The Nation's Financial Condition

[3rdPersonPlural]

....... no one can really define what that has actually been in like 30-40yrs. It seems like a myth to many and the period "post middle class" appears as long as the period of the glory of the middle class temporally.

I can tell you what the Middle Class WAS (I graduated from HS the year you were born).

When I was in middle school, dads used to march their kids straight from HS graduation to the Union Hall and sign junior up for a lifetime job making Keds or whatever. The factories were HERE. The jobs were HERE. The unions were influential.

Starting salary was (best as I can figure) about 65 or 75 k in todays dollars. 8 weeks salary equaled a premium Oldsmobile. 3 years salary bought you a perfectly reasonable home in a good neighborhood near work. Enough to be solvent, but not enough to make any 'moves'.

Medical was paid by the company. There was a pension for everyone. Stick around, do your job, raise your kids, enjoy your time off, have your best life, retire, grow old, and die with dignity.

Once you signed on, you could buy a nice 3 bedroom on Swede Hill. A lot of HS grads marched straight from the Union Hall to their girlfriends house and proposed. Life became 'adulting' at 18 for the middle class.

The middle class had reliable extra money every month. Some people invested it well and retired on a golf course in Fla. and left their kids a little something. Some had a hobby --- a dune buggy or civil war re-enacting or a little lake house or a fishing hobby with a boat or a travel trailer that had been towed everywhere. Or a dragster. Or a kayak club. People could stay interested and sane, right?

The middle class did not have to worry about college money. If your kid was smart enough to go to college, he/she'd get a scholarship. A summer job earned enough to pay a years tuition at even Yale. Helping your child get through college was not a mortgage-scale commitment. There were apprenticeships for kids who were gifted but didn't want to become a lawyer or doctor or business analyst or something. Welders and electricians made a little more than line people and a little less than lawyers/doctors, and if that appealed to you it was worth putting off 'adulting' for a year or two to learn that trade.

The middle class never gave a second thought to retirement. If that was your hobby, sure, even just buying CDs got you 10% a year return and there were these utility plans that paid off like crazy! If you want to retire early and live good instead of raising kids or having a hobby, that was an option. But if you ignored this whole savings thing and sunk every dime you had into your model railroad project you were still OK.

THAT'S a middle class, as us boomers remember it. It broke in the mid 70's and died when Reagan declared that American workers could compete with SouthEast Asian workers dollar for dollar item for item.

That’s it. First break the union, then pay people less, then move the jobs altogether....

Problem is, I don't think that Ronnie thought this. He was red white and blue patriot through and through, and he believed right down to his shoes that American men could beat Chinese Men in anything. Even Labor costs.

[old salt]

....... no one can really define what that has actually been in like 30-40yrs. It seems like a myth to many and the period "post middle class" appears as long as the period of the glory of the middle class temporally.

I can tell you what the Middle Class WAS (I graduated from HS the year you were born).

When I was in middle school, dads used to march their kids straight from HS graduation to the Union Hall and sign junior up for a lifetime job making Keds or whatever. The factories were HERE. The jobs were HERE. The unions were influential.

Starting salary was (best as I can figure) about 65 or 75 k in todays dollars. 8 weeks salary equaled a premium Oldsmobile. 3 years salary bought you a perfectly reasonable home in a good neighborhood near work. Enough to be solvent, but not enough to make any 'moves'.

Medical was paid by the company. There was a pension for everyone. Stick around, do your job, raise your kids, enjoy your time off, have your best life, retire, grow old, and die with dignity.

Once you signed on, you could buy a nice 3 bedroom on Swede Hill. A lot of HS grads marched straight from the Union Hall to their girlfriends house and proposed. Life became 'adulting' at 18 for the middle class.

The middle class had reliable extra money every month. Some people invested it well and retired on a golf course in Fla. and left their kids a little something. Some had a hobby --- a dune buggy or civil war re-enacting or a little lake house or a fishing hobby with a boat or a travel trailer that had been towed everywhere. Or a dragster. Or a kayak club. People could stay interested and sane, right?

The middle class did not have to worry about college money. If your kid was smart enough to go to college, he/she'd get a scholarship. A summer job earned enough to pay a years tuition at even Yale. Helping your child get through college was not a mortgage-scale commitment. There were apprenticeships for kids who were gifted but didn't want to become a lawyer or doctor or business analyst or something. Welders and electricians made a little more than line people and a little less than lawyers/doctors, and if that appealed to you it was worth putting off 'adulting' for a year or two to learn that trade.

The middle class never gave a second thought to retirement. If that was your hobby, sure, even just buying CDs got you 10% a year return and there were these utility plans that paid off like crazy! If you want to retire early and live good instead of raising kids or having a hobby, that was an option. But if you ignored this whole savings thing and sunk every dime you had into your model railroad project you were still OK.

THAT'S a middle class, as us boomers remember it. It broke in the mid 70's and died when Reagan declared that American workers could compete with SouthEast Asian workers dollar for dollar item for item.

That’s it. First break the union, then pay people less, then move the jobs altogether....

Problem is, I don't think that Ronnie thought this. He was red white and blue patriot through and through, and he believed right down to his shoes that American men could beat Chinese Men in anything. Even Labor costs.

True. The giant sucking sound didn't start until the '90's with WTO, NAFTA, China most favored nation & the new world order.

[Farfromgeneva]

I can appreciate all that though there’s another side to the story. But first, how many pension paying companies that you could get a lifetime job with starting at $65-$75k (your estimate of real dollar equivalent) still exist today? The ones that outsourced those jobs, like from say, the Nifty Fifty in 1975? I don’t know but would guess no more than half probably less.

More kids go to college, homeownership is higher and more diverse, etc. The demand side skyrocketed as well over this period which, combined with 40yrs of declining interest rates and in 89/90 the end of the Cold War pushes prices up, leverage up and consumption up tremendously.

I’m not saying this is a good tradeoff or not,but it seems like collectively we did make that choice and have to acknowledge our complicity in this situation don’t we?

[Typical Lax Dad]

I can appreciate all that though there’s another side to the story. But first, how many pension paying companies that you could get a lifetime job with starting at $65-$75k (your estimate of real dollar equivalent) still exist today? The ones that outsourced those jobs, like from say, the Nifty Fifty in 1975? I don’t know but would guess no more than half probably less.

More kids go to college, homeownership is higher and more diverse, etc. The demand side skyrocketed as well over this period which, combined with 40yrs of declining interest rates and in 89/90 the end of the Cold War pushes prices up, leverage up and consumption up tremendously.

I’m not saying this is a good tradeoff or not,but it seems like collectively we did make that choice and have to acknowledge our complicity in this situation don’t we?

https://blogs.lse.ac.uk/usappblog/2014/ ... egulation/

[a fan]

By postal, it's Northeast. Live in Candler Park, which is more easy and central (north south), near the Jimmy Carter center and Druid Hills GC. Greens on Ponce de Leon is my most regular. Will hit Mac's on 9th and W Peachtree sometimes. Can go to other places though. There's one just outside the city on the NW side called Minks that always had a good selection across the board.

Greens on Ponce, ftw.

[old salt]

The only union Reagan busted was an essential govt workers union with a no strike contract -- PATCO (air traffic controllers).

[Farfromgeneva]

By postal, it's Northeast. Live in Candler Park, which is more easy and central (north south), near the Jimmy Carter center and Druid Hills GC. Greens on Ponce de Leon is my most regular. Will hit Mac's on 9th and W Peachtree sometimes. Can go to other places though. There's one just outside the city on the NW side called Minks that always had a good selection across the board.

Greens on Ponce, ftw.

Perfect. I just took a small office basically next door to it so next time I go in I’ll grab one (few). Thanks..

[Farfromgeneva]

I can appreciate all that though there’s another side to the story. But first, how many pension paying companies that you could get a lifetime job with starting at $65-$75k (your estimate of real dollar equivalent) still exist today? The ones that outsourced those jobs, like from say, the Nifty Fifty in 1975? I don’t know but would guess no more than half probably less.

More kids go to college, homeownership is higher and more diverse, etc. The demand side skyrocketed as well over this period which, combined with 40yrs of declining interest rates and in 89/90 the end of the Cold War pushes prices up, leverage up and consumption up tremendously.

I’m not saying this is a good tradeoff or not,but it seems like collectively we did make that choice and have to acknowledge our complicity in this situation don’t we?

https://blogs.lse.ac.uk/usappblog/2014/ ... egulation/

I read the abstract not the white paper, was a bit hard to follow as I wasn’t fully attentive through it honestly, but it sounds like early ok he sort of acknowledged that he/th et can’t define the magnitude of the impact on equality in isolation from a ton of other variables didn’t he? So sure could that have had some impact? I would think likely, but compared with a ton of other factors I’m not sure this and specifically political aspects are the major driver of the increasing disparity. Government overall has a major hand in it and it’s relationship with a ton of industries in many ways for sure. This being a piece. But we also bought in and wanted, and got more things. In extreme it’s like Player Piano where automation provides for everyone but there’s a separate class of engineers. The rest of the folks don’t have to worry about survival per se, just lack any meaning as so many tie their identity to their profession unfortunately. We’ve got way more stuff but this was the price whether we knew it or not. Making changes in some aspects could make sense but it would be a mistake IMO to just flip the script and make wholesale changes. But we will see how it goes next few years anyways.

[a fan]

....... no one can really define what that has actually been in like 30-40yrs. It seems like a myth to many and the period "post middle class" appears as long as the period of the glory of the middle class temporally.

I can tell you what the Middle Class WAS (I graduated from HS the year you were born).

When I was in middle school, dads used to march their kids straight from HS graduation to the Union Hall and sign junior up for a lifetime job making Keds or whatever. The factories were HERE. The jobs were HERE. The unions were influential.

Starting salary was (best as I can figure) about 65 or 75 k in todays dollars. 8 weeks salary equaled a premium Oldsmobile. 3 years salary bought you a perfectly reasonable home in a good neighborhood near work. Enough to be solvent, but not enough to make any 'moves'.

Medical was paid by the company. There was a pension for everyone. Stick around, do your job, raise your kids, enjoy your time off, have your best life, retire, grow old, and die with dignity.

Once you signed on, you could buy a nice 3 bedroom on Swede Hill. A lot of HS grads marched straight from the Union Hall to their girlfriends house and proposed. Life became 'adulting' at 18 for the middle class.

The middle class had reliable extra money every month. Some people invested it well and retired on a golf course in Fla. and left their kids a little something. Some had a hobby --- a dune buggy or civil war re-enacting or a little lake house or a fishing hobby with a boat or a travel trailer that had been towed everywhere. Or a dragster. Or a kayak club. People could stay interested and sane, right?

The middle class did not have to worry about college money. If your kid was smart enough to go to college, he/she'd get a scholarship. A summer job earned enough to pay a years tuition at even Yale. Helping your child get through college was not a mortgage-scale commitment. There were apprenticeships for kids who were gifted but didn't want to become a lawyer or doctor or business analyst or something. Welders and electricians made a little more than line people and a little less than lawyers/doctors, and if that appealed to you it was worth putting off 'adulting' for a year or two to learn that trade.

The middle class never gave a second thought to retirement. If that was your hobby, sure, even just buying CDs got you 10% a year return and there were these utility plans that paid off like crazy! If you want to retire early and live good instead of raising kids or having a hobby, that was an option. But if you ignored this whole savings thing and sunk every dime you had into your model railroad project you were still OK.

THAT'S a middle class, as us boomers remember it. It broke in the mid 70's and died when Reagan declared that American workers could compete with SouthEast Asian workers dollar for dollar item for item.

This has been the central issue at the Forum since the start of the Laxpower Water Cooler.

The Republicans answer to fixing this problem was----and is----to give as many tax breaks and subsidies to multinational corporations, and this money will (snicker) trickle down to the Middle Class. That's it. That's the plan.

The Dems followed this suit starting with Bill C., and following through Obama.

Now Biden is in the batter's box. If he doesn't do something big to fix this obvious problem? Dems will lose the voter engagement that won them the White House and Congress.

He has two years. Well....one, really. One big bill that helps middle class in the long term.

[Farfromgeneva]

- Tweak the top bracket or two a handful of points and means test SSI?

- Create parity w the income and cap gains income tax rate (presumably by raising cap gains to income level)

- Reverse SALT and a few other tax code changes from prior bill.

- Get some intelligent fiscal hawks with balls to act and bedside manner into the Federal Reserve.

- turd or get off the pot on Fannie Mae and Freddie Mac once and for all.

- Infrastructure; National Highway grid redevelopment and some repairs, spend some freaking dough fortifying our electrical grid system, few port areas can use some investment, rural broadband and wireless development.

- healthcare? Who knows, I’m sure I’ll hate it.

- green new deal? Luxury I don’t think we have any business tackling on any grandiose level for a while, maybe some small efforts that are targeted, not sure what other than reduction in fossil fuel and ethanol subsidies, help out the parts of California hit and/or at risk from fires along with any other areas even close in magnitude I’m not aware of.

- something positive on immigration.

[Farfromgeneva]

Anyone want to opine on the Jan monthly unemployment and payroll data?

U.S. Employers Added 49,000 Jobs in January
Growth returned to the labor market after one-month dip; unemployment rate fell to 6.3%

Economists expect economic growth to pick up later this year as more people get vaccinated and business restrictions further ease.
PHOTO: TIMOTHY A. CLARY/AGENCE FRANCE-PRESSE/GETTY IMAGES
By Sarah Chaney Cambon
Updated Feb. 5, 2021 11:29 am ET
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U.S. employers resumed hiring in January, putting the labor market back into growth mode, but the weak pace of job gains suggested a long road remains for the recovery.

The U.S. economy added 49,000 jobs last month. The small January gain came after payrolls fell steeply in December, the first decline since the coronavirus pandemic triggered business shutdowns last spring. The unemployment rate fell to 6.3% in January from 6.7% a month earlier, in part reflecting fewer people searching for jobs.

Change in payrolls since February 2020
Source: Labor Department
Note: Seasonally adjusted
Feb. 2020
'21
-14
-12
-10
-8
-6
-4
-2
0
Unemployment rate
Source: Labor Department
Note: Seasonally adjusted
%
2020
'21
0
5
10
15
“The recovery is only stumbling along at this point,” Sarah House, senior economist at Wells Fargo Securities, said. “Yes, we managed to eke out a gain, but we’re still 9.9 million jobs shy of where we were back in February.”


Jobs grew strongly in business and professional services, mainly in temporary help roles, the Labor Department said in its January report on U.S. employment. Many sectors, though, lost jobs last month. The leisure and hospitality sector lost 61,000 jobs in January, following a steep decline of 536,000 in December. Retailers and warehouses cut jobs in January after adding jobs strongly over the holidays.

The unemployment rate decline in January was driven by two factors. More people dropped out of the labor force—meaning they weren’t actively looking for a job and may have grown frustrated with their employment prospects. Also, the number of people reporting themselves as employed increased, consistent with a generally upward trend in hiring since last spring.

The Labor Department noted that figures from the household survey, which is used to calculate the unemployment rate, aren’t directly comparable from December to January due to its annual update in population controls. The Labor Department also incorporated annual revisions to payroll figures, which showed job losses were slightly larger early in the pandemic than previously reported.

RELATED COVERAGE

Elusive Stimulus Goal: Full Employment
U.S. Exports, Imports Rose in December
The broader economic recovery stalled significantly this winter. Unemployment claims, a proxy for layoffs, have remained above pre-pandemic levels. Consumers cut back on spending, as some were wary of leaving their homes as virus cases surged. Others wanted to shop and dine out, but had limited options.

Monthly change in nonfarm payrolls during the pandemic
Source: Labor Department
Note: Seasonally adjusted
.million
Payrolls recovered 13M April to January
After shedding 22 million jobs in Marchand April, payrolls began to recover,adding 2.7 million in May.
Down
Up
March 2020
'21
-25
-20
-15
-10
-5
0
Late last year, many states and local governments mandated that businesses like restaurants close or reduce operations to combat rising numbers of virus cases. Some places have recently loosened those restrictions. Positive areas include manufacturing, with companies reporting increased demand for goods and new hiring, and housing, where low interest rates and the pandemic have boosted home sales.

Economists see the winter lull as temporary. They expect growth to pick up later this year as more people get vaccinated and business restrictions further ease. Many economists also say the economy could benefit from further government stimulus. Congress is considering as much as $1.9 trillion in additional funding. The proposal would bolster unemployment aid, provide funds for vaccine distribution and send $1,400 checks to many Americans.


Employment at restaurants and bars has been particularly hard hit this winter. The sector cut jobs in January for the third straight month, though last month’s decline was much less steep than December’s. Warmer temperatures will likely help lift the industry in the coming months.

“When the sun comes out down here, and we can get some people out on some patios, we’re going to do a lot better,” said Chris Hall, operating partner for an Atlanta-area restaurant group that includes a deli, a bar, a contemporary American restaurant and a pizza place.

Sectors with the largest changes in payrolls from a month earlier
Source: Labor Department
Note: Seasonally adjusted
Temporary help
Administrative andsupport
Local governmenteducation
State governmenteducation
Private educationservices
Durable goodsmanufacture
Bars and restaurants
Arts, entertainmentand recreation
Federal government
Transportation andwarehousing
Electronics andappliance retailers
Nursing andresidential care
Accommodations andfood
-40 thousand
0
40
80
Mr. Hall said his restaurants rehired workers after reopening from temporary closures last spring, but overall staffing levels have hovered near 75% of pre-coronavirus levels since the summer.

