

4. Which states and what kind of jobs/how much do they pay/benefits/room for advancement?

They could all be McJobs you know.

[Todays_Illusion]

5. /s/wink, I'm not taking questions I just got tired of the hate refugee messaging and wondered

why their state graph is such depressing shades of red.

[eridani]

6. Average people have lower incomes than they did in 1999, but hey--as long as

--"the economy" is doing fine, who gives a flying fuck about people?

[yeoman6987]

30. This is a time to go look for a job paying better wages

Don't sit in the same job you are now. There is money to be made but you need to be aggressive. Put out feelers, go interview. Leave under appreciative jobs. That's how you make more money.

[eridani]

36. It that worked, why are median incomes now lower? n/t

[Le Taz Hot]

7. Then where the hell are they?

My husband lost his job at (another) start-up last year that didn't make it (again), started his own business which is about to tank and NOBODY is calling him back on any of the resumes he's sent out.

We were in this situation two years ago and I though we were finally home free and here we are again. I'm 60 fucking years old and so tired of this. Looking into the abyss AGAIN -- not knowing if you're going to be able to make the house payment, how you're going to make the tax bill . . . REALLY not good for your psyche.

Again, where the FUCK are all these jobs?????

[cstanleytech]

8. Most of them are probably low paying jobs with few hours and its going to take something massive

to change it for the better like on the French Revolution level I suspect, but hey if thats what the rich want then on their own heads be it.

[Le Taz Hot]

9. When people have absolutely nothing to lose,

why the hell not?

[DCBob]

24. I am sure its regional and specific to certain industries.

That's the challenge for the many unemployed. Here in DC area the job market if very hot especially for IT, construction, engineering, healthcare and lots of others. However, the cost of housing is ridiculous high near the city and the traffic is horrific so living out of town in a less expensive area and driving in is a real bummer. Its hard but many are moving here to work.

[Todays_Illusion]

31. It is much easier to be a bilionaire begging for tax cuts than a worker needing a raise.

[DCBob]

35. It would seem so.

That needs to change.

[Mojorabbit]

25. I agree

I have two good friends that have been desperately looking for so long. It took my brother a year to find a job and it pays much less than his last one. These are all people with degrees.

[LiberalArkie]

27. Not at Verizon, that is for sure. Not any more.

[Alkene]

10. Bullshit!

A steaming mound of fetid "good news", "literally on fire" from this noisome stream of flammable intestinal gas which apparently qualifies as responsible reporting.

The fact that I earn 22% of my income in 2013 is my fault, because... "Coast to coast from sea to shining sea, the labor market has fully healed."

If you were trying to make me feel like shit about myself, and totally piss me off- this is just the kind of corporate diarrhea you should feel free to post.

[potone]

29. I doubt that that was the poster's intention.

But I agree that these statistics do not tell the whole story. Many people have had to take jobs for lower salaries than they had before the 2008 crash, if they have even found one at all, and lots of people lost their retirement savings as well, so people who do have jobs are putting off retiring. The economy simply is not working for the benefit of the majority, and always, always, it is the unemployed worker's fault that he or she does not have a job, rather than the structure of our economy. This is bullshit in many cases, but it does a wonderful job of dividing people.

I am sorry about your situation. As hard as it is to avoid doing this, try not let this corporate mindset determine your sense of self worth. You do not have to define your worth as a human being by your salary.

[Todays_Illusion]

33. I an certain you arediredcting that at BI, not me. I think we are all grossly underpaid

and have been for decades now. One reason I posted is because I am tired of the ugly refugee messaging going on all around our nation. I thought we ought to get back to discussing sustaining ourselves not bashing others in worse conditions.

[thebighobgoblin]

11. What I thought Ron Paul and the Pee Party predicted "ZOMG! Weimar Republic Hyperinflation!

Guess that didn't happen.

[Divernan]

12. "on fire with" part-time, seasonal hiring? Ho-Ho-Ho!

I'm reading and hearing everywhere, including here on DU, of people worried about reduced hours, increased work loads, employees who leave/are fired/retire not being replaced, and rumors of layoff, etc.

I'm seeing stores and small business ventures in my community going out of business. I'm seeing whole malls turning into ghost towns. I'm seeing country clubs going bankrupt and being bought up by Big Fracking interests. Now granted Big Fracking will provide some jobs, but those tend to be out-of-state, temporary folks.

