It's The economy

labrea_gwDecember 3, 2012

"Just four years after the worst shock to the economy since the Great Depression, U.S. corporate profits are stronger than ever.
In the third quarter, corporate earnings were $1.75 trillion, up 18.6% from a year ago, according to last week'si gross domestic product report. That took after-tax profits to their greatest percentage of GDP in history."

My investments are going fine the part time kids at work with few benefits are suffering

Here is a link that might be useful: They Don't need to higher anyone

This post was edited by labrea on Mon, Dec 3, 12 at 10:45

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markjames

It's not because bad capitalists are keeping all the money," said Brusca. He said that businesses with high labor costs have either gone under or moved offshore

Businesses are getting much more productivity out of fewer workers as well.

Many jobs performed by 2 or 3 workers only a decade ago are performed by a single higher performing multi-tasking worker with multiple duties.

With automation, computerization, specialized equipment and other technology, many businesses only need skeleton crews to do what took hundreds to do not too long ago.

Since utilization rates of many businesses are so low, many can handle spikes in demand with the existing workforce, or temps.

Although many jobs are low paying part-time jobs, many employers still demand very high performance from unskilled/low skilled workers.

Make a mistake or two, or fail to meet performance standards and you're warned, written up, suspended or terminated.

    Bookmark   December 3, 2012 at 11:12AM
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Circus Peanut

Mark, you seem to know a lot of these low-skilled folks -- in your opinion, would a stronger system of trade schooling in the US improve their situation? I always look at Europe (my only other experiential reference) and admire how well they have managed to incorporate their guilds and the appropriate training into the modern corporate world. State-supported apprenticeships are a valid and very necessary part of this process. Here, it seems left to families themselves to pull kids into the profession. (Both my heating guy and my electrician have their early-20's sons working with them learning the ropes.)

There's not really such a thing as an "unskilled" worker per se in Germany. Even trash collectors have a guild over there. In many ways that provides a sense of stability and respect (both societal and personal) that appears entirely lacking on a social level in the US. Our unions used to provide part of this, but they have become so lost in the upheavals that they are often mere tokens even where they do still exist.

Sorry joe, not quite on topic.

    Bookmark   December 3, 2012 at 12:18PM
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labrea_gw

LOL it's alright I don't expect the crickets to acknowledge booming business profits it doesn't jibe with the poor downtrodden corporate wrold suffering under high tax rates!
The uncertainty is killing them, if they were more certain of even bigger profits they just might hire a few folks (nah)
Anyway my 401K is loving it!

This post was edited by labrea on Mon, Dec 3, 12 at 15:28

    Bookmark   December 3, 2012 at 2:51PM
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jmc01

"would a stronger system of trade schooling in the US improve their situation? I always look at Europe (my only other experiential reference) and admire how well they have managed to incorporate their guilds and the appropriate training into the modern corporate world"

1. Would a better trade school experience improve the chances of a person vs a robot?
2. Circus, unemployment in many of the European countries is well into double digits. The composite rate for the Euro Union countries was 11.7 % last month. Those trade guilds aren't what they may have been in the past.

    Bookmark   December 3, 2012 at 10:15PM
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marquest(z5 PA)

We have become a service worker and salaries do not reflect the profits of the companies. These are not teenager part time jobs anymore. They are unskilled workers that are supporting families.

Everyone cannot be Presidents and CEOs but the profit could be reduced to these top executives to the workers that afford them the so much.
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In rare strike, NYC fast-food workers walk out

After a Black Friday action at Wal-Mart, NYC fast-food workers walk out, challenging a nearly union-free industry.

New York City workers are organizing at McDonald's, Burger King, Dominos, KFC, Taco Bell, Wendys and Papa Johns. Organizers expect todays strike to include workers from almost all of those chains, with the largest group coming from McDonalds; the company did not respond to a request for comment.

Lopez, a 21-year-old who's been at McDonald's for two years, said he makes $8.75 an hour as a shift manager (organizers say this isn't a supervisory position). He works at McDonald's and at two other jobs catering and doing leaf work while paying off student loans, pursuing an acting career, and helping to support his family.

..... organizers and fast food workers have been signing up employees on petitions demanding both the chance to organize a union without retaliation and a hefty raise, from near-minimum wages to $15 an hour.

Here is a link that might be useful: Fast Food workers

    Bookmark   December 3, 2012 at 10:46PM
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marquest(z5 PA)

Walmarts and Sam Clubs and the other Wall Street guys do not understand why Costco is so stupid as to pay their workers a living wage.

The Costco owners were big supporters and major contributor to the Obama Campaign. This is the mindset of the President and a Company that cares about their workers.
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This is from 2007. Saw a interview last weekend with their CEO and he said now his lowest paid are 15.00 and hour.
He has low turnover and happy employees.

Earnings: Costco hourly workers to get a raise
Lowest wage will be $10.50 an hour; top scale to hit $20

Wall Street analysts have criticized Costco Wholesale Corp. for years for treating employees too well and offering generous benefits at the expense of investors.

Expect the criticism to continue.

Read more:

Here is a link that might be useful: Costco

    Bookmark   December 3, 2012 at 10:53PM
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labrea_gw

The ECONOMY SETS RECORD PROFITS in a supposed climate of oppressive SOCIALISM!
Not 2 tenths of a percent BS like the jobs report the clowns were wailing over. Business in the US set Record profits !
My PALS who wail over it 2 tenths of a percent on jobs reports are silent DUMBFOUNDED would probably be the case. How on earth is the possible in such a hostile business climate?
Loans at such low rates & a Government that bent over backward to provide stimulus!

    Bookmark   December 3, 2012 at 11:39PM
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marquest(z5 PA)

I don't expect the crickets to acknowledge booming business profits it doesn't jibe with the poor downtrodden corporate world suffering under high tax rates!

Yes crickets. I have never seen a society that root for their country to do bad.

    Bookmark   December 4, 2012 at 12:18AM
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Embothrium(USDA 8 Sunset 5 WA)

If you believe one type of myth you might as well believe another. Minds prone to buying into falsehoods aren't particularly open to true facts, no matter how often they are presented.

But I'm sure we'll be hearing from the peanut gallery shortly.

    Bookmark   December 4, 2012 at 1:37AM
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tobr24u(z6 RI)

CEO bonuses will be busting out all over...

    Bookmark   December 4, 2012 at 5:16AM
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Elly_NJ(NJ z6)

Wait, wait. You're saying that the job creators are making huge profits in spite of the recession, but the jobs situation is still dire?

Where's the trickle down theory? I thought that if we take care of them they'll provide jobs? Oh, right. You didn't say they'd provide a working salary and health benefits.

Too bad those poorly paid workers don't have any health care options.

    Bookmark   December 4, 2012 at 7:10AM
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pnbrown

Last I checked my tiny little piece of the stock market is worth about 3/5 what I paid for it in 2007.

    Bookmark   December 4, 2012 at 7:11AM
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chase_gw

That's one reason I shop at Costco but not at WalMart.

It will be interesting to see what unemployment numbers look like when the unemployment insurance extension lapses in January. I think the unemployment numbers will take a big drop and NOT because they are no longer collecting benefits.

    Bookmark   December 4, 2012 at 8:00AM
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labrea_gw

Ah last 3 years my little share of the market has increased about 19% anyone see those 4th graders who beat the market with their game. Invesco, Pimco, Lazard all the real Estate funds which is where I went when I decided the market hit bottom all have a bout a 25 to 30% 3 year return. Ah well I pointed it out here when TOBR asked if the market had hit bottom and was the rally real 3 years ago. Nik was supposed to keep an eye on my losses because the prevailing conservative opinion was that the market hadn't hit bottom one of the bright lights was predicting wheel barrows full of fiat bills to pay for basic goods, was just around the corner. PSHHHT! If I hadn't been such a wimp I would have gone all in out of my all bond spot which is why I only got a 19% return. I've beat my 2 brothers out and they were both traders!
Corporate Welfare is still alive & well in the US & they keep feeding the beast hoping it will produce a job here & there!

    Bookmark   December 4, 2012 at 8:44AM
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markjames

Regarding Costco, they're a niche player with a tiny product selection - 4,000 SKUs vs 100,000 Plus SKUs of other stores.

Their tiny selection of products can be handled relatively inexpensively with substantially fewer, but higher paid workers.

Costco's customers have a median income of over $100,000, 90 plus percent are homeowners and 50 percent are business owners.

============================================================

Costco Member Demographics

Costco members are predominantly affluent, married, educated professionals. They are local business owners, homeowners, own two vehicles or more, and have higher than average household income and education.

Gender
Male 42.8%
Female 57.2%

Age
25-34 5.9%
35-44 18.6%
45-54 30.1%
55-64 23.7%
65-Older 20.8%
Median age 53.3

Household income
$20,000 - 29,999 2.0%
$30,000 - 39,999 2.7%
$40,000 - 49,999 4.5%
$50,000 - 74,999 14.0%
$75,000 - 99,999 13.7%
$100,000 - 199,999 44.1%
$200,000 or more 11.1%
Median income $107,800

Martial Status
Married 80.3%

Education
Any college 86.7%
Graduated college or more 55.2%

Primary residence
Own residence 94.1%

Business owners
Own a business 50.9%

Investments
Have/own investments 82.6%

Vehicle ownership
Own or lease any vehicles 97.7%

Internet usage
Used the Internet in the last 30 days 96.6%

Here is a link that might be useful: Why Can't Walmart Be More Like Costco?

    Bookmark   December 4, 2012 at 9:04AM
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markjames

Regarding the unemployment extensions, when the extensions end some will drop out of the labor force, some will work in the booming underground economy, some will apply (if they haven't already) for numerous welfare benefits, some will go on disability and many will take whatever low paying, part-time, temporary or seasonal job they can get.

Some will do a combination of these things, but much depends on their age, health, education, knowledge, skills etc.

Many we know have lost homes, vehicles, driver's licenses, apartments, possessions, plus exhausted their savings, destroyed their credit etc, so they may never recover.

Many employers and HR personnel will cull out long-term unemployed as well, especially when they have dozens of better qualified workers for every available job.

    Bookmark   December 4, 2012 at 9:15AM
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marquest(z5 PA)

Costco also provide health insurance even for their part time workers.

Chase I also shop Costco, The only time I shopped at Sam's is when the company I worked for had a Sam's club account and we purchased party things from them. I have never had one of their cards personally. That was before I knew how they treated their employees I just never like the store set up.

Mark I do not know why the Demographics of Costco would play into the salaries. Sam, Walmart could pay more regardless of who shops in their stores. The owners of these companies are not living in the ghetto.

    Bookmark   December 4, 2012 at 10:41AM
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pnbrown

I haven't moved it since I bought it, I rarely ever think about it. I'd forget it entirely if vanguard didn't send quarterly reminders....

    Bookmark   December 4, 2012 at 6:43PM
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labrea_gw

Sad story that!

    Bookmark   December 4, 2012 at 10:34PM
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lily316(z5PA)

Mitt and Ann shopped at Costco's today. He was in disguise with a baseball cap and shades. Joe shopped there this week too.

    Bookmark   December 5, 2012 at 2:10AM
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