Recovery by Sector to Nearest Full Percent
- Mining and Logging: 43,000 below the February 2020 total of 689,000. 94% of February 2020 total.
- Construction: 201,000 below the February 2020 total of 7.648 million. 97% of February 2020 total.
- Manufacturing: 400,000 below the February 2020 of 12.799 million. 97% of February 2020 total.
- Trade, Transportation, Utilities: 300,000 below the February 2020 total of 27.876 million. 99% of February 2020 total. Transportation employment is 72,000 above its February 2020 level. Retail Trade is 200,000 below February 2020. Utilities are 10,000 below February 2020.
- Information: 100,000 below the February 2020 total of 2.914 million. 96% of February 2020 total.
- Financial Activities: 25,000 below the February 2020 total of 8.875 million. 100% of February 2020 total.
- Professional and Business Services: 385,000 below the February 2020 total of 21.469 million. 98% of February 2020 total.
- Private Education and Health Services: 900,00 below the February 2020 total of 24.565 million. 96% of February 2020 total.
- Leisure and Hospitality: 1.6 million below the February 2020 total of 16.915 million. 90% of February 2020 total.
- Other Services: 210,00 below the February 2020 total of 5.937 million. 96% of February 2020 total.
- Government: 851,00 below the February 2020 total of 22.835 million. 96% of February 2020 total.
Winners and Losers
Leisure and hospitality lost the most jobs and is the slowest in regaining the pre-pandemic level.
Despite millions of job openings, the number of leisure and hospitality employees is 1.6 million (10% below) the February 2020 total of 16.915 million.
The clear winner is financial activities. Out of 8.875 million workers, the total drawdown was only 279,000. Of that total, only 25,000 remain.
BofA Raises Minimum Wage to $21
In related discussion, please note BofA Raises Minimum Wage to $21, Wage Push Inflation Will Kill Small Businesses
Financial Activities is where to be. After all, “It’s God’s Work”
God’s Work
Please recall my November 12, 2009 post God’s Work and Goldman’s Prayer
While acknowledging the role of banks in the financial meltdown, the CEO of Goldman Sachs Lloyd Blankfein said he believes his company is doing “God’s work.”
Here’s the prayer I posted in 2009. It still shines today.
LLoyd’s Prayer
Our chairman who art at Goldman
Blankfein be thy name
Thy rally’s come, God’s work be done
In the Dow as it is in the Nasdaq
Give us this day our daily gain
And forgive us our frontrunning, as we punish those who frontrun against us
And bring us not under indictment
But deliver us from regulators
For thine is the cash flow, and the power, and the bonuses, forever and ever.
Amen
The CEO of Goldman Sachs is now David Solomon.
Please note that “Solomon be thy name” now has the correct number of syllables. So does “David’s Prayer“.
I hope this inspires you to pray for more free money to banks and financial institutions. God’s work is all they do.
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Mish
“Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 5.9 percent in 2022, the Social Security Administration announced today.
The 5.9 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2022. Increased payments to approximately 8 million SSI beneficiaries will begin on December 30, 2021.”
September 2021. The change in real average hourly earnings combined with no change in the average
workweek resulted in a 0.8-percent decrease in real average weekly earnings over this period.”
good friend of mine here wanted to be an engineer but couldn’t pass the test to
get in to engineering school so he applied to med school, passed the test (this
in the French system since he is French) and the brutal elimination process and
became a very successful doctor specialized in extreme trauma in a top Parisian
hospital. The funny thing is that at home he has a workshop full of electronic
and mechanical objects and he spends his free time there tinkering around while
listening to opera
He is a guy with an intense personality. He would talk hours
explaining how he found a way to hack into something using hardware and
software and then switch into explaining the subtle differences between conductors
playing the same piece of classical music. He has over 30,000 CD of only
classical music. We know him because we have been friends with his wife from
way back in the early eighties when we living in some exotic places. With them
there is never a dull moment.