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(CNBC)   Good: Economy added 235,000 jobs last month. Sad: 198,000 of them were service-industry positions   ( cnbc.com) divider line
    More: Obvious, Stock market, Monetary policy, Wall Street expectations, Department nonfarm payrolls, Central bank, government spending increases, Great Depression, tight jobs market  
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2292 clicks; posted to Main » on 07 Mar 2018 at 11:48 AM (19 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2018-03-07 11:00:21 AM  
More interest rate hikes are what's needed, clearly.

/not
 
2018-03-07 11:08:43 AM  
Hey that's at least jobs robots won't take... until they do.
 
2018-03-07 11:09:12 AM  
Now, how many of those jobs are filled by the same people because the companies cannot be bothered to pay a living wage?
 
2018-03-07 11:18:34 AM  
Lots of hookers.
 
2018-03-07 11:22:18 AM  
I hear Robert Mueller is still hiring.
 
2018-03-07 11:27:25 AM  
Oh but we're gonna get tax cuts. Not just the rich.

That's what we were told.
 
2018-03-07 11:43:03 AM  
The world needs ditch-diggers too, Danny.
 
2018-03-07 11:51:01 AM  

FlashHarry: The world needs ditch-diggers too, Danny.


The world will need car washers, since those self driving cars and trucks don't do well when dirty.
 
2018-03-07 11:51:27 AM  
Unless we do universal basic income, this will forever be the case going forward.

Or maybe we come up with entirely new resources to farm and process that somehow need human beings more than machines.

Eventually we'll have a small percentage of humans doing important stuff, and everyone else will be a layered network of servants.
 
2018-03-07 11:51:49 AM  

Grand_Moff_Joseph: More interest rate hikes are what's needed, clearly.

/not


"Interest rate hikes" confuses people. "Tax cuts" is the GOP-approved refrain.
 
2018-03-07 11:54:12 AM  
Why is that sad? The US is largely a service-driven economy, and we have a trade surplus in services. Service-related fields includes not just McDonald's cashiers, but also accounting, advertising, engineering, and so forth.
 
2018-03-07 11:54:24 AM  

FlashHarry: The world needs ditch-diggers too, Danny.


I think ditch digging was re-classified as manufacturing.  I remember back when fast food workers were.  Ah...back in the day.
 
2018-03-07 11:54:42 AM  
How many are people getting a second job?

Or is that a different stat?
 
2018-03-07 11:55:45 AM  
People tend to think of "service-sector" jobs as McDonalds equivalents but I would bet that the vast majority of Farkers who are slacking off at work while pulling high-five-figures or six figures are included in those statistics.
 
2018-03-07 11:55:48 AM  
 
2018-03-07 11:55:58 AM  
I've been saying for almost twenty years: we're all going to wind up flipping burgers for each other.

Until the burger-flipping robots come out anyway.
 
2018-03-07 11:56:31 AM  

Smackledorfer: Unless we do universal basic income, this will forever be the case going forward.


Not necessarily...

img.fark.netView Full Size
 
2018-03-07 11:57:07 AM  
We need people working real jobs again.  What we need to do is make an organization that paves all the streets with bricks.  And build infrastructure that can be used for generations.  Or maybe hire artists to paint and write about a forgotten generation.  I know, we can call it the Works Progress Administration.

Wait...scratch that.  It'll never happen because it was proposed by Democrat.
 
2018-03-07 11:57:09 AM  
its almost as if we need to protect our manufacturing sector in selected circumstances through protective policies and tarrifs when faced with certain countries  who do not act in accordance to principals of free trade, thus placing us at a disadvantage.
 
2018-03-07 11:58:16 AM  

Sophont: Smackledorfer: Unless we do universal basic income, this will forever be the case going forward.

Not necessarily...

[img.fark.net image 333x545]


I know this is heresy, but I've never read or watched anything Dune.
 
2018-03-07 11:58:30 AM  

Arkanaut: People tend to think of "service-sector" jobs as McDonalds equivalents but I would bet that the vast majority of Farkers who are slacking off at work while pulling high-five-figures or six figures are included in those statistics.


I earn eight figures, thank you very much.

One of the figures is a decimal point, but still.
 
2018-03-07 11:59:00 AM  

Arkanaut: People tend to think of "service-sector" jobs as McDonalds equivalents but I would bet that the vast majority of Farkers who are slacking off at work while pulling high-five-figures or six figures are included in those statistics.


Doesn't mean corporate isn't doing their damnedest to replace them.
 
