June Monster Employment Index Rises 21% v. 2009
From today's Monster Employment Report for June 2010:
1. The Monster Employment Index climbed 7 points in June and the annual growth rate, now at 21 percent (24-point increase), is at its highest since September 2006.
2. Online demand for workers rose in 17 and remained flat in 5 of the 23 occupational categories in June with healthcare support registering the largest gain on a month-over-month basis.
3. Demand rose in all U.S. Census Bureau regions with West North Central registered the largest monthly as well as 3-month gain. On an annual basis, Middle Atlantic exhibited the most improvement while Mountain registered the most sluggish expansion in demand which was nonetheless positive at 13 percent.
4. Online recruitment activity rose in all major metropolitan markets, with Detroit registering the largest monthly gain.
5. 49 states registered increased online job opportunities in June, with a number of states, such as the Dakotas and Wyoming, registering notable rises following somewhat sluggish recruitment trends in the earlier spring months.
10 Comments:
and yet payrolls are weak and unemployment claims rise yet again.
In the week ending June 26, the advance figure for seasonally adjusted initial claims was 472,000, an increase of 13,000 from the previous week's revised figure of 459,000. The 4-week moving average was 466,500, an increase of 3,250 from the previous week's revised average of 463,250.
...
The advance number for seasonally adjusted insured unemployment during the week ending June 19 was 4,616,000, an increase of 43,000 from the preceding week's revised level of 4,573,000.
the employment portions of the manufacturing indexes are also declining.
Structural unemployment.
Read someone from the dismal science who actually is a dismal scientist.
You should get out more.
The 4-week average claims continues to track the 1980-82 "W". As predicted in May, the 4-week average claims are now breaking higher (See comment 14):
http://mjperry.blogspot.com/2010/05/post-recession-jobless-claims.html
well, i am a dismal scientist as well, and i can tell you this doesn't look good:
'Small business borrowing levels falls to lowest amount in 7 months during May – data released by PayNet revealed the decline on Thurs. Sign recovery has stalled. Reuters "
also, draw that chart with u6 instead of u3, and i think you'll be less pleased with the result. we are seeing high (60% higher than last recession) unemployment with a much larger proportion of the unemployed chronically so. long term unemployment is much more difficult to remedy as skills and networks get out of date.
but ultimately, it comes down to things like this:
http://4.bp.blogspot.com/_Zh1bveXc8rA/TBkWFjtuP4I/AAAAAAAABLo/JJ6W7Zfsb38/s1600/Clipboard02.bmp
this is a very slow recovery.
it's been predominantly restocking. that is now fading.
china just showed a sharp drop and output actually dropped in june.
this is a very slow recovery.
Of the 11 post WW11 recoveries (recovery from the worst recession), the Minnie Fed says that this is the 3rd worst as measured by nonfarm payroll employment and GDP.
Friedman's plucking model is plucked. Back to the drawing board for the dismal set.
Still the AP gives us headlines like this: New jobless claims rise in sign of weak job market
New unemployment claims rise unexpectedly; more than a million have lost federal benefits
We need a huge round of monetary expansionism. Huge. Huge. I mean huge. Eff inflation.
benji-
"We need a huge round of monetary expansionism. Huge. Huge. I mean huge. Eff inflation."
spoken like someone with no savings...
monster inflation like we had in the 70's is incredibly disruptive and seems unjust to me as a debt reduction strategy.
it benefits the profligate by punishing the prudent. it bails out debtors at the expense of those who lent and saved.
how is that an ethically acceptable choice?
how does that not create a massive moral hazard in the future by teaching everyone that debt will always be bailed out but saving is dangerous? isn't that just the recipe for a monstrous next bubble?
So what explains the Monster Index jump? Gov't report will be adjusted up later?
bENJAMIN:
wE HAVE ALREADY HAD A HUGE MONETRY EXPANSION
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