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The labor market view of two asset bubbles
Tuesday, January 26, 2010
With a more thorough culling of the Labor Department data, one could undoubtedly create a much more comprehensive graphic that depicts the rise and fall of technology related payrolls during the Nasdaq bubble along with the surge and collapse of construction jobs during the housing bubble, but the two broad categories below serve the intended purpose.
Yes, a log scale would make the right side of the chart look a little less impressive as compared to the left side and the payroll numbers shown above are only a small portion of the total labor force, but the point remains the same - over the last 15 years we've now had two massive asset bubbles that have left in their wake massive job losses after most people thought that we had entered some sort of a "new era".
With the people who are now tasked with plotting a course forward for the U.S. economy, is there any reason to think that the future will be any different?
3 comments:
That's a great graph, but you can go ahead to map the 3rd (next) bubble:
GOVERNMENT JOBS
But our government and business leaders are telling us that technology is our future. That our economy has a shortage of technology workers. That students should greatly consider technology careers. That the unemployed re-train for technology jobs.
That is a great chart Tim. IBM sent my job to India in 2002 and as the chart shows, there are no IT jobs to replace it. I laugh every time I hear about re-training. If I couldn't keep a job with 4 years of grad school, what would I get re-trained at? The only jobs that are up and coming are basically on-the-job training.
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