“This winter has gotten scary,” he said. The restaurants’ patios are closed and customers remain cautious to dine out amid high virus counts, Mr. Hall said. He recently sent out a message to a group of “die-hard” customers, encouraging them to come support business during a tough winter for sales.

A strong community of customers has helped Mr. Hall’s restaurants survive the pandemic so far, he added.

Friday’s report showed that manufacturing, warehousing and construction lost jobs in January. Sectors that build and deliver goods have fared well throughout much of the pandemic but are in some cases confronting labor shortages.

Consumers have been ramping up orders of items to spruce up their homes, aiding growth at United Solutions Inc. The 665-person manufacturer produces trash and recycling bins, plastic storage and paint buckets out of plants in Massachusetts and Mississippi.


It hired 56 workers in January and is seeking to add 100 more employees to its warehouse and factory floors to meet customer demand, said David Reilly, chief executive of the manufacturer.

“We’re just trying everywhere to find the right people,” Mr. Reilly said. “It’s a challenge.”


Diners ate under a tent in the parking lot of Red Crown in Grosse Pointe Park, Mich., last month. Employment at restaurants and bars has been particularly hard-hit this winter.
PHOTO: PAUL SANCYA/ASSOCIATED PRESS
To attract and retain workers, the company raised starting wages for factory workers by $2 over the past six months to $14 an hour. It is airing job ads on the radio and participating in virtual job fairs. The company is also converting many temporary workers—formerly the bulk of its workforce—to permanent positions.

Labor force participation rate
Source: Labor Department
Note: Seasonally adjusted
%
2010
'15
'20
59.5
60.0
60.5
61.0
61.5
62.0
62.5
63.0
63.5
64.0
64.5
65.0
65.5
Companies might struggle to find workers in part because the share of people seeking work remains depressed. The labor-force participation rate was 61.4% in January, down from 63.3% in February 2020, before the virus hit. Some people aren’t looking for work out of fear of contracting the virus. Others are burdened by increased child-care responsibilities or discouraged by limited job opportunities.

The U.S. continues to face challenges to achieving a full economic recovery. More-transmissible variants of Covid-19, the disease caused by the virus, could keep businesses closed longer. Nearly a quarter of unvaccinated adults said in a Census Bureau survey they won’t get the Covid-19 vaccine, potentially delaying herd-immunity
The U.S. unemployment rate shot up faster than in any other developed country during the pandemic. WSJ explains how differences in government aid and labor-market structures can help predict how and where jobs might recover. Video/Illustration: Jaden Urbi/WSJ (Originally Published Sept. 4, 2020)
Many workers are facing long spells of unemployment. Just over four million people were out of work for 27 weeks or longer in January, the Labor Department said, compared with nearly 1.2 million a year ago. Others who lost their jobs earlier in the virus crisis have regained employment, but at much lower wages.
Danielle Robillard, 55 years old, of Troutdale, Ore., was furloughed as a team lead at a corporate travel agency in April. Her job loss turned permanent in September, when she opted to take a company severance package.

She ramped up her job search and was hired in October as an associate expert at T-Mobile, where she answers customers’ questions on phone bills and payment plans. Her new position pays $14.75 an hour, or about half her previous wage, leaving her stretched financially.
“If it was enough to pay my mortgage, I wouldn’t be so terrified,” Ms. Robillard said. Her husband works as a restaurant cook, which means his employment is insecure until vaccines are widely distributed, she added.

Ms. Robillard continues to seek a new job both within and outside of her current company. “The problem is that half the country is looking for a job,” she said.

[PizzaSnake]

Anyone want to opine on the Jan monthly unemployment and payroll data?

U.S. Employers Added 49,000 Jobs in January
Growth returned to the labor market after one-month dip; unemployment rate fell to 6.3%

Economists expect economic growth to pick up later this year as more people get vaccinated and business restrictions further ease.
PHOTO: TIMOTHY A. CLARY/AGENCE FRANCE-PRESSE/GETTY IMAGES
By Sarah Chaney Cambon
Updated Feb. 5, 2021 11:29 am ET
SAVE
SHARE
TEXT
Listen to this article8 minutes

00:00 / 07:54
1x

U.S. employers resumed hiring in January, putting the labor market back into growth mode, but the weak pace of job gains suggested a long road remains for the recovery.

