August Job Report 142K+ and Beehive Labor Allocation

"Here in the hive" by dullhunk is marked
 with Public Domain Mark 1.0.

 The market continues to show a soft landing. Looking at what jobs are being added to the economy and those that are declining can indicate some of the upcoming activities and business projections. We are a social beehive type creatures so as our society becomes increasingly sophisticated we will find changes in our labor market. Research helps support the idea that specialization typically occurs as economies develop. Beyond this we can start to include the concept of creativity/science with high technical-technology skills in the development of economic contributory value.

While we are a maturing economy we may find move to certain types of provider service type labor allocations. However, ensuring that we are also producing new value thorugh manufacturing and trade will also be important as we capitalize on recent technological changes. While services might be high we want to strengthen the development of our human capital, innovaiton and manufacturing capabilities. 

You may be interested in a study on Economic Development and Organization of Labor 

142K jobs lukewarm. August 2024 BLS Release

Winneers: Construction, Private Service Providing, Healthcare and Social Assistance, Leaisure and Hospitality, Government

Loosers: Manufacturing, Retail Trade

Advanced GDP Estimate 3% with Lukewarm Economic Numbers (Economic Platform Stabilization)

There appears to be relatively stable economic numbers for August as of now. We did have a little dip in unemployment the month prior and a small increase in manufacturing. GDP and industrial investments seem to be rising a little. One might say that it appears still to be a fairly stable and healthy economy. People were projecting declines and all over the map so realizing something a little less exciting is helpful. To have a 3% advanced GDP measurement with lukewarm economic numbers is not the worst place to be.

What I'm looking for is whether there is a longer term homeostasis sustainable growth after the disruption of Covid in 2020. We had some bouncing around in economic shocks, a bump in growth and more stability thereafter as businesses, consumers, policies, and in general the economy adapted. We also saw an increased infrastructure as well as a level of digital shifts and improve technology adaptation. Supply chains also shifted.

 What one might wonder is if we are going into that Data/Information Age platform? Time answers all questions.

One thing small towns like Escanaba might consider is to look at the technology and emerging trends to determine the best place in which they can beat the market. For example, technology firms, micro custom manufacturing, ship building, paper products, small business/entrepreneurship in the downtown, skilled trades education, etc. hedged with things like tourism, and natural resources. That could depend on the ability to coordinate the local business community and develop methods to raise awareness of investment opportunities and find conduits for exportation. 

Here is something on Economic Platforms. I have been working on a theory for about 15 years on clusters and one of the ideas was that our economy would shift to new economic platforms and those countries that did it first would have long-tail benefits in terms of manufacturing, quality of life, and other attributes. i.e. Digital Era. Economic-Sociological Platforms (This article is really about exploration of an idea and not meant to create causal proof of any type.)

-Unemployment stays about the Same

-GDP Rises

-Wages and Technology seem to be growing together (wait and see)

-Manufacturing PMI 47.2% manufacturers indicated expansion below the 50 break even point. (Slight Improvement) Manf. PMI

The Need for New Jobs

Productivity-Employment Nexus

The following was taken from Gross Domestic Product (Second Estimate), Corporate Profits (Preliminary Estimate), Second Quarter 2024

 Real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the second quarter of 2024 (table 1), according to the "second" estimate released by the U.S. Bureau of Economic Analysis. In the first quarter, real GDP increased 1.4 percent.

Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $57.6 billion in the second quarter, in contrast to a decrease of $47.1 billion in the first quarter (table 10).

-Profits of domestic financial corporations increased $46.4 billion in the second quarter, compared with an increase of $65.0 billion in the first quarter. Profits of domestic nonfinancial corporations increased $29.2 billion, in contrast to a decrease of $114.5 billion. Rest-of-the-world profits decreased $18.0 billion, in contrast to an increase of $2.3 billion. In the second quarter, receipts decreased $6.2 billion, and payments increased $11.8 billion.

Unemployment for August 2024 stays the same. BEA Sept. 4, 2024

U.S. Treasury Indicates Small Business Accounts for 71% of New Jobs (Post Covid)

New jobs are important and that can have an impact on opportunity. Some have argued we have become very top heavy with large corporations and not enough entrepreneurship in the working and middle classes. Large corporations are great for global penetration but they also run the risk of stifling innovation in the long run if new ideas are muted in corporate processes. 

Small business often impacts mid and long term growth as owners implement new ideas in their nimble businesses. That then can lead to whole new areas of development. Some of these businesses will become larger corporations down the road. 

One might also wonder about the benefits of small business on towns like Escanaba. Because small businesses fits well with small towns stronger local, state and federal policies that encourage redevelopment of downtowns to improve quality of life and local wealth retention will be helpful. 

