Uncertain local job market awaits Qualcomm workers

As Qualcomm readies to cut thousands from its global workforce, what kind of job market will displaced employees find in San Diego if they want to stay here?

The answer is not as clear as you might expect.

Some experts say the job market is healthy. The countywide unemployment rate is just 5 percent. Local employers have added 38,500 jobs so far this year. Qualcomm lures top-tier engineers to San Diego from around the globe. There’s plenty of demand from the region’s defense, medical device and software outfits for technology talent with a Qualcomm pedigree, say experts.

“If you have to lose a job, this is probably one of the best times for it to happen,” said Lynn Reaser, chief economist at Point Loma Nazarene University. “In technology, engineers are in demand, and they can find jobs in San Diego.”

Other experts. however, say the region’s telecommunications and semiconductor sectors are not what they used to be in terms of employment.

Cricket parent Leap Wireless was sold to AT&T and downsized. Nokia has shrunk its footprint locally after being purchased by Microsoft, shedding 129 workers in July alone. Over in Orange County, Broadcom — where skills of Qualcomm employees might best translate — is in the throes of being purchased by Avago Technologies, a Singapore-based serial acquirer that aims to wring $750 million in annual cost savings out of the deal.

San Diego’s semiconductor/electronic components manufacturing jobs declined from 7,700 workers to 5,200 jobs over the past decade, based on data from the Employment Development Department. Telecommunications employment fell from 15,200 to 8,400 over the same period.

Via: San Diego Union Tribune

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[VIDEO] Week Ahead: July Jobs Report

The July jobs report is the highlight of next week’s economic calendar with the Federal Reserve watching closely for sustained momentum in the all-important labor sector.

The labor market is coming off a string of strong monthly reports with the headline unemployment rate dropping to 5.3% in June, its lowest level in 7 years, and a monthly average of 250,000 jobs created during the past 12 months.

Another positive report is expected – analysts are predicting about 200,000 new jobs in July and that the unemployment rate will tick higher to 5.4%. The report will be released by the U.S. Labor Department on Friday.

“The US economy is expected to add 200,000 jobs in July. Gains will likely be concentrated in healthcare, food services, and professional and business services. The unemployment rate should drift higher as the labor force increases,” said analysts at IHS Global Insight.

But what Federal Reserve policy makers will be watching closely is wage growth. Despite all the otherwise positive data related to labor markets, wage growth has remained stubbornly weak.

Without robust wage growth inflation will have a hard time reaching the Fed’s 2% target level.

Also on tap next week is July automotive sales, a report on construction spending, personal income and outlays data and the ISM Manufacturing Index, all out Monday; a report on international trade is due Wednesday;  and a report on consumer spending is out Friday.

According to analysts at HIS Global Insight: “Both personal consumption and personal income likely rose 0.2% in June. The trade deficit likely widened, to $44.0 billion, as goods exports fell modestly while goods imports increased. Construction spending likely increased by 1.0%, with gains in both private and public construction spending.

Via: Fox Business

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[VIDEO] Weekly Republican Address Chair Cathy McMorris Rodgers Saturday August 1, 2015

WASHINGTON, DC – House Republican Conference Chair Cathy McMorris Rodgers (R-WA) will deliver the Weekly Republican Address on Saturday, August 1.  She will discuss the progress that the new Congress is making on the people’s priorities, from the first real entitlement reform in nearly two decades to a plan that advances free trade and promotes American jobs.  

“Our focus is the people’s priorities, and our goal is an opportunity economy built on good-paying jobs and the freedom to innovate,” McMorris Rodgers said. “We have a long way to go, but we are making progress and getting things done for the American people.”

McMorris Rodgers represents Eastern Washington, and as Chair of the House Republican Conference, she is the fourth highest-ranking Republican in the House and the highest-ranking woman in Congress.  To learn more, visit her official website, and follow her on Facebook and Twitter.

The Weekly Republican Address will be available nationwide starting tomorrow at 6:00 am ET on Speaker.gov and gop.gov.

Via: You Tube

1,037,900 Jobs Deficit: U.S. Created 16x as Many Jobs in Mexico as Mexico in U.S.

CNSNews.com) - U.S.-majority-owned multinational enterprises employed 1,106,700 in Mexico in 2012 (the latest year on record), according to data released by the U.S. Bureau of Economic Analysis, but Mexican-majority owned enterprises employed only 68,800 in the United States that year.

That means that U.S.-controlled multinationals employed 1,037,900 more people in Mexico than Mexican-controlled multinationals employed in the United States.

Put another way, multinational enterprises that had a majority U.S. ownership employed 16 times as many people in Mexico as Mexican-controlled multinationals employed in the United States.

Forty-nine percent of the jobs--546,500 of 1,106,700--that U.S.-controlled multinationals maintained in Mexico in 2012 were in manