From the APP:
NJ job market surges in July; here are 3 places hiring
It’s a good time to go job hunting in the Garden State.
The New Jersey economy added thousands of jobs in July, and the state’s unemployment rate dipped to its lowest level in more than a decade, the state Department of Labor and Workforce Development said Thursday.
The results should give workers latitude to search for a new job or ask for a raise. And they are a sign that life is more difficult for employers who need top-notch help.
“We’re doing the best we can with what we’ve got,” said Angela Blasi, the fresh food manager at Dean’s Natural Food Market in Shrewsbury, which is hiring after two of its juice bar workers left their summer jobs and returned to college.
The monthly unemployment report is made up of a survey of employers to measure the number of jobs and a survey of households to measure the unemployment rate.
It provides a preliminary snapshot of the New Jersey economy and will be revised next month. But for July, at least, it showed a state that performed far better than the nation.
The state gained 13,000 jobs last month. (The U.S. added 157,000 jobs last month. New Jersey’s fair share would have been about 4,700).
It added 7,500 jobs in June, more than what was first reported. And its unemployment rate ticked from 4.3 percent to 4.2 percent, its lowest level since July 2007.
“The numbers on the surface look like the economy is going gangbusters,” Rutgers University economist James W. Hughes said. With total employment, “it’s probably going to be the best year since before the Great Recession.”
first
Top notch help..at the juice bar, right. There is the story of this great job recovery.
Homeless in San Fran worse than I’ve ever seen it before.
Grim, its mind boggling how people keep trying to act like the “invisibles” aren’t growing.
Have you seen that video of the BART where it was zombieland at 6am with the commuters?
SF, My son lives in the city, uses the app to avoid human waste sites/streets
Go long Cauliflower.
Normally you would walk on the outside of the sidewalk when with your wife to block the street, etc..
in san fran you walk on the inside of the sidewalk to block the homeless
3b,
I called this economy long ago and remember how you criticized me for questioning this expert a few years ago when he was still down on the nj economy/job market as if it was never coming back? Still want to laugh and mock me? Your negativity blinds you.
“The numbers on the surface look like the economy is going gangbusters,” Rutgers University economist James W. Hughes said. With total employment, “it’s probably going to be the best year since before the Great Recession.”
There are lots of new 6 figure jobs being created. Yes, middle class jobs are dying, but they are being replaced by high end jobs and juice bar jobs. You as the individual decide what track you want to be on based on your level of skill and education. Great economy for a go getter!
Bystander says:
August 22, 2018 at 8:29 am
Top notch help..at the juice bar, right. There is the story of this great job recovery.
Here’s an interesting take on SF homelessness:
http://thefederalist.com/2018/04/11/san-franciscos-homeless-encampments-expose-failure-liberal-utopia/
It’s like complaining about the pigeons while constantly throwing handfuls of birdseed.
The article makes some good points, but it’s main point of putting the blame on progressives is just wrong. Sf is pure example of what happens when you concentrate the most powerful corporations in the world in one area. Simple as that, let’s not make this more complicated than it is.
“That’s why the housing and homelessness problems besetting the city open it up to more than mere mockery from conservatives but substantive criticism of progressive governance writ large. It’s not just homeless encampments that bedevil San Francisco, but also the flight of the middle class and the emergence of a kind of citywide caste system: the wealthy, the service class, and the destitute. In some ways, San Francisco is becoming something progressives are supposed to hate: a private club for the super-rich.”
It’s a problem of capitalism and it is as simple as that. I love capitalism, and it’s the best system out there at the moment, but let’s not sit here and pretend it’s perfect and has no flaws.
Pumpkin,
What is this “go getter” you speak of? You were just recently parroting the propoganda of the John Rawlsians who say all outcome differences are due to luck and thus unjust.
The article makes some good points, but it’s main point of putting the blame on progressives is just wrong. Sf is pure example of what happens when you concentrate the most powerful corporations in the world in one area. Simple as that, let’s not make this more complicated than it is.
BS. The problem exists because of a number of reasons, one being exactly what you are doing, painting these people as victims. Care to explain why Seattle and Portland have the same problems? It’s because they have too many programs. My sister lives in Portland. The people there go and feed the homeless on a daily basis. Is it powerful corporations responsible for the needles that cover San Fran? Is is powerful corporations that have encouraged the homeless to poop all over the streets of San Fran?
The corporations made it expensive. The policies of the city/state have made it a haven for the homeless.
So Cohen got to plead to a low sentence in his tax charges in exchange for dropping
Trumps name in a completely unrelated matter(in which he has no credibility)? And his lawyer is a swamp Insider and Clinton hack. Can you say witch hunt?
This mueller thing has made a total mockery of the federal investigative services I’m not sure they will ever recover. They seem to only exist to expand and protect the existing Power structure.
So I was deep in the woods for five days and just catching up now that I have (passable) wifi/cell coverage if I stand on the very edge of one specific dock lol.
Seems the resident three year old is still scribbling all over the walls and running around screaming “look at my drawings!”.
Hate to say it because I enjoy most people’s company here (including many whose views I don’t share) but I’ll be lightening up again. Just can’t keep digging through the rotten chaff for the kernels of wheat. Coming back here fresh I realize how fcuked up some people are and it takes away the enjoyment for me.
A couple of you have my email, reach out maybe we do a GTG at Grims? Ex, you want to put me on any stock discussions you have I’ll do my best to contribute and not blow people up, post here how I can find you if you want. Stu, let’s look toward something hockey related, I’ll keep an eye out to see if our kids are playing in proximate rinks, always looking to fill that hour before game time with a cold draft…Chi, I’ll post back here as we get closer to the Red at Hobey.
See you guys around.
blue, that is what progressives don’t “GET”. Once you start the programs they will come. South Jersey is full of philly refugees here to collect NJ’s more generous social programs.
Start giving benefits to illegals and in general being accommodating to illegals just makes you a magnet for more illegals.
People are mobile and will gravitate to the path of least resistance to survive.
Blue,
Did it ever occur to you why these people have given up on life and become drug addicts? The concentration of wealth in that area has made the competition stiff in providing for one’s daily life. These people clearly gave up. Competition was too much for them. They are surrounded by extreme wealth, and they can’t have a piece. They are beyond saving. Psychologically checked out!
Phillys solution for homeless, for decades, was to bus them one way to Atlantic City.
Lot’s of Midwest cities sent their homeless to NYC on a one-way ticket to PABT with a small voucher as incentive.
NWNJ – The Plea agreement was originally drafted and dated April 24th four months ago, but only revised and signed by Cohen yesterday right before the Manaforth verdict.
Makes it seem like Cohen and his attorney used the Manaforth trial to cut a better 11th hour deal, shaved off perhaps a few more years. There is no Federal Parole, Cohen will do at a minimum 51 months, that is if the Judge agrees to the deal when he is sentenced after the Midterm elections, and maybe a bit less for time off for good behavior.
If Cohen had any real dirt on Trump it would have been leaked just like the tapes were by his attorney Lanny Davis leaked the tapes on July 25th. They have no further leverage and nothing to give if the FBI has all of his case records, legal papers and tapes, txt messages and phone call logs etc.
I can show you a pic of homeless from 40 years ago in NY, LA or San Fran. There is little difference, at any given time in any given major city there will always be a percentage that falls into homelessness do to addiction, mental illness or disability.
I remember the 70s being terrible in NYC for homeless. But the last time I was in SFO, the homeless numbers were way up from my prior times. I mean, absolutely no comparison. And the makeup is much younger than it used to be. Golden Gate Park was end to end addicts. There was no avoiding them.
Thousands of New York City homeless are flown out of town, mostly to Puerto Rico
Did Hudson County not decline at all during the housing crisis?
Yo! says:
August 22, 2018 at 6:43 am
https://njrereport.com/index.php/2006/03/10/hoboken-bubble-sitters-sit-pretty/
Joyce – from 10+ years ago.
In NYC metro, a 100k job is a middle class job, moron. They are not growing. They are being moved out of the area. I just went through this cycle. Also, you do not have front office certs, not a CPA or CFA. You are not MD or JD or even a tech developer. Stop acting like your skillset is so astounding that it can’t be done elsewhere. It is coming but you won’t be man enough to honestly admit when it does come. Do you notice that they always talk to low level food workers or truck drivers about wage pressures. How about talking to operations folks in finance and see what they say about growing wages. Those people don’t get paid a ton (90k on avg probably) but have some skills. They are getting killed by H1B, nearsourcing and outsourcing. The whole focus is always the $10 hr worker getting $12 now..yippee. They are poor, not the “middle class”
A younger guy at my former IB is prime example. He was tall dufus but hilarious. Competent but not ambitious at all. He worked recons for settlements in operations. They got rid of whole team two years and outsourced it. He moves to accounts payable then they moved nearly all ap functions to India shortly after he joined team. By time I left in June, he was b*tching bc basically last person doing ap in states. They were not increasing his pay. Where is article on this guy, his view and hundreds of thousands like him in NY metro regarding economy and wage growth.
Joyce – Both houses and condos declined in Hudson. Houses fell further and remain 5% below the prior peak. Condos 22% above prior peak.
Juice
This Cohen thing is about the same thing as Russia and every other fake scandal along the way. The deep state hacks and their duplicity don’t want outsiders rocking the boat. Pile on the dems and the media who have their own agenda.
I’m sure Clinton hack Lanny Davis screaming “impeachment” was part of the Cohen “deal”? How does that help his client? It doesn’t but Of course the point is to Stretch any way possible to tie a bunch of unrelated shlt to trump.
Even if they get Trump on campaign finance law,how do they prove which is his own money and money donated for his campaign?
He spent over $1M of his own money for the campaign
He’s not going down on this cockamamie charge. Come on now. That’s not an impeachable charge. Every politician gets caught doing that. Some of them multiple times.
Nwnj – Lenny was doing his job holding out for a better deal and now that it is over he is just advertising for his next client. Look at me!!! He was facing thirty years and I got him 4! There is no shortage of crooks on either side of the aisle that will need his representaion in the future.
Using even the most tortured fake news logic possible this can’t be construed as a crime except to the dumbest out there. Which is why you see them including disclaimers to all of the stories. There is no way to “get” him except continuing to badger him with muellers witch hunt.
Bystander @ 2:08 and 2:24pm you are spot on. Went on an interview recently, $130k job, the entire building looked like Bangalore. How is it even legal to have zero latinos, zero asians, zero blacks, and zero whites?
NWnj – “except to the dumbest out there”
Across the political spectrum, you will find all kinds.
Just remember the Whitewater investigation was kicked off by a 1992 New York Times article and ended eight years later with a stain on a dress and an impeached president.
Juice
I got you but the political angle on this deal can’t be overlooked. Cohen pled to a bunch of fraud he was conducting on his own and then they threw some shlt in there about trump which wasn’t illegal just to tie it back. Political prosecution at its worst. Who knows where this will end if it’s a new tool in politics.
Bombay, I believe Indians can identify, on Census, as either white or Asian.
It’s up to employees to file discrimination complaints. If no one other than Desi’s get hired, than no one files complaint. The other alternatives is to have organizations like the NAACP sue for violations of law.
But hell in here no one seems to like the government agencies that do those sully paper pushing jobs or care about the NAACP. So you get what you deserve.
Finally, Trump (I voted for him, could not stand the Clintons) is a compromised President. He did do money laundering, tax evasion and underage hookers. Fanatics like NWNJ and FastEddie can’t accept the fact he’s so compromised. Only thing he’s doing right is the China tariffs. And yes, the system is working – a Trump kleptocracy has not come to pass, and the GOP/Dem lobbying flea market is getting plenty of light shown at it. In the end, you can’t expect anything from the morally and intellectually bankrupt locust boomers in power.
Bombay at Your Door says:
August 22, 2018 at 3:17 pm
Bystander @ 2:08 and 2:24pm you are spot on. Went on an interview recently, $130k job, the entire building looked like Bangalore. How is it even legal to have zero latinos, zero asians, zero blacks, and zero whites?
Bombay at Your Door says:
August 22, 2018 at 3:17 pm
Bystander @ 2:08 and 2:24pm you are spot on. Went on an interview recently, $130k job, the entire building looked like Bangalore. How is it even legal to have zero latinos, zero asians, zero blacks, and zero whites?
How many drug addicts do you know personly?
Nwnj – It isn’t new. Nixon claimed he wasn’t a crook too, we shall see if Trump can find his Robert Bork for a Saturday Night Massacre.
I have no doubts Trump has dirt in his past, but I do doubt they will catch him on anything he did before he was President. Remeber Hillary’s gravediggers turned over every stone in New York and all over the world digging for something buried in Trumps past, she spent allot more money on opposition research than we know about and found nothing.
The question really is will Trump now trip over his own big mouth and order something stupid enough to warrant him taking a detour out of the white house.
I have no doubt, but if the fence sitters (or haters) in 06 bought somewhere near the trough they were correct… right?
Yo! says:
August 22, 2018 at 2:27 pm
Joyce – Both houses and condos declined in Hudson. Houses fell further and remain 5% below the prior peak. Condos 22% above prior peak.
Trump Tries to Deny His Crime With Cohen, Confesses by Mistake
http://nymag.com/daily/intelligencer/2018/08/trump-tries-to-deny-crime-with-cohen-confesses-by-mistake.html
The President of The United States just confessed to a felony on national television.
So many new people today. Or is it one person with multiple handles?
Lib Grim can confirm. In other news as per FB it is all over for Trump if so and of course that’s a big if!! Then it’s Pence so the left may be sorry. If it is Pence will run and be elected.
Joyce – for the past several decades, today, and through future decades, no time is a bad time to buy Hudson County real estate. 1990 buyers did great, so did 1995 and 2000 buyers, 2005 buyers are doing ok (houses) or good (condos), 2010 buyers are doing great, 2015 buyer are doing good and will do great.
Same can’t be said for other NJ counties.
Agreed, but that’s not what we were talking about. You expanded the topic / moved the goal post. Not to mention if your timeline is pretty much “forever” then what’s the point.
What looked like a brilliant move at the time, selling Hoboken at the peak, was certainly better off holding and playing the long game. Left significant money at the table, and as Yo points out, will leave even more as the time passes. Obviously, people can’t hold forever and sometimes choose to cash out, but the winning play here was to hold.
Put it this way, was selling peak in nyc late 80’s a good move? At the time, yes, but not at current prices today.
joyce says:
August 22, 2018 at 7:54 pm
Agreed, but that’s not what we were talking about. You expanded the topic / moved the goal post. Not to mention if your timeline is pretty much “forever” then what’s the point.
What I mean by this?
Whoever bought Hoboken real estate around 2000, bought a winning lottery ticket. Those that had balls are still holding on to that growing lottery ticket, the ones scared by the housing bubble cashed out and lost that opportunity at a winning lottery ticket. That’s life and that’s how the game of investing works. Being too smart for your own good and having no balls sometimes hurts in the investment world, but it also can prevent you from losing it all. In the end, if you don’t have balls and don’t take on an investment that looks bad at the time, you will never cash a lottery ticket in investments. Holding Hoboken real estate looked terrible at the peak of the bubble, but for someone able to ignore the noise, holding has made all the difference.
When the police came … they told me, ‘things like this don’t happen here.’
One November two years ago, a wildlife biologist named James Rogers was spending the night in a hammock above Malibu when he awoke to a burning sensation in his arm and the realization that he’d been peppered with buckshot.
He was in a park about 200 yards (182m) off the main road that leads from Malibu’s fabled beaches up into the hills of Calabasas, a place frequented day in and day out by tourists, day trippers, and avid hikers like himself.
Six days later, a man sleeping in his car in nearby Malibu Creek state park reported being shot at, too, although he was unharmed. Two months after that, it was a couple, also in the state park, whose vehicle was hit by gunfire.
Remarkably, these incidents caused little stir. Residents of the local canyons – everyone from Hollywood A-listers such as Will Smith to more modestly affluent denizens – might have been thrown into a panic if they had known. But the incidents went largely unreported, and the police were in no hurry to ascribe them to a single perpetrator.
Here’s why the strong economy isn’t lifting home sales – Business Insider
https://apple.news/ApWXlkpqKQ-Gug2u2SRRdBA
It doesn’t take Einstein to understand the long term play with housing. It will get significantly more expensive till the housing supply is fixed (which is prob never, it’s too far gone to fix anytime soon). So you will have pauses, like the current log jam taking place, or even a little downturn, but make no mistake about what the long term trend in housing is based on supply…..upwards trajectory based on housing supply that will only get worse.
Just remember how much materials and labor costs to build now, and that’s not going down anytime soon. Hell, if they tried to go on some crazy building spree to address the housing supply, they will only drive up the cost of building…..labor costs and material costs will sky rocket under the huge demand.
You want honest analysis that focuses on what matters instead of the noise, read my posts. Your welcome on the valuable free advice.
The saying buy now or be priced out forever, really holds some weight in this market. And don’t show me sales on over 1 million dollar homes to call bs. Avg priced home is nowhere near that market and it’s not representative of the typical buyer at all. Builders only building luxury homes is part of the reason for this housing supply mess.
Show me a 300,000 home significantly dropping in price….good luck. That’s all I need to know about the housing market and where it is heading. Start from the bottom, then up. That’s what the millennial buyer bloc represents. Some of them are already moving from 300,000 starter homes to 600,000 homes.
Yeah, in 1895 Victorian England. Your internalized misogyny is rather quaint.
Mike S says:
August 22, 2018 at 9:46 am
Normally you would walk on the outside of the sidewalk when with your wife to block the street, etc..
When the Fresh Prince was singing about “Summer, summer, summertime” in his beloved Philly I doubt he meant the stench of urine that blankets South Broad from City Hall to the theaters.
Grim says:
August 22, 2018 at 11:24 am
Phillys solution for homeless, for decades, was to bus them one way to Atlantic City.
The babble never ceases! No wonder why Left, left!!
I’m pretty sure a lot imbeciles will keep their heads down in the wake of These convictions. A National embarrassment.
You are going to sit here and tell me a total lack of supply, combined with a coming massive buyer bloc of millennials will happen in an environment of falling prices? How and why? That’s insane and defies logic.
On top of that, the costs for building new is going through the roof. Yes, that’s a recipe for falling prices alright.
The writing is on the wall for the longterm pricing. Right now, it’s a buyer’s due to unwarranted fear. Aka it’s a great time to buy for long term players. If you are playing the short term game, good luck, but long term this doesn’t get any easier than this. Buy and hold, by 2025, can sell for a nice profit.
esx right on. And don’t forget to make a payment to Lanny Davis and cohen. You can help these two patriots.
Reminds me of Pumps, except this blog is Pumps’ blue dress. Just a steady drip of diseased jizz mixed with lies, self-congratulations and denials. Pumps must be a hoot at class reunions though.
Just remember the Whitewater investigation was kicked off by a 1992 New York Times article and ended eight years later with a stain on a dress and an impeached president.
I thought it was debateable that he graduated HS.
So pumps believes that insane bubble can occur from 2003 – 2007 then drop some from 2008-2012 and now rise again from 2012 – 2025 (and beyond). Material costs will rise, land costs will rise, rates will rise, prices will rise but wages, hhmm. It has already been shown that they basically have gone nowhere for 15 years. His economic genuises can’t explain it yet magically they will make huge jumps over next 10 years to support his theories. Here is my theory for area- you would be a fool not to get out of NJ soon. Tech work will continue to get outsourced to Wipro, Infosys and Tata. H1B and their H4 spouses will continue their onslaught of cheap labor on region to the tune of 100k people yearly. Majority of New Jersians will be fighting over job scraps for those not sent to cheaper areas of the country. The unions will continue to laugh at you while squeezing the last drop dry. Hudson County will be renamed New Bombay.