With any luck we will likely see these new business start kicking in to create higher GDP in the next few years. Some impact of this post Covid entrepreneurship can be seen already. The U.S. should have a pro growth mix of small, medium, and large businesses. 

Treasury Department and Small Business Post Covid

Rock the Dock Music Brings Large Crowds and Commerce

 Escanaba put on the Rock the Dock Labor Day with food, music, and more. It was so much fun we went just after the parade and then at 5 before the ball dropped. Corn on the cob was delicious! This was a free event but research supports the idea that music events can be good for the local economy. Live Music and Economy

Human Development of the Gifted

Nations develop when they can develop their people and match that with new technologies in order to create new industries and products/services that draw resources and values. Developing Human Capital. We don't always do well in this endeavor and there are often many other factors that get involved beyond improving the essentials. Gifted people are often seen as fertile ground for analysis and enhancement because of their developmental potential. However, what we learn from them can be applied to developing large pools of people. 

A few articles on the gifted and talented.

Gifted Characteristics: The neural networks and connectivity of senses makes gifted people different than their peers. Perhaps from the early age there are differences and these become highlighted over a lifetime until becomes aware of the value of their differences; or go back into the herd. After awareness one can find the similarities of all people and while giftedness is rare it is not exceptional as a matter of statistical curve. These characteristics create a life that is rich, deep, and sometimes chaotic. A type of gifted curse where drive and insight creates new inventions and ideas that were not prior understood in the environment. They invent because they can and because their mind leads them there. The Characteristics of Gifted

Moral Development: Gifted geniuses know the world is not as good as it could be and they know that there are pathways to making it a better place. They may know what it would take to improve a country, a community, or large group of people but know also that others may not want that better world. Whether we are talking about hard concepts such as corruption, hate, extremism, and disparity or soft concepts such as opportunity, knowledge, and development the can find the edges of concepts. They can also perhaps connect them through the rudimentary causal similarities. If you know the difference between right and wrong and the world seems indifferent they may push for meaningful changes and that is not appreciated by all people. Giftedness and Moral Promise. 

Development of the Gifted Genius: The issues of those with exceptional talent is that the environment is not conducive to high achievement. We talk about human capital and how we as a nation should compete with new ideas, patents, and inventions but when it comes to our most precious resources we often fall short. There is the general human capital we need to develop in our society and we also need to develop our gifted geniuses to create new things, achieve high education, and improve their environment. That can be difficult if wealth is the determinant of education quality, or elite schools of opportunity, or policies that appear intentionally biased to promote some over the others. A nation that can be improved by the best and brightest rising to top. Raising Super Smart Kids Longitudinal. 

Human Development and Human Capital: Human capital development is very important and our institutions have a responsibility to work on the behalf of the American people to develop as many fully functional people it can so as to further the nations interests. Human development is the process of becoming a fully developed person with a variety of skills, attributes, abilities, and psychological strength that can be advanced when compared to others. When systems are run well they will encourage the further development of people so they may be put together for the good of the nation as well as live the happiest lives they can. When they are poorly run they skew the outcomes. Self Actualization. 

 “[a] musician must make music, an artist must paint, a poet must write, if he is to be ultimately happy”

(Maslow, 1943)

Labor Day Parade: The Economics of it!

Escanaba Celebrated Labor Day with a marching band, parade, music and food. btw good people too. Beyond the fun events the Labor Movement in the U.S. has a history as well as economic influence. We know that human capital development leads to improved economies and how we use that labor is important. Labor's ability to compete against the international market to produce some of the best products out there is important for economic development. 

I'm conducting some research on economic clusters. Labor and spill over effects from labor have an important impact on growth. Clusters generally have higher wages and if contracts are flexible to allow for adaptability, experimentation, and work tasks they can function in emerging technology/product markets. The new skills learned in developing industries can be applied to other industries. One might ponder the possibility between investment and labor marriages. 

U.S. Treasury Department and Labor Unions

American Labor Past and Present

U.S. Department of Labor History

Journal of Labor Economics (I used to read this a lot when I was younger.)

Monarch Migration in Delta County: A little eco tourism

 You may be a lover of Delta County Michigan and come here often. Let me say that you may not be the only one. The Peninsula Point Lighthouse is also a travel destination for the Monarch on their migratory path. A little eco tourism. There were a few people out there with their high powered cameras. You can see the monarchs bunched on trees.

Info Peninsula Point Lighthouse

Info on Monarch Butterfly

Research on Eco Tourism and its Impact on Conservation and Economies

Peninsula Point Lighthouse Gallery

Stonington Picture Gallery