The decent job data could have been stellar if job seekers are better qualified.
Recall when I first entered the job market in early 70s, aviation sector went from king during the Vietnam War to dead zones as Boeing, Hughes, Douglas were closing their factories up and down the West Coast. The hottest ticket for jobs were semiconductors (Fairchild-Intel-AMD) and petroleum, thanks to OPEC. Of course what was good for GM was also good for the country then.
Recall those airplane jobs: Dispatching, Production, expediter***, Material Control, Sheetmetal, Sub-assembly, Factory manager, Plating, Painting, Planning, Lofting, Drophammer, Plannishing, Punchpress, stock rooms, schedulers, assemblers inserting all sorts of bolts and nuts, drafters, blue prints ... Today, they were mostly replaced by robots, machines and computers.
***There is one expediter for every two positions on Final Assembly, and one each for Wing and Control Surfaces ... It is my opinion and the opinion of every other stockroom worker that they are damned nuisances who actually slow things down instead of speeding them up. But I suppose we're prejudiced. Practically every defense plant has them; if they weren't a necessity, they wouldn't be there. Blueprints and work orders get mislaid; foremen keep putting off a difficult job for an easy one; parts become buried in the various stockrooms; move-boys pile finished parts in with unfinished. So the expediters, who speed from one end of the plant to the other, who keep themselves informed of plans before they are reduced to paper, who are bursting with knowledge of every phase of production connected with their project - they really are necessary.
Initial Jobless Claims falls 34K to 262K
Apr 30 2015, 08:31 ET
Initial Jobless Claims: -34K to 262K vs. 288K consensus, 296K prior (295K prior).
Continuing Claims -74K to 2.25M.
Starbucks (NASDAQ:SBUX) reports global comparable store sales increased 7% in FQ2 vs. 5.1% expected and 4.9% last quarter.
Transactions were up 3% and the average price per order was 4% higher.
Comp growth by region: Americas and U.S. +5%; EMEA +2%; China/Asia Pacific +12%. All three regions showed positive traffic.
Microsoft beats by $0.10, beats on revenue
Microsoft (NASDAQ:MSFT): FQ3 EPS of $0.61 beats by $0.10.
Revenue of $21.73B (+6.5% Y/Y) beats by $670M.
They love the do-nuthin Congress on the job creation front:
Dow +0.13% to 18,061.80. S&P +0.24% to 2,112.50. Nasdaq +0.41% to 5,056.32.
Treasurys: 30-year +0.34%. 10-yr +0.23%. 5-yr +0.16%.
Commodities: Crude +2.39% to $57.50. Gold +0.58% to $1,193.80.
Google misses by $0.03, misses on revenue
Google (NASDAQ:GOOG): Q1 EPS of $6.57 misses by $0.03.
Revenue of $17.26B (+11.9% Y/Y) misses by $240M.
Nothing as usual while our economy is stalling:
US PMI Manufacturing Index Flash
April US PMI Manufacturing Index Flash 54.2 vs 56.0 consensus, 55.7 in March.
Initial Jobless Claims
Initial Jobless Claims: +1K to 295K vs. 286K consensus, 294K prior (unrevised).
Continuing Claims +50K to 2.33M.
Shrinking top line AGAIN:
International Business Machines beats by $0.09, misses on revenue
International Business Machines (NYSE:IBM): Q1 EPS of $2.91 beats by $0.09.
Revenue of $19.59B (-12.9% Y/Y) misses by $140M.
But I have no qualms, nor Barry:
President Obama and first lady Michelle Obama earned an adjusted gross income of $477,383 in 2014, and they paid $93,362 in total taxes, according to federal income tax returns released by the White House on Friday. The president's effective federal income tax rate was 19.6 percent.
The first couple also donated $70,712 (14.8 percent of their income) to 33 different charities throughout the year. The largest reported donation, $22,012, went to the Fisher House Foundation, an organization that provides lodging and transportation for military families whose loved ones are receiving medical treatment.