Can we all just put pumps on ignore? Please? 100% ignore.
Bystander,
Wages are growing. Let me give you two examples of friends of mine. In the past two months I had one friend switch jobs and get a 45,000 increase. Another, just switched jobs and got a 53% increase. You can think I’m pulling this out of my a$$, or understand it’s the god honest truth. Economy is hot and these people are building ammo for down payments on future house purchases.
Lib I am trying!
I don’t know why you can’t grasp that other new jobs are being created everyday in our economy as other jobs like yours get hit with negative pressure.
Are you seriously going to take the position that the American economy is done producing good jobs? Really? You are experiencing negativity in your field and then applying it across the economy. How can the economy survive longterm if it stops producing good jobs?
Glad I accepted offer. Here was a real call a few minutes ago. “Hi. This is Right Click and we are looking for UAT manager in Milford. It is a good salary and term if you are in the market”
Me: (eyes roll) Sure. What is the salary and term?
Recruiter: 1-2 months and $35 hr.
Me: Click
At least guy was American who spoke English.
It’s amazing how angry people get on this blog when you try to show them positives. The economy is strong people….open up your eyes.
Average raise for 2018 will be 3 percent up slightly from 2.9 percent in 2017 according to a survey of over 1000 companies surveyed by Aon Hewitt. This comment is directed at those left on the blog who may wish to have an intelligent conversation.
Pump, most metro high paying jobs are going abroad. The banking jobs have started decreasing.. Outsourcing, automation bla bla. Even-though I expect NY metro house prices to stabilize and remain healthy, places like Wayne will tank.
Most major retailers are in trouble. Sears, home depot, Macys, JCP bla bla. You have no idea how many jobs Amazon killed in US even when they hired a lot of employees to grow their business..
H1B is double edged sword. You increase it, it will kill jobs for US citizens. You kill it, US companies will just outsource.
I think both the US economy, RE prices and stock market are hitting the peak. Just wait til September.
I will put you ignore after I tell you are a pinhead who does not get it. My career relies on investment in the region. If banks and other firms have large projects then my cup spilleth over. It is not today and it is a harbinger of things happening. Sure, you could do better in Fin Tech, hedge or some smaller firm but large banks are not investing much regionally right now. I am not saying that people are not getting paid and there are no jobs. I am saying there appears to be a shift happening. They crave cheaper and cheaper labor. Younger people with some experience (5 years) are target for roles that appear senior level. If H1B and H4 does not change then the pot will gdet smaller for New Jersians. They are moving middle office and back office out of area, period. Not just banks but entire finance industry. Read some of other comments here. It is not just me.
Glad I accepted offer. Here was a real call a few minutes ago. “Hi. This is Right mgt. and we are looking for UAT manager in Milford. It is a good salary and term if you are in the market”
Me: (eyes roll) Sure. What is the salary and term?
Recruiter: 1-2 months and $35 hr.
Me: Hang up
At least guy was American who spoke English.
I will put you ignore after I tell you are a pinhead who does not get it. My career relies on investment in the region. If banks and other firms have large projects then my cup spilleth over. It is not today and it is a harbinger of things happening. Sure, you could do better in Fin Tech, hedge or some smaller firm but large banks are not investing much regionally right now. I am not saying that people are not getting paid and there are no jobs. I am saying there appears to be a shift happening. They crave cheaper and cheaper labor. Younger people with some experience (5 years) are target for roles that appear senior level. If H1B and H4 does not change then the pot will gdet smaller for New Jersians. They are moving middle office and back office out of area, period. Not just banks but entire finance industry. Read some of other comments here. It is not just me.
Glad I accepted offer. Here was a real call a few minutes ago. “Hi. This is Right mgt. and we are looking for testing manager in CT. It is a good salary and term if you are in the market”
Me: (eyes roll) Sure. What is the salary and term?
Recruiter: 1-2 months and $35 hr.
Me: Hang up
At least guy was American who spoke English.
Not being publicized, but very interesting…..
http://i95link.com/
Okay, 3b.
So 3% wage growth means home prices should fall, right? You know in just 3 short years, their buying power increased by almost 10%. Now realize that is just an avg (3%), and others are getting significantly more. Now add in the fact that only 60% of the population buys a house. So the bottom 40% incomes doesn’t really even factor in home purchases, only rentals.
Writing is on the wall. If wages continue to grow at 3% till 2025, most potential home buyers will be able to afford much more. And wait till they loosen lending restrictions…
I cant stress enough, The banking tech jobs are shrinking… Definitely in NYC area. Im assuming banking and finance related jobs are plenty here which drive the overall market.