The U.S. economy added 49,000 jobs last month. The small January gain came after payrolls fell steeply in December, the first decline since the coronavirus pandemic triggered business shutdowns last spring. The unemployment rate fell to 6.3% in January from 6.7% a month earlier, in part reflecting fewer people searching for jobs.

Change in payrolls since February 2020
Source: Labor Department
Note: Seasonally adjusted
Feb. 2020
'21
-14
-12
-10
-8
-6
-4
-2
0
Unemployment rate
Source: Labor Department
Note: Seasonally adjusted
%
2020
'21
0
5
10
15
“The recovery is only stumbling along at this point,” Sarah House, senior economist at Wells Fargo Securities, said. “Yes, we managed to eke out a gain, but we’re still 9.9 million jobs shy of where we were back in February.”


Jobs grew strongly in business and professional services, mainly in temporary help roles, the Labor Department said in its January report on U.S. employment. Many sectors, though, lost jobs last month. The leisure and hospitality sector lost 61,000 jobs in January, following a steep decline of 536,000 in December. Retailers and warehouses cut jobs in January after adding jobs strongly over the holidays.

The unemployment rate decline in January was driven by two factors. More people dropped out of the labor force—meaning they weren’t actively looking for a job and may have grown frustrated with their employment prospects. Also, the number of people reporting themselves as employed increased, consistent with a generally upward trend in hiring since last spring.

The Labor Department noted that figures from the household survey, which is used to calculate the unemployment rate, aren’t directly comparable from December to January due to its annual update in population controls. The Labor Department also incorporated annual revisions to payroll figures, which showed job losses were slightly larger early in the pandemic than previously reported.

RELATED COVERAGE

Elusive Stimulus Goal: Full Employment
U.S. Exports, Imports Rose in December
The broader economic recovery stalled significantly this winter. Unemployment claims, a proxy for layoffs, have remained above pre-pandemic levels. Consumers cut back on spending, as some were wary of leaving their homes as virus cases surged. Others wanted to shop and dine out, but had limited options.

Monthly change in nonfarm payrolls during the pandemic
Source: Labor Department
Note: Seasonally adjusted
.million
Payrolls recovered 13M April to January
After shedding 22 million jobs in Marchand April, payrolls began to recover,adding 2.7 million in May.
Down
Up
March 2020
'21
-25
-20
-15
-10
-5
0
Late last year, many states and local governments mandated that businesses like restaurants close or reduce operations to combat rising numbers of virus cases. Some places have recently loosened those restrictions. Positive areas include manufacturing, with companies reporting increased demand for goods and new hiring, and housing, where low interest rates and the pandemic have boosted home sales.

Economists see the winter lull as temporary. They expect growth to pick up later this year as more people get vaccinated and business restrictions further ease. Many economists also say the economy could benefit from further government stimulus. Congress is considering as much as $1.9 trillion in additional funding. The proposal would bolster unemployment aid, provide funds for vaccine distribution and send $1,400 checks to many Americans.


Employment at restaurants and bars has been particularly hard hit this winter. The sector cut jobs in January for the third straight month, though last month’s decline was much less steep than December’s. Warmer temperatures will likely help lift the industry in the coming months.

“When the sun comes out down here, and we can get some people out on some patios, we’re going to do a lot better,” said Chris Hall, operating partner for an Atlanta-area restaurant group that includes a deli, a bar, a contemporary American restaurant and a pizza place.

Sectors with the largest changes in payrolls from a month earlier
Source: Labor Department
Note: Seasonally adjusted
Temporary help
Administrative andsupport
Local governmenteducation
State governmenteducation
Private educationservices
Durable goodsmanufacture
Bars and restaurants
Arts, entertainmentand recreation
Federal government
Transportation andwarehousing
Electronics andappliance retailers
Nursing andresidential care
Accommodations andfood
-40 thousand
0
40
80
Mr. Hall said his restaurants rehired workers after reopening from temporary closures last spring, but overall staffing levels have hovered near 75% of pre-coronavirus levels since the summer.

“This winter has gotten scary,” he said. The restaurants’ patios are closed and customers remain cautious to dine out amid high virus counts, Mr. Hall said. He recently sent out a message to a group of “die-hard” customers, encouraging them to come support business during a tough winter for sales.

A strong community of customers has helped Mr. Hall’s restaurants survive the pandemic so far, he added.

Friday’s report showed that manufacturing, warehousing and construction lost jobs in January. Sectors that build and deliver goods have fared well throughout much of the pandemic but are in some cases confronting labor shortages.

Consumers have been ramping up orders of items to spruce up their homes, aiding growth at United Solutions Inc. The 665-person manufacturer produces trash and recycling bins, plastic storage and paint buckets out of plants in Massachusetts and Mississippi.


It hired 56 workers in January and is seeking to add 100 more employees to its warehouse and factory floors to meet customer demand, said David Reilly, chief executive of the manufacturer.

“We’re just trying everywhere to find the right people,” Mr. Reilly said. “It’s a challenge.”


Diners ate under a tent in the parking lot of Red Crown in Grosse Pointe Park, Mich., last month. Employment at restaurants and bars has been particularly hard-hit this winter.
PHOTO: PAUL SANCYA/ASSOCIATED PRESS
To attract and retain workers, the company raised starting wages for factory workers by $2 over the past six months to $14 an hour. It is airing job ads on the radio and participating in virtual job fairs. The company is also converting many temporary workers—formerly the bulk of its workforce—to permanent positions.

Labor force participation rate
Source: Labor Department
Note: Seasonally adjusted
%
2010
'15
'20
59.5
60.0
60.5
61.0
61.5
62.0
62.5
63.0
63.5
64.0
64.5
65.0
65.5
Companies might struggle to find workers in part because the share of people seeking work remains depressed. The labor-force participation rate was 61.4% in January, down from 63.3% in February 2020, before the virus hit. Some people aren’t looking for work out of fear of contracting the virus. Others are burdened by increased child-care responsibilities or discouraged by limited job opportunities.

The U.S. continues to face challenges to achieving a full economic recovery. More-transmissible variants of Covid-19, the disease caused by the virus, could keep businesses closed longer. Nearly a quarter of unvaccinated adults said in a Census Bureau survey they won’t get the Covid-19 vaccine, potentially delaying herd-immunity
The U.S. unemployment rate shot up faster than in any other developed country during the pandemic. WSJ explains how differences in government aid and labor-market structures can help predict how and where jobs might recover. Video/Illustration: Jaden Urbi/WSJ (Originally Published Sept. 4, 2020)
Many workers are facing long spells of unemployment. Just over four million people were out of work for 27 weeks or longer in January, the Labor Department said, compared with nearly 1.2 million a year ago. Others who lost their jobs earlier in the virus crisis have regained employment, but at much lower wages.
Danielle Robillard, 55 years old, of Troutdale, Ore., was furloughed as a team lead at a corporate travel agency in April. Her job loss turned permanent in September, when she opted to take a company severance package.

She ramped up her job search and was hired in October as an associate expert at T-Mobile, where she answers customers’ questions on phone bills and payment plans. Her new position pays $14.75 an hour, or about half her previous wage, leaving her stretched financially.
“If it was enough to pay my mortgage, I wouldn’t be so terrified,” Ms. Robillard said. Her husband works as a restaurant cook, which means his employment is insecure until vaccines are widely distributed, she added.

Ms. Robillard continues to seek a new job both within and outside of her current company. “The problem is that half the country is looking for a job,” she said.

Insufficient faith in strength of recovery to generate adequate momentum. People are herd animals. Takes a while to get them going.

[a fan]

I can appreciate all that though there’s another side to the story. But first, how many pension paying companies that you could get a lifetime job with starting at $65-$75k (your estimate of real dollar equivalent) still exist today? The ones that outsourced those jobs, like from say, the Nifty Fifty in 1975? I don’t know but would guess no more than half probably less.

More kids go to college, homeownership is higher and more diverse, etc. The demand side skyrocketed as well over this period which, combined with 40yrs of declining interest rates and in 89/90 the end of the Cold War pushes prices up, leverage up and consumption up tremendously.

I’m not saying this is a good tradeoff or not,but it seems like collectively we did make that choice and have to acknowledge our complicity in this situation don’t we?

Yes! We CHOSE this path.

[a fan]

- Tweak the top bracket or two a handful of points and means test SSI?

- Create parity w the income and cap gains income tax rate (presumably by raising cap gains to income level)

- Reverse SALT and a few other tax code changes from prior bill.

- Get some intelligent fiscal hawks with balls to act and bedside manner into the Federal Reserve.

- turd or get off the pot on Fannie Mae and Freddie Mac once and for all.

- Infrastructure; National Highway grid redevelopment and some repairs, spend some freaking dough fortifying our electrical grid system, few port areas can use some investment, rural broadband and wireless development.

- healthcare? Who knows, I’m sure I’ll hate it.

- green new deal? Luxury I don’t think we have any business tackling on any grandiose level for a while, maybe some small efforts that are targeted, not sure what other than reduction in fossil fuel and ethanol subsidies, help out the parts of California hit and/or at risk from fires along with any other areas even close in magnitude I’m not aware of.

- something positive on immigration.

These are all solid, solid ideas---especially infrastructure......but this ain't big enough to energize Dem voters.

Biden has to do something that immediately changes the path for working class America.

[dislaxxic]

I think the infrastructure piece, if handled in a manner something like the Civilian Conservation Corps, would appeal to the Progressive base...

Civilian Infrastructure Corps? A jobs bill that would make a significant impact...AND potentially be highly visible. If they’re smart, they’d work it in with some GND language as well...

..

[Typical Lax Dad]

I think the infrastructure piece, if handled in a manner something like the Civilian Conservation Corps, would appeal to the Progressive base...

Civilian Infrastructure Corps? A jobs bill that would make a significant impact...AND potentially be highly visible. If they’re smart, they’d work it in with some GND language as well...

..

I have been mentioning something like that would be good for 25 years.

[Farfromgeneva]

- Tweak the top bracket or two a handful of points and means test SSI?

- Create parity w the income and cap gains income tax rate (presumably by raising cap gains to income level)

- Reverse SALT and a few other tax code changes from prior bill.

- Get some intelligent fiscal hawks with balls to act and bedside manner into the Federal Reserve.

- turd or get off the pot on Fannie Mae and Freddie Mac once and for all.

- Infrastructure; National Highway grid redevelopment and some repairs, spend some freaking dough fortifying our electrical grid system, few port areas can use some investment, rural broadband and wireless development.

- healthcare? Who knows, I’m sure I’ll hate it.

- green new deal? Luxury I don’t think we have any business tackling on any grandiose level for a while, maybe some small efforts that are targeted, not sure what other than reduction in fossil fuel and ethanol subsidies, help out the parts of California hit and/or at risk from fires along with any other areas even close in magnitude I’m not aware of.

- something positive on immigration.

These are all solid, solid ideas---especially infrastructure......but this ain't big enough to energize Dem voters.

Biden has to do something that immediately changes the path for working class America.

I’m still stubbornly a Republican, and a philosophical libertarian (you know I’d bounce deposit insurance, mortgage tax deductions, Fannie & Freddie, ag subsidies and a host of other things in my mind if I could), so consider this my effort at finding successful common ground.

[a fan]

I think the infrastructure piece, if handled in a manner something like the Civilian Conservation Corps, would appeal to the Progressive base...

Civilian Infrastructure Corps? A jobs bill that would make a significant impact...AND potentially be highly visible. If they’re smart, they’d work it in with some GND language as well...

..

I agree, but it would have to have an education component to it-----training for a lifetime of work. Couple it with free college/training.

THAT would work. And it would satisfy the non-nutjob Republicans if you put a work component in with the training/education. Heck, if there are any Republicans left that actually want to legislate? They could work on the bill together.

I'm not holding my breath.

[a fan]

I’m still stubbornly a Republican, and a philosophical libertarian (you know I’d bounce deposit insurance, mortgage tax deductions, Fannie & Freddie, ag subsidies and a host of other things in my mind if I could), so consider this my effort at finding successful common ground.

Yes.

But you're also a realist, and understand that there is a heavy price to pay for libertarianism. In other words, if you remove the US Gov. from the the housing market (Fannie, Freddie, other .gov program that backs housing purchases), you actually understand that the housing market would collapse.

Freedom isn't free.

[Farfromgeneva]

Some chum for a few, even the Clinton haters (not dislike that’s me, hate hate hate) a Chelsea issue. Short seller research report on a Medicare advantage insurance company in N.J. that was taken public via a SPAC (Special Purpose Acquisition Corp-blank check company that raises dough publicly with nothing but an idea to buy a business, for hot as a backdoor way to IPO after WeWork blew up and money is cheap as the disclosures are far lower to get public this way and it only requires one perspective of value rather than a market’s worth. But understand he purpose is to expose some problem with the business or situation and so it’s skewed entirely that way. May still be totally correct but it’s a heck of a read and to think about.

https://hindenburgresearch.com/clover/