2018-03-07 11:59:18 AM  
img.fark.netView Full Size
 
2018-03-07 11:59:26 AM  

dukeblue219: Why is that sad? The US is largely a service-driven economy, and we have a trade surplus in services. Service-related fields includes not just McDonald's cashiers, but also accounting, advertising, engineering, and so forth.


Subby pities the proletariat, is saddened that the poor don't just buy more money.

/the service industry isn't pathetic, it's opportunity
//ideally
 
2018-03-07 11:59:39 AM  

incrdbil: its almost as if we need to protect our manufacturing sector in selected circumstances through protective policies and tarrifs when faced with certain countries  who do not act in accordance to principals of free trade, thus placing us at a disadvantage.


Tariffs don't do shiat in the face of automation.

China is automating at a fast pace, and they aren't exactly known for fair labor practices.
 
2018-03-07 11:59:43 AM  

dukeblue219: Why is that sad? The US is largely a service-driven economy, and we have a trade surplus in services. Service-related fields includes not just McDonald's cashiers, but also accounting, advertising, engineering, and so forth.


Accounting and engineering aren't "the service industry".
 
2018-03-07 12:00:05 PM  

Smackledorfer: Unless we do universal basic income, this will forever be the case going forward.

Or maybe we come up with entirely new resources to farm and process that somehow need human beings more than machines.

Eventually we'll have a small percentage of humans doing important stuff, and everyone else will be a layered network of servants.


Layer of fertilizer is what I think you mean.
 
2018-03-07 12:00:14 PM  
Great.  That will make the job losses a wash when the easily won trade wars begin.  Transfer all of the industry jobs over to food service.  Then all of the poeple employed by food service can take their hard earned dollars and buy discounted food at the resturants they work at.  You wont even needs customers at that point.  Just a successful resturant kept afloat on the money spent there by the employees.  That's just good business.
 
2018-03-07 12:00:36 PM  
Welcome to the future.

A "middle class" is created when there is a demand for skilled labor. But now that middle class is splitting into those with technical skills that are in demand (welding, programming, whatever), and general skills for which demand is decreasing. The first group makes plenty of money and is happy to spend that income on service. This creates a demand for service jobs, and the second group has little choice other than to work those service jobs.
 
2018-03-07 12:01:01 PM  
img.fark.netView Full Size
 
2018-03-07 12:01:29 PM  

Smackledorfer: Sophont: Smackledorfer: Unless we do universal basic income, this will forever be the case going forward.

Not necessarily...

[img.fark.net image 333x545]

I know this is heresy, but I've never read or watched anything Dune.


You owe it to yourself to read at least the first one. I actually liked the second more.  After that it gets weird. Anything written by someone else doesn't count.
 
2018-03-07 12:01:39 PM  
img.fark.netView Full Size
 
2018-03-07 12:02:04 PM  
I don't know what people expect after Bill Clinton shipped most of the manufacturing jobs over seas.
 
2018-03-07 12:03:08 PM  
The solution to the minimum wage issue is large tax incentives for voluntary sterilization.

 $1k every year for ten years for a vasectomy/tubal should do it.

 The wealthy who can afford to ignore the incentives typically have few offspring.
 The poors would jump at it, reducing the country of much of the populace that spend their free time staring at the sun. Robots will replace all their jorbs anyway.

 This also helps stave off the "Idicocracy" issue for a while at least.
 
2018-03-07 12:03:55 PM  

mrsleep: I don't know what people expect after Bill Clinton shipped most of the manufacturing jobs over seas.


AND he destroyed the military! That guy was suuuuuuuuuuuuuuuuuuuuuch an asshole!

I'd love to subscribe to your newsletter.
 
2018-03-07 12:04:31 PM  
 
2018-03-07 12:04:39 PM  
Sigh.  And how many of these will be federally subsidized in perpetuity?
 
2018-03-07 12:05:44 PM  

southernmanblog: Welcome to the future.

A "middle class" is created when there is a demand for skilled labor. But now that middle class is splitting into those with technical skills that are in demand (welding, programming, whatever), and general skills for which demand is decreasing. The first group makes plenty of money and is happy to spend that income on service. This creates a demand for service jobs, and the second group has little choice other than to work those service jobs.


Not saying it's what you're saying, but the fact that programmers or software "engineers" think they aren't service industry is hilarious. The welder has a lot more job security (not to mention skill) than anyone who sits behind a keyboard all day. AI will almost certainly replace the programmers before all the welders.
 
2018-03-07 12:07:07 PM  

FlashHarry: The world needs ditch-diggers too, Danny.


*offers a delicious, icy cold Fresca*
Mmmm, mmm?
 
2018-03-07 12:08:29 PM  
We sure have a lot of those temporary high school level training jobs paying high school wages.
 