I can hire as many TCS as I want, doesn’t go thru any scrutiny but can hire ZERO FTEs in this area.. Apparently they call it High cost area… Any turnover in NYC metro, we need to hire in TX or Ohio..
Our whole NJ office looks like it is Bangalore.. Pumps. Wake up.
Oh by the way, I was at AWS Reinvent in vegas last year… The amount of automation they are doing is mind bogling.. They went from hosting in 1 hotel to 5 last year.. Thousands of them. Half mile long lines for sessions. It looke like they were gonna take over the world..
In 5 years, you don’t need a janitor anymore. Undertaker as a Service AKA UaaS will be here..
The other day I picked up a item from a garage sale for my kids. Said ‘Made in USA’ and the I wondered, This is a collectible. And kept it..
NJD,
You are closer to it than me. I am just the guy on the street sending resumes and taking calls. I guess talking about automation is probably a high paying job.
There are 3 levers. One is automation, two is location shifting, three is using the visa people. What I can see is if they can automate the number of jobs go down, otherwise you get 1.5-2 third world’ers for every employee they axe. Straight up offshoring seems to have limited success they need to have bodies on the ground for most things because are too convoluted to document effectively at a palatable cost to ship offshore.
What I’m trying to say is, the high paying jobs atleast in Banking sector are leaving US or metro.. My staff count reduced from 80:20 ( NY metro:lowcostlocation/India) in 2008 to 10:90 ( Metro:Lowcost location/India) in 2018. Again this is next-gen Tech area not some legacy tech. Most legacy tech areas are either automated or gone from US.
The management just want monkeys and will pay only peanuts. If you apply for FAANG companies, you will go thru 8+ levels of interview for high paying jobs. Guess bay area is hot but that will all depend on stock market.
The strengthening of USD isn’t helping. The USD vs Indian Rupee is at 71. From 50 Rupees back in 2010, meaning it’s getting cheaper and cheaper to hire in India.
My company has reduced their FTE count 50% from 2007 to 2018.. Every year there is another 5-10% target.
As much as I would like to see the job market roar, we are nowhere near to the crazy Job market that existed in 2006-2007 for banking atleast.
Banking industry will learn the hard way what happens when you go cheap. You pay for what you get. It’s like hiring the immigrant to do your plumbing… you will be calling my brother when the problems go clean up and fix the mess at a much higher cost had you just come to him in the first place.
Always price to pay in skilled labor for going with the ultra cheap immigrant option.
So companies out source near source use automation. Cap wages and on and on. Eventually it will all collapse on itself. No buying power no profits. Perhaps they are counting on billions of Indians and Chinese to pick up the slack.
when the problems begin to surface and he has to go clean up and
I went from 20 down to 4. Our India team went from 0 to who knows how many? This is real! Have not seen an increase equal to or above 2% since the fiscal crisis.
Wow, you finally understand why income inequality is bad and the importance of putting buying power in the consumers hands through wages. This will all fix itself or they will crush the biggest driver of the world economy….the American consumer.
Good luck getting Indians to consume and drive the world economy…laughable.
Corporations can’t keep cutting wages for easy profit to the point it hurts long term growth in the economy. Do we want a deflationary environment?
3b says:
August 23, 2018 at 1:26 pm
So companies out source near source use automation. Cap wages and on and on. Eventually it will all collapse on itself. No buying power no profits. Perhaps they are counting on billions of Indians and Chinese to pick up the slack.
Pump, this was the argument that was being made back in 2000s but the sky hasn’t fallen apart.. Top mgmt doesn’t give a ##It as long as they can reduce cost.. I have to top guys in India and trust me they will handle whatever you throw at them.. I haven’t seen anybody backed out of outsourcing due to major issues..
India just moved ahead of France in terms of overall GDP growing at a rate of 7+. ( eventhough 80% lives in poverty..) After overtaking France in 2017, UK is will be this year. And then Germany and #3 soon. They are reinventing themselves from a service provider to innovation based companies. There are like 5K engineering or medical colleges. Not counting rest. There are so many startups in India these days. Some crazy companies.
Check this company, https://www.dunzo.in/# and what they do..
lets assume you forgot your PP at home and in JFK, just use this app and some guy will go to your home, collect your passport, ride their bike and get you PP on-time..
With average age of 29 and 1.25 billion people, they will grab whatever they can. They are the top importer of weapons from US… They are now grabbing most Investment visas by paying 500K-1M just to get Straight Greencard and send their kids to college in US. The most expsnsive house in the world is in India not dubai. Costs a cool 2B and is 60 floors….. Go figure..
http://time.com/money/4990190/mukesh-ambani-net-worth-richest-man-india-most-expensive-house/
So don’t underestimate. With H1 and H4 and then L1 and all these loopholes, they will use to grab jobs. Remember they can survive anywhere because they have grown up in one of the most brutal competitive place on earth and most of the guys are either engineers or doctors.. . Do you know they arrested 60K indians who tried to sneak into MUS from Mexico ?? They will shell out 50K PP when rest of the South Americans can barely afford 2K for a smuggler.. You sir have Zero idea how the world is evolving.
