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。
米国はよく理解してませんが、日本の場合では量的緩和で日銀が国債買い上げした資金は日銀当座預金にそのままです、市中には流れていません。でもNHKのニュース等では「ジャブジャブ」という表現をアナウンサーが使い、さらに丁寧に水道の蛇口からお金が吐き出される画像まで示してくれます。これって心理効果が大きいですよね。量的緩和とは何かを7時のニュースや新聞でこれ以上丁寧に解説するのはそう簡単ではありません。一般の人も株式をやっている人も「イメージ」で捉える以上はそう簡単にできません。多くの人は量的緩和とはなにか、を理解していないと私は想像しています。 ただし、国債を買い上げるので長期金利が低下し住宅ローン金利等が下がったのは確実な効果です。一方で長短金利差が少なくなると銀行のビジネスモデルが成り立たなくなりますが。 This Is The One Chart Every Trader Should Have "Taped To Their Screen" by Tyler Durden Sat, 01/19/2019 - 18:55 After a year of tapering, the Fed’s balance sheet finally captured the market’s attention during the last three months of 2018. 一年間のテーパリング後、FEDバランスシートがとうとう市場の注目をあびることになった、2018年の最後の3ヶ月だ。 By the start of the fourth quarter, the Fed had finished raising the caps on monthly roll-off of its balance sheet to the full $50bn per month (peaking at $30bn USTs, $20bn MBS...
コメント欄に詳しい解説が書き込まれています。 英語でいうところの「buy back」と「insider buy」は異なる概念です。日本語の記事でどちらも自社株買いとされていることがあり、これを混同すると意味不明の記事になってしまいます。 The Great Stock Buyback Debate Written by Lance Roberts | May, 2, 2019 I recently wrote about stock buybacks in our weekly newsletter. However, a recent report from Axios noted that for 2019, IT companies are again on pace to spend the most on stock buybacks this year, as the total looks set to pass 2018’s $1.085 trillion record total. 最近私は週間記事で自社株買いに関して議論した。しかしながら、Axiosの最近の2019報告書によると、IT企業は再び今年その規模を増やしている、2018年は$1.085Tと記録的規模だったが、今年はこれを超えそうだ。 “By the numbers: Companies so far have spent $272 billion on buybacks, data compiled by Mike Schoonover, COO of Catalyst Funds, for Axios shows. 「数値を見る限り:企業は$272Bをすでに自社株買いに費やした、数値の解釈はMike Schoonoverによるものだ、彼はCatalyst FundsのCOOだ、Axiosがデータを示す。 Between the lines: The amount of spending on buybacks announced by companies in the IT sector has fallen significantly this year as other i...
このブログ左の参考図書の一つがHoward Marksの本です。初めてこの本を読んだ時、管理人は目からウロコが取れた思いでした。 Howard Marks: "We Had One Of The Most Violent Downdrafts I Had Ever Seen" by Tyler Durden Mon, 01/14/2019 - 09:28 Right around the market peaked on September 2018, Oaktree's iconic founder Howard Marks published a letter to investors in which he warned that the market conditions made it "a time for caution", to wit: 市場がピークを迎えた2018年9月ころ、Oaktreeの伝説的創業者 Howard Marksが投資家向けレターを発行した、この中で市場環境は「注意すべき時だ」と警告した、見てみよう: I’m absolutely not saying people shouldn’t invest today, or shouldn’t invest in debt. Oaktree’s mantra recently has been, and continues to be, “move forward, but with caution.” The outlook is not so bad, and asset prices are not so high, that one should be in cash or near-cash. The penalty in terms of likely opportunity cost is just too great to ...