2018-03-07 12:08:54 PM  

g.fro: Arkanaut: People tend to think of "service-sector" jobs as McDonalds equivalents but I would bet that the vast majority of Farkers who are slacking off at work while pulling high-five-figures or six figures are included in those statistics.

Doesn't mean corporate isn't doing their damnedest to replace them.


I'm sure they will when it becomes cheap enough to do so, but so far it isn't.

Plus, most corporations (or businesses of any size) are pretty poorly run - it's the generalized form of Sturgeon's Law. Think of how poorly they manage their people, and their technology. Now think of who they're going to put in charge to implement AI or robotics or whatever to replace the people they have working for them.
 
2018-03-07 12:09:08 PM  

incrdbil: its almost as if we need to protect our manufacturing sector in selected circumstances through protective policies and tarrifs when faced with certain countries  who do not act in accordance to principals of free trade, thus placing us at a disadvantage.


The owners of those robots definitely need more money.
 
2018-03-07 12:10:59 PM  

edmo: We sure have a lot of those temporary high school level training jobs paying high school wages.


Yeah, the big problem with that is older people are working those jobs, not teenagers.  When I go somewhere that pays minimum wage or close to it, it's middle aged people working those jobs 90% of the time.

Try living on your own with those wages.  It is a miserable existence.
 
2018-03-07 12:11:03 PM  

Te Ne Cede Malis: All jobs are service jobs

https://www.aier.org/research/all-econ​omies-are-service-economies


Without reading the link, I'll just say I despise the process of over generalizing a thing to the point of meaninglessness.
 
2018-03-07 12:11:50 PM  

Dangerous_sociopath: The solution to the minimum wage issue is large tax incentives for voluntary sterilization.

 $1k every year for ten years for a vasectomy/tubal should do it.

 The wealthy who can afford to ignore the incentives typically have few offspring.
 The poors would jump at it, reducing the country of much of the populace that spend their free time staring at the sun. Robots will replace all their jorbs anyway.

 This also helps stave off the "Idicocracy" issue for a while at least.


Username checks out
 
2018-03-07 12:12:13 PM  

Grand_Moff_Joseph: More interest rate hikes are what's needed, clearly.

/not


As someone with a savings account that had negative real rates for years and years (that is, those who built up emergency funds and saved prudently were punished and discouraged for sound financial principles), I happily welcome higher rates. My online savings account is now up to 1.50% APR, though that's still a negative real rate and 5-6% below where it was back in the mid-2000s.  Much expansion has been made on the back of a growth in debt, which essentially borrows growth from the future. I'm not expecting to have to take out a new mortgage in the next 20-30 years, and the higher rates probably will put downward pressure on auto prices (one of the things that I will likely need to take on debt to purchase). Screw this notion that rates should be super low to appease those who load up on debt.
 
2018-03-07 12:12:25 PM  
img.fark.netView Full Size
 
2018-03-07 12:12:49 PM  

dukeblue219: Why is that sad? The US is largely a service-driven economy, and we have a trade surplus in services. Service-related fields includes not just McDonald's cashiers, but also accounting, advertising, engineering, and so forth.


And why are we knocking cashiers and other retail type service people? They play an important role in retaining customers and effectively selling stuff. If the barista remembers your name and order and smiles at you and chats are you more or less likely to keep buying what that store is selling. Ever asked questions of a clerk and gotten the answer and bought the product? Good service people keep brick and mortar stores in business and are what differentiates them from online and they are worth paying good money. It's a skill many people can do but it requires knowledge and experience and soft skills. It's worth paying for good service.
 
2018-03-07 12:12:55 PM  

g.fro: southernmanblog: Welcome to the future.

A "middle class" is created when there is a demand for skilled labor. But now that middle class is splitting into those with technical skills that are in demand (welding, programming, whatever), and general skills for which demand is decreasing. The first group makes plenty of money and is happy to spend that income on service. This creates a demand for service jobs, and the second group has little choice other than to work those service jobs.

Not saying it's what you're saying, but the fact that programmers or software "engineers" think they aren't service industry is hilarious. The welder has a lot more job security (not to mention skill) than anyone who sits behind a keyboard all day. AI will almost certainly replace the programmers before all the welders.


Welding is not safe.

It's already highly automated, and mobile welding robots are on their way for building construction .
 
2018-03-07 12:13:21 PM  

dukeblue219: Why is that sad? The US is largely a service-driven economy, and we have a trade surplus in services. Service-related fields includes not just McDonald's cashiers, but also accounting, advertising, engineering, and so forth.


Because most of them are part-time, pay poorly and have little to no benefits.
 
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