#Banking industry will learn the hard way what happens when you go cheap. You pay# for what you get. It’s like hiring the immigrant to do your plumbing… you will be calling my brother when the problems go clean up and fix the mess at a much higher cost had you just come to him in the first place.
Always price to pay in skilled labor for going with the ultra cheap immigrant option.#
Your pride in India blinds you. If they are so great of a culture, why did their turn their country into one of the biggest sh!tholes in the world. They just come here and f’k up our country. Living like animals that we have to compete with(10 guys living in an apartment). Here’s a tip, the only reason the corporations are exploiting (I mean hiring) Indians is because they are the only ones stupid enough to do it at that cost. Save me the Bollywood romanticism. Only a matter of time before Americans start turning on them.
Haha. Just giving you some data on how it will affect US in the long term.. because you seem to be living under a rock.
Meanwhile Zillow says Wayne Market is COOL. The markets I was looking in south Bergen went from Very Hot to Netural and Hot to COOL.
Pump, the highway house you need to list it before it’s too late
Could not have said it better, NJD. Spot on. Believe me, all US employees cry about the mistakes, confusion, the lack of responsiveness and miscommuntication with India. Reality is that if it has not changed one thing. More is being sent there. The only time it will change is when a new economic bubble forms, something front office can sell and time to market matters. That is when they will pay up for US people. Right now, we are a hindrance to the bottom line.
I never said income inequality was not a problem. And so are 3 percent raises. And yet somehow housing prices will continue to spiral upward. Back to ignore.
Bystander,
China had their run being exploited by national corporations, now look what has happened? Same thing will happen to cheap India tech labor. They will eventually want more and more, and they better realize that’s the only reason they are beating the American to the job…on cost. Few Indians will ever get paid, just exploited, like they have done to their own people for centuries with that caste system. . Their time will com and Americans will turn on them like they did to China and Mexico. The only reason trump is president right now is because trump is attacking China and Mexico for screwing the American middle class. Don’t think the same thing won’t happen to Indians very shortly…,Americans are waking up and are pissed off.
Your pride in India blinds you. If they are so great of a culture, why did their turn their country into one of the biggest sh!tholes in the world.
Why do you hate Donald Trump again?
ExEssex says:
August 23, 2018 at 8:58 am
I’m pretty sure a lot imbeciles will keep their heads down in the wake of These convictions. A National embarrassment.
Why? Because of proximity? These guys have been put under a microscope and this is all they found? If it weren’t for who they were and Mueller, both would have paid fines and walked.
The fact that they were prosecuted is, to me, prima facie evidence that they’re being pressured to flip. The problem is, flip what? Manafort wasn’t around Trumpworld long enough to do much of anything (and if he were in cahoots with the Russsians, we’d know that by now) and anything Cohen did was pre-election and may just be quashed by attorney-client privilege.
I’m predicting a coup d’etat in my lifetime.
bystander it’s about cheap. The reality is somewhere between. For non-development functions you can find some decent personnel but for developers most of the offshore “talent” would be unemployable in the US, 10-20% are ok but 80% are plain bad. Indian engineering education is a bad joke, the standards and quality of the training is poor compared to US, European, Japanese, Korean or even Chinese universities. The thing is a developer is 20k there(8k for a young grad) vs. 100k here(here not being NYC). You can hire 5 there for 1 here, 7 there vs. 1 in NYC or Bay area(experienced developers make closer to 150-200k in high cost areas).
Living standards are low even for professional workers, when we transfer people here they usually don’t want to leave even though they are paid poorly by US standards the quality of life is higher.
The best indian engineers in the world are already working in the US. Smart people want to get paid.
Lol. Mueller used the national enquirer chairman as a source against Cohen. Also podesta’s brother was given immunity despite engaging in the same behavior that manafort was convicted of. This “investigation” has Lots of credibility.
Comrade, comey and his deep state hacks already attempted a coup. They failed but have yet to be brought to justice.
Pump, do you have schizophrenia ??
You hate Trump because he is anti globalist and anti-immigration but you also hate Indians taking your jobs… You hate the only guy trying to fix or atleast talking about this problem..
No president talked about H4… ( heck a lot of people don’t even know what th F^$^ is H4 in this country), he is trying to block lottery Visa, He is putting restrictions on F1 students misusing system, he has increased vetting/scrutiny on H1 approvals. Trust me I know a bunch of H1 guys who either went back or not getting visas due to extensive scrutiny..
Now what does american people really care ??. Some political correctness BS and racial harmony or real deal like keeping jobs in US.. heck the Indians are not even lobbying for more Visas… Its the people like you who are protesting in the airport and are indirectly lobbying in the US by schizophrenic stance.. ( whatever that means.. LOL)
Have you ever seen people protesting in street against H1/H4 and in favour of jobs to stay in US??. Nope.. Guess what, the damage is being done unseen… It will be too late because there are lot of ignorant people like you who not only don’t understand the damage these Visas are causing at the same time underestimating other countries and supporting useless policies and politicians in the name of racial harmony and political correctness.
