Authored by Mike Shedlock via MishTalk, In the past year, the BLS says the number of jobs rose by 2.62 million. Employment rose by 1.429 million. 昨年、BLS労働統計局によるとjobs 雇用 が2.62M増えた。Employment 就労の増加は1.429Mだった。
The discrepancy between the increase in jobs and the increase in employment is 1,191,000. On average, over the past year, that's a discrepancy of 99,250 every month, in favor of jobs. jobs増加とemployment増加の間の乖離は1,191,000だ。昨年の場合、平均して毎月99.250の乖離がある、jobsのほうが改善が良好だ。
Household Survey vs. Payroll Survey
Household Survey 家計調査 vs. Payroll Survey 機関調査
The payroll survey (sometimes called the establishment survey) is the
headline jobs number, generally released the first Friday of every
month. It is based on employer reporting.
Payroll survey(機関調査とも言われる)は毎月第一金曜に jobs number として開示される。この数字は雇用主の従業員名簿調査報告に基づいている。
The household survey is a phone survey conducted by the BLS. It measures unemployment and many other factors.
家計調査はBLSが電話で行う。この電話調査では失業やその他多くの調査を行う。
Numbers in Perspective
数字をどうみるか
In the household survey, if you work as little as 1 hour a week, even selling trinkets on eBay, you are considered employed.
If you don’t have a job and fail to look for one, you are not
considered unemployed, rather, you drop out of the labor force.
Searching want-ads or looking online for jobs does not count. You need
to submit a resume or talk to a prospective employer or agency.
In the payroll survey, three part-time jobs count as three jobs. The
BLS attempts to factor this in, but they do not weed out duplicate
Social Security numbers. The potential for double-counting jobs in the
payroll survey is large.
These distortions and discrepancies artificially lower the
unemployment rate, artificially boost full-time employment, and
artificially increase the payroll jobs report every month.
Over time, the numbers move in sync. There is no clear pattern around
recessions. In many years the levels converge before a recession, but
ahead of the great recession the numbers diverged.
長期に渡ってみると、これら2つの数字の変動は同期している。景気後退期近傍で明らかなパターンがあるわけではない。景気後退前には何年かかけてこの数字が収束する傾向にある、しかしながらあの the great recession に向けては2つの数字が乖離に向かっていた。
Nonfarm Payrolls vs Employment Detail
非農業雇用統計 vs 就労数の詳細
In December of 2009 the difference between payrolls and employment was 8.21 million. This month, the difference is 5.56 million. 2009年12月時点で、雇用統計と就労数の乖離は8.21Mだった。今月時点でこの乖離は5.56Mだ。
Since the lows in December of 2009, the BLS tells us employment rose
by 18,632,000. The number of jobs rose by 21,291,000. That's a
difference of 2,659,000.
In the past year alone, the difference between jobs and employment is
a whopping 1,191,000. That's a discrepancy of 99,250 every month, in
favor of jobs.
I strongly suggest double-counting of jobs by the BLS when people take extra part-time jobs or shift jobs. 私は強くこう示唆する、人々がパートタイムの仕事を追加したり転職したとき、BLS調査のjobsが二重計上されている。 For a closer look at today's jobs report please see Jobs +263,000 vs. Employment -103,000: Unemployment Rate 3.6% Lowest Since 1969. 今日、第一金曜の雇用統計をよく理解するために、これを確認するが良い、Jobs +263,000 vs 就労数 -103,000: 失業率3.6% 1969年以来の最低値。
The Next Decade Will Likely Foil Most Financial Plans by Tyler Durden Tuesday, Jan 26, 2021 - 15:20 Authored by Lance Roberts via RealInvestmentAdvice.com, There are many individuals in the market today who have never been through an actual “bear market.” These events, while painful, are necessary to “reset the table” for outsized market returns in the future. Without such an event, it is highly likely the next decade will foil most financial plans. 現在の市場参加者の多くは本当の「ベアマーケット」を経験していない。こういう事が起きると、痛みを伴うが、将来の大きなリターンを可能にするために必要なちゃぶ台返しとなる。これがないと、多くのファイナンシャルプランは今後10年ひどいことになりそうだ。 No. The March 2020 correction was not a bear market. As noted: 2020年3月の調整はベアマーケットと呼べるようなものではなかった。以前にも指摘したが: A bull market is when the price of the market is trending higher over a long-term period. ブル相場とは長期に渡り市場価格が上昇するものだ。 A bear market is when the previous advance breaks, and prices begin to trend lower. ベア相場とはこれまでの上昇が止まり、市場価格が下落し始めることだ。 The chart belo...
The Fed And The Treasury Have Now Merged by Tyler Durden Thu, 04/09/2020 - 14:21 Submitted by Jim Bianco of Bianco Research As I've argued, the Fed and the Treasury merged. Powell said this was the case today (from his Q&A): 私はこれまでも申し上げてきたが、すでにFEDと財務省は一体化している。Powell自身がこれに当たると今日話した(彼の Q&Aでのことだ): These programs we are using, under the laws, we do these, as I mentioned in my remarks, with the consent of the Treasury Secretary and the fiscal backing from the congress through the Treasury. And we are doing it to provide credit to households, businesses, state and local governments. As we are directed by the Congress. We are using that fiscal backstop to absorb any losses we have. 我々FEDが今行っている一連のプログラムは、法に基づいており、それを実行している、私が注意喚起したが、 財務長官の同意を得ており、財政に関しては議会の承認も得ている。私どもは家計、ビジネス、連邦地方政府に貸付を行っている。議会の意向のもとに我々は行動している。以下ほどに損失が生じようともそれを財政的に支えている。 Our ability is limited...
What Could Go Wrong? The Fed's Warns On Corporate Debt by Tyler Durden Thu, 05/09/2019 - 11:44 Authored by Lance Roberts via RealInvestmentAdvice.com, “So, if the housing market isn’t going to affect the economy, and low interest rates are now a permanent fixture in our society, and there is NO risk in doing anything because we can financially engineer our way out it – then why are all these companies building up departments betting on what could be the biggest crash the world has ever seen? What is more evident is what isn’t being said. Banks aren’t saying “we are gearing up just in case something bad happens.” Quite the contrary – they are gearing up for WHEN it happens. When the turn does come, it will be unlike anything we have ever seen before. The scale of it could be considerable because of the size of some...
コメント欄に詳しい解説が書き込まれています。ぜひ、一読を。 When The S&P Hit A Record High, The Only Buyer Was Buybacks; Everyone Else Was Selling by Tyler Durden Tue, 05/07/2019 - 14:26 Bloomberg's Michael Regan has taken a lot of heat for his Friday article " The U.S. Stock Market Can’t Stop, Won’t Stop Its Endless Rally " , which prompted some to ask if Bloomberg, with its "millennialized", click-optimized newsroom, has become the new Barron's. ブルームバーグのMichael Regan が金曜の記事で熱く語った「米国株式市場は止まることはない、止まること無きエンドレスラリーだ」、この記事を見てブルームバーグが変貌したのではないかと思う人もいた、「千年王国的か」、アクセス獲得の見せかけHPに変わったか、新手のバロン誌に変貌したか、という具合だ。 And yet, Regan's less than prescient headline notwithstanding, he made an accurate point in his teaser, namely that " regular investors are leaving. " That, as we have pounded the table week after week after week, has been ...