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Sifting through the unemployment report
May 2, 2008
1. Jobs data a mixed bag of news: Manufacturing jobs cuts hit 46,000 in April, and while overall U.S. unemployment slipped to 5%, wages fell and fewer people were earning full-time jobs. It’s further indication of the recession taking hold. But the stock market kept climbing over 13,000 in early trading Friday, May 2.
2. Not everyone is happy: Certainly not the Alliance for American Manufacturing, a union-supported group. “The economy is top of mind for voters in Indiana, North Carolina, and all over America,” said AAM president Scott Paul. “It’s time for all three presidential candidates to offer a vision for jobs and manufacturing in the future – and it’s crucial for Congress and the Administration to act now.” More from Scott in just a moment...
3. Not everyone is in crisis mode: A Wall Street Journal blog indicates that the job data “could have been worse.” Considering this came on the same month as the managing editor of the Wall Street Journal was forced out of his job by Rupert Murdoch’s News Corp. hatchet men, that’s a fairly optimistic statement.
4. Not everyone gets it, though: Back to Scott Paul. He apparently wants it both ways in complaining about the latest job numbers. “While Washington cheers the tax rebates, it continues to ignore the structural challenges that face manufacturing,” he said. Fine so far, but he adds: “Unless Congress and the Administration hold China accountable for its cheating – which is the single greatest factor contributing to manufacturing’s woes – and get serious about making American manufacturing more competitive, these job losses will grow every month.” C’mon Scott. China’s “cheating” isn’t even in the top five reasons. It’s a convenient scapegoat for the point you skipped right over – making American manufacturing more competitive. That’s accomplished not with negative actions against others, but by positive actions on our part. It means figuring out solutions, not searching for bogeymen.
5. And we know this because… We’re not the only ones losing manufacturing jobs. Check out this editorial from the Daily Oklahoman. I can’t say this often enough: The world is changing, the world is changing. You can pine for the good old days, but there’s a reason you’re pining for them – they’re going away. There’s a new world and new rules and new challenges, and if you keep railing against them with old solutions and old thinking, you’re doomed to live in the past. That's fine, but the future is coming, and you won't be on board.
Posted by Bob Vavra on May 2, 2008 | Comments (0)