I know of people who ARE "full time" employed, but desperately seeking jobs where they get at least a few paid sick days, do not have to work a full year before being allowed ONE vacation day for the succeeding year (after 5 years, they get 5 vacation days per year, and it never increases after that). I know lawyers who are working for $15 an hour (part-time/no benefits) as "contract" lawyers, i.e., sitting side-by-side in warehouse type rooms at card tables with a computer each (not even a cubicle, and folding metal chairs - nothing ergonomic, of course), whose bathroom breaks are timed! (Of course, their work is being billed out to clients at $200-300 per hour).

If the corporate/Big Banking whore economists in the OP link are done with their totally crap spin that the U.S. job market is on fire, is this the part where they sell me the Brooklyn Bridge?

[6chars]

13. We are getting much stronger applicants recently

That usually corresponds to tougher employment markets.

[Ford_Prefect]

14. I see 2 tiers of employment in NC. Neither is maxed out for employment.

But management (and the State) acts like they are. Keeping the bottom line up by refusing to hire more than their vision of profitability allows. So the work is there and the jobs get listed but no-one is actually hired to do them because it hurts profit within the organization. The appearance of "too few qualified workers" is a false one. If it really were true the income rate offered for work in NC would rise to attract more and better employees.

Much of the "new" employment in NC are mcjobs or under those same conditions: few or no benefits, typically 30 hours or less per employee, wages levels marginally above state minimum wage with distinctions measured in pennies per hour.

Many people I know are doing 2 and 3 part-time positions and still not making what they did 10 or 15 years ago.

The real employment "wealth" here is in new medical services but only if you are above a certain level of skill and qualification.

Long term unemployed are out of options as the thieves in the legislature redefined the terms of duration for earning employment credit. They set an absurdly low limit on how on how long you may receive benefits and cut the rates at which it is paid to the lowest in the United States. As a side effect anyone who is out of work too frequently or for too long disappears from unemployment reporting records this article refers to. Many professionals have fallen in this hole as well since they do not receive benefits which even remotely reflect their ability, performance or experience.

[unc70]

21. NC one of three states that lost jobs

Something for our governor to crow about. Must have been those tax cuts.

[Android3.14]

15. Chris Rupkey literally doesn't understand vocabulary

[jtuck004]

16. Maybe you are just smelling the smoke from the clothing of the remaining employees who

can no longer afford a utility bill...

...
--The headline number for the October jobs report greatly surpassed expectations, but a more sober look reveals that the report was not particularly promising.

--Virtually all job creations went to workers over age 55. Those workers in the 25-54 age group actually saw job losses during the period.
...
Despite the decline in the unemployment rate, there continue to be more people out of work than ever before.
...
For most middle-class occupations, the general career progression is relatively similar. A young worker will obtain their first job after completing their schooling and begin to acquire skills and experience. This allows the worker to move on to jobs that involve more responsibility and typically higher pay. The acquisition of these skills is a necessary prerequisite to obtaining these better jobs. This is why one aspect of the latest jobs report is particularly concerning. As I mentioned in the introduction, the headline number in the report was 271,000 jobs additions. However, approximately 378,000 jobs went to people aged 55 and over. Those workers in the 25-54 age group actually saw the number of jobs held by members of their group decline by 35,000 month-over-month. Men in that age group were particularly hurt, with their jobs held declining by 119,000 month-over-month.

http://seekingalpha.com/article/3666296-the-october-jobs-report-was-not-as-good-as-hyped

[Tommy_Carcetti]

17. Improper use of the term "Literally," ten yard penalty, automatic first down.

[Todays_Illusion]

20. Contact BI, I didn't create that title.

[unblock]

26. could be correct if what they're hiring is fire-fighters....

[restorefreedom]

22. not in my world

my guess is these are low paying mcjobs with no benefits.

but as long as wall st investors are happy......

[KG]

23. I lulz'd

[LiberalArkie]

28. Here is the current listing

http://dailyjobcuts.com

[mahina]

32. 10 points for silly use of the word 'literally'.

But great news!

Mahalos!

[IronLionZion]

34. People don't know what the term "literally" means

and it is certainly regional. Some cities are seeing tremendous growth of jobs, construction, home-buying, and people moving there. Others not so much.