In a blog post, the White House noted that the president and first lady were impacted by tax hikes on wealthy Americans Mr. Obama signed into law in January 2013. "The president was subject to limitations in tax preferences for high-income earners, as well as additional Medicare and investment income taxes," the post explained.
The president and first lady also released their Illinois income tax return, which reflected a payment of $22,640 in state income tax.
betty, No one said the job market is in full employment but near NAIRU's number suggested by the Fed. The number had been adjusted down from 6% when UE was in double digits and now to 5.2%. With about 2% to 3% who are absolutely unemployable and those without HS education, I say 5.5% is pretty good.
You seemed to sidestep the UE rate for those with 4 year or more college degree (that includes those phony BAs in media, history, greek philosophy, african studies ... Lastly, you need to compare the headcounts moving into 25-54s to those adding in the 55+ group, particularly those eligible for SS.
LOL! I expect no less pessimission from you. Like everything else, there are two sides to look at things and no one is going to ague with you that we are still behind in number of workers than during the booming housing market. So, the answer remains with the great demographic shift ... more and more folks choose to retire due to old age, sandwich generation, empty nesters or families with single income.
BTW, have you seen the statistics on the population change by age groups? It may help to explain your riddle of inconsistency for you. Hint: a 68 year old oil worker is more likely or as likely to retire as a 68 year old teacher, engineer, plumber, copper, nurse, accountant ...
Fewer Americans applied for unemployment benefits over the past four weeks than at any time in almost 15 years, signaling underlying strength in the labor market even as hiring cooled last month.
From mid-March through the seven days ended April 4, jobless claims averaged 282,250 a week, the lowest since June 2000, a Labor Department report showed Thursday in Washington. Applications over the latest week climbed by 14,000 to 281,000. The median forecast of 45 economists surveyed by Bloomberg called for 283,000.
The level of dismissals is consistent with an improving labor market and indicates companies are optimistic demand will strengthen after a weaker first quarter. Figures earlier this week showing job openings at a 14-year high point to a pickup in the pace of hiring after a March slowdown.
When Harold Ekeh was accepted into all eight Ivy League schools, he didn't boast about his amazing feat. Instead, he thanked his teachers and parents.
"He came into school and the first thing he said -- rather than saying 'Can you believe it?' -- he said, 'Thank you so much. I got into all eight Ivy League schools,'" science teacher Michelle Flannory told Newsday. "And that is Harold, and that is what he is about."
The Nigerian-American teen came to the United States at the age of eight. His family lives in Elmont, New York, where Ekeh attends Elmont Memorial High School.
Ekeh isn't your average high school senior. He scored a 2270 on the SAT, according to Patch, and was a semifinalist in the Intel Science Talent Search. He's editor-in-chief of the school newspaper, and vice-president of the Model United Nations.
Go check the historic data from the JOLT reports. Since 2010, the only time the total monthly job openings that surpassed:
3 million: Oct/Nov 2010 and nearly every month afterwards
4 million: Feb and Nov of 2013 and all of 2014 other than Jan.
5 million: Only since Dec 2014
Like today's report said, highest since Jan 2001. in 14 years.
From this morning's JOLT report:
There were 5.1 million job openings on the last business day of February, little changed from January.
This was the highest level of job openings since January 2001.
There were 2.7 million quits in February, about the same as in January. The quits rate in February was
1.9 percent. The number of quits was little changed for total private and government over the month.
The number of quits was changed little in February for all industries and decreased in the Northeast
region. (See table 4.)
Over the year, quits increased in professional and business services and in health care and social assistance. The number of quits increased over the year in the Midwest and West regions. (See table 10.)
There were 1.6 million layoffs and discharges in February, about the same as in January. The layoffs
and discharges rate was 1.1 percent. The number of layoffs and discharges was little changed over the
month for total private and government, and in all four regions. (See table 5.) Seasonally adjusted
estimates of layoffs and discharges are not available for individual industries.