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Nice Employment Situation Report October 6, 2017

Posted by geoff in News.
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Well this is quite the landmark day, jobs-wise. The BLS Employment Situation Report had good news: for the first time since November 2008 we have broken the 0.5 barrier of my employment metric.* Take a look at your nice little uptick for the month of September:

FullTimeEmpvsCivPopOct2017Report

The September gains more than reversed the backsliding of the previous two months, despite the two hurricanes that hit Texas and Florida.

*Full-time jobs divided by the civilian non-institutional population, data taken from the Household Survey

Comments»

1. Sobek - October 6, 2017

Despite, or because of? Do you know whether any of those jobs would be disaster – related?

2. Mrs. Peel - October 6, 2017

Judging by the rapid proliferation of signs for trash removal, flooring, sheetrock, etc., etc. companies around here, hurricanes create jobs.

What’s actually been interesting is seeing how the various companies are responding in their ads. Whataburger, for example, did an ad showing an American flag outside one of their locations while patriotic music swelled and they basically said “thank you” to everyone who came to help. (A sentiment with which I heartily agree!) Various car dealers are offering special trade-in rates and low interest rates on new car loans for people whose vehicles were flooded out. Furniture stores are also offering deals. Et cetera.

3. geoff - October 6, 2017

I think most pundits expected a suppression of economic activity during September as a result of the hurricanes. The creation of jobs due to a natural disaster is the broken window fallacy writ large (i.e., if you get more activity due to the hurricane, you might as well start trashing everything in the US).

4. Sobek - October 6, 2017

Yes, I kind of had the broken fallacy in my mind as I wondered that. It seems like disruption of normal economic activity would overshadow repair – specific economics.

5. Mrs. Peel - October 6, 2017

Right. Someone who is replacing their vehicles and furniture and redoing their house would otherwise have spent that money (that is, what they spend over and above the insurance payout) on other things. Definitely still a net loss. Especially since the National Flood Insurance Program was already broke before this happened.

Forgot to mention nearly every business has some variant of “Houston [or Friendswood, Katy, Pearland, etc.] Strong” on their signs.

6. Mrs. Peel - October 6, 2017

Also, if your house was flooded and you want to sell it as is for cash, you have many opportunities to do so. File that one under “I’ll wind, etc.,” I guess.

7. Mrs. Peel - October 6, 2017

Dangit. ILL wind


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