Have I bashed Trump lately? I liked what he has done with tariffs. I have not really said crap about him since. I thought he was going to be another politician talking a big game, but he is actually coming through. So am I not allowed to switch positions on a politician?
You will support ANY and EVERY policy that will increase the price of your highway house in Wayne. thatz all.
Why? Most people are oblivious to this program. The damage is being done unseen, correct? Well, more Americans are slowly becoming aware of this. They will turn on that program and they will turn on the Indians destroying their livelihood.
“Have you ever seen people protesting in street against H1/H4 and in favour of jobs to stay in US??. Nope.. Guess what, the damage is being done unseen… It will be too late because there are lot of ignorant people like you who not only don’t understand the damage these Visas are causing at the same time underestimating other countries and supporting useless policies and politicians in the name of racial harmony and political correctness.”
How ?? Civil war ?? You are screwed already. Done deal.. Just pray from now on. Nothing will happen from keyboard warriors like you.
You are blind if you don’t think Trump is already riding a wave of pissed off Americans to power. Change is already here. There will be more Trumps after he is gone.
Like Hillary ?? Give me an example of one major politician in the whole Damn USA who will fight for US jobs ??. if you can name two, I will give up.
You are so much in LaLa land
Both are good and answer the issues, both are wonky.
https://youtu.be/hsqOYO_WhT4
https://youtu.be/EdgQO33y5h8
Finally, this one for the “spinners”
https://youtu.be/LZa-kazkPHg
NJD,
Trump has set-up a few speed bumps for H1B but nothing significant like he said during his campaign. He could wipe away H4 with his pen right now but he won’t do it. You have to wonder why. Tech lobbyists got in his ear, I guess.
“The H-1B program is neither high-skilled nor immigration: these are temporary foreign workers, imported from abroad, for the explicit purpose of substituting for American workers at lower pay. I remain totally committed to eliminating rampant, widespread H-1B abuse and ending outrageous practices such as those that occurred at Disney in Florida when Americans were forced to train their foreign replacements. I will end forever the use of the H-1B as a cheap labor program, and institute an absolute requirement to hire American workers for every visa and immigration program. No exceptions.”
— Trump statement, March 3, 2016
H4 review has entered final stage and I believe the govt has said they still plan to revoke. Its a lawsuit they need to take care of anyway.
I don’t think its the industry that is lobbying for H4. Its the vote bank politics think tank which is lobbying.
I wish you all well. But as a fellow working stiff albeit one who lives pretty f’ing well I will say by the grace of Zod go we and so forth….
I’m the bad guy?
D-FENS says:
August 23, 2018 at 8:57 pm
I’m the bad guy?
https://youtu.be/dW37AGZ0Pj0?t=33s
“Is it just us, or does everything about economics and politics in these last three decades you mentioned, point to the baby-boomers being pretty sub-par to god-awful stewards of society? It seems like the minute they come of age and take office every broad-based trend goes in the wrong direction.
I’ve actually been trying to write a book with a guy called Sven Steinmo for the past couple of years called The Greediest Generation, which is precisely for this question. I’ll give you some stats. Eighty percent of all financial assets are owned by baby boomers. Next stat: 85 percent of that 80 percent is owned by the top 20 percent of boomers. Next stat: 50 percent of boomers have no financial assets whatsoever. So, what that means is the asset inequality within the boomers as a generation, is as great as the inequality across the entire asset distribution, regardless of age.
So there are super poor people out there who just happen to be boomers. It’s not like they all got rich, and they all ripped us off.
Right. Some of them are still good hippies.
Some of them certainly are. As a generation, they collectively ditched their hippie heritage, they learned to hate the state, they voted for Reagan, they locked in high asset values, [their savings benefited from] high-interest rates, they rode it all the way down, they got bailed out in the bust, now they’re all fine and everybody else is screwed. In a macro sense, this is true. Yet there’s loads of people in that age cohort who’ve been hurt by those policies too. There’s definitely an intergenerational story going on though. A very simple example of this: student loan debt stands at, what, about $1.2 trillion?”
https://www.gq.com/story/mark-blyth-economics-interview
This Blyth guy is pretty interesting.
Second video really puts in perspective how much our country has changed. Good share.
Not PumkinPotato head says:
August 23, 2018 at 5:10 pm
Both are good and answer the issues, both are wonky.
https://youtu.be/hsqOYO_WhT4
https://youtu.be/EdgQO33y5h8
I was too young to vote, that’s my excuse. Wtf were the prior generations thinking not electing Perot after hearing this. You guys really messed up bad.
https://m.youtube.com/watch?v=Rkgx1C_S6ls
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Bystander, new jobs being created as finance jobs being eliminated.
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https://apple.news/AD0VJ6t5eRSqyEqYOGKwoOQ