Questioning the Employment Data

Submitted by Rich Toscano on January 22, 2008 - 12:46pm

San Diego had another pretty good month for job growth, according to data released last week by the California Employment Development Department.

Unfortunately, you may not want to believe the numbers.

Let's see what they have to say, first.

read more at voiceofsandiego.org

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Submitted by Rich Toscano on January 22, 2008 - 7:07pm.
I thought the piggs might enjoy this incredibly well-reasoned comment that was left over at the Voice site:

"The saying goes that some see the glass half full, others see it half empty. After reading your columns on this web site, I'd say that you see the glass empty and broken. I know you want house prices in the the County to decrease to an average of $50,000 per year so you can buy one at your salary, but it will never happen. Go find a job that pays more money, and please STOP WHINING!!!!"

Ah, that really takes me back... remember the old permabull thought process, where "observing and considering empirical data" was the same as "whining?" And where if someone refused to buy into a blatant housing bubble, that automatically meant that they couldn't afford a house?

I kind of miss it, actually... so much humor value...

Rich

Submitted by drunkle on January 23, 2008 - 12:09pm.

just admit it, man. your whining is solely responsible for the collapse of real estate, stocks, the dollar, the sanctity of marriage, fertility rates, darfur, and grandma's trick knee.

face it. you're going to hell.

Submitted by pencilneck on January 23, 2008 - 1:05pm.

I really like his analogy:

"The saying goes that some see the glass half full, others see it half empty. After reading your columns on this web site, I'd say that you see the glass empty and broken."

I think the glass really is empty and broken. Rich, you've done an excellent job of documenting the glass's slide off the counter, tracked its trajectory, and done your best to predict approximately when, where and with what force it will land. To argue whether a glass is half empty or half full while it is in freefall or dangling precipitously on the edge of the counter would be ludicrous.

Keep up the good whine.

Submitted by noone on January 23, 2008 - 2:24pm.

Couldn't the fact that retailers usually do a lot of seasonal hiring in October and November account for some of the rise too? Or are the seasonal jobs not included in these numbers? We should see a similar pattern in past years if this is the cause.

Submitted by pralay on January 23, 2008 - 11:31pm.

"I know you want house prices in the the County to decrease to an average of $50,000 per year so you can buy one at your salary, but it will never happen."

I bet he could afford a house recently. And I bet he is having sleepless nights for home price decline. Sympathy to proverbial ostrich.

Submitted by davelj on January 25, 2008 - 11:02am.

Rich, I'd bet dollars to donuts (whatever that means) that this guy is hurting financially and that his job is somehow negatively impacted by what's going on in the housing market. He's upset and you're an easy whipping boy.

I'd say the majority of people who bother to post here on piggington fall into one of two categories: (1) they are future property owners (either renters or investors) waiting for prices to fall further, or (2) they are people who want prices to go back up because they are trying to sell their home or their jobs are connected in some way to the (sputtering) estate industry. I'm sure there's some in between but most have a defined interest in prices going in one direction or the other. This guy is clearly in category 2... and not happy about it.

Keep up the good work.

(For the record, I'm a homeowner and desperately want prices to decline. Yay price declines!!)

Submitted by VoZangre on February 1, 2008 - 2:14pm.

New yawk Times

http://www.nytimes.com/2008/02/01/busine...

job data indeed

ciao for now...

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