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So How's the Job Market Doing?
Comments
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Really? You reckon that Markit, who make their money and reputation by selling data, understand the employment market less than some geezer with a keyboard. Interesting standpoint.
If employment and wages are increasing according to an independent body (the ONS) and Some Bloke reckons they're decreasing then my money's on the former, especially given that all the other obvious signs of growth (PMIs, house prices, GDP) are also increasing.
I can go on to Google and find countless twits with too much time on their hands making all sorts of counter-intuitive arguments but a link doesn't make you right, it just means you have a link.
I just went to google and found some guy from Markit questioning the ONS data.
Wonder if he is questioning their own?
Statistics eh.
One answer could be that the numbers going into the calculations for the UK just aren't accurate enough. What if the Office for National Statistics has overstated employment growth in recent years? Maybe there are not so many jobs after all. That's the conclusion of Chris Williamson, chief economist at Markit, the data company behind the closely watched PMI surveys of business activity.
Williamson has been looking into what he calls "a major divergence" between official (ONS) employment data and various business surveys.
He says: "Business survey data points to far weaker job creation than suggested by the Office for National Statistics over the past three years. The data go some way to explain the 'productivity puzzle' and brings productivity growth more closely into line with that experienced by the UK's peers."
http://www.theguardian.com/business/economics-blog/2013/oct/22/incorrect-employment-growth-figures-low-productivity"If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
grizzly1911 wrote: »Meaningful full time jobs, at or above the living wage, with full careers and training in in a valuable skill or trade?
Exactly what I've just explained about the British disease!
5 lads that have been struggling for work all get a job would to most people sound like good news. Not if your glass is half empty though.
I don't know if they are 'meaningful', but know they won't be getting the living wage, won't have a career mapped out and won't be getting training in 'valuable' skills or trades. Does that mean they shouldn't have bothered or were you just asking the question rather than making an implication?
They've caught a break that's all.0 -
Exactly what I've just explained about the British disease!
5 lads that have been struggling for work all get a job would to most people sound like good news. Not if your glass is half empty though.
I don't know if they are 'meaningful', but know they won't be getting the living wage, won't have a career mapped out and won't be getting training in 'valuable' skills or trades. Does that mean they shouldn't have bothered or were you just asking the question rather than making an implication?
They've caught a break that's all.
Not really anything to do with the disease just life.
I was asking the question. It is better to have a job rather than no job when you are looking for work.
Out of five it is a shame that there aren't one or two couldn't have got a better break straight off."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
5 lads that have been struggling for work all get a job would to most people sound like good news. Not if your glass is half empty though.
You don't half to be a pessimist in order to ask a simple question.
You seem to be either offended, or being a little extremist anytime anyone simply asks a question which may offend the "life is just rosy" stance.0 -
......5 lads that have been struggling for work all get a job would to most people sound like good news. Not if your glass is half empty though.....
That's good news.
As everyone knows, life is not completely rosy but it's a step in the right direction. Otherwise, we would be saying 'glass full' instead of 'glass half full'.
My glass is certainly half full, but is just not big enough.
Cripes!
Dow closed 293 points up! Must be an all time high.
Wonder if they are doom-mongering in USA?0 -
grizzly1911 wrote: »I was asking the question. It is better to have a job rather than no job when you are looking for work.
Out of five it is a shame that there aren't one or two couldn't have got a better break straight off.
Just asking the question? That's what I thought.:)
After all who'd expect 5 unemployed teenagers to walk straight into jobs with mapped out careers and starting on a brilliant wage. I've told them they should have held out for management positions, company cars and FS pensions.
But yes I agree. Life ain't perfect.0 -
grizzly1911 wrote: »I just went to google and found some guy from Markit questioning the ONS data.
Wonder if he is questioning their own?
Statistics eh.
One answer could be that the numbers going into the calculations for the UK just aren't accurate enough. What if the Office for National Statistics has overstated employment growth in recent years? Maybe there are not so many jobs after all. That's the conclusion of Chris Williamson, chief economist at Markit, the data company behind the closely watched PMI surveys of business activity.
Williamson has been looking into what he calls "a major divergence" between official (ONS) employment data and various business surveys.
He says: "Business survey data points to far weaker job creation than suggested by the Office for National Statistics over the past three years. The data go some way to explain the 'productivity puzzle' and brings productivity growth more closely into line with that experienced by the UK's peers."
http://www.theguardian.com/business/economics-blog/2013/oct/22/incorrect-employment-growth-figures-low-productivity
The facts are pretty simple. Basically every major economic indicator is positive. If you want to think that means that disaster is around the corner then so be it.
I wonder why so many posters on here seem to see doom at every turn. It's almost pathological.0 -
I wonder why so many posters on here seem to see doom at every turn. It's almost pathological.
MSE turning into HPC perhaps?;)
Anyway, AEP in the Torygraph is clearly indicating that QE has been our saviour. However, with AEP & the Torygraph, it may just be a thinly disguised dig at the EU...
http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/10526947/Farewell-QE-you-have-been-a-magnificent-success.htmlIn case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0 -
The facts are pretty simple. Basically every major economic indicator is positive. If you want to think that means that disaster is around the corner then so be it.
I wonder why so many posters on here seem to see doom at every turn. It's almost pathological.
I wonder why so many don't trust what they are being told?
I wonder why the guy from Markit is questioning some of the evidence.
Perhaps it is not so much doom that is being seen just no change to the long term trend. Things may be better than the worst days but little has changed for many through the cycle.
All they see is essentials becoming more expensive, income not keeping pace and security and services being eroded.
Macro trends are fine but if they don't cascade evenly then unsurprisingly the message isn't believed by all."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
I can't see how even with an economic recovery people can expect a quick return to the pre-crash days. We were, and still are spending money we haven't got so even with a sustained economic recovery it will take time before people start feeling much better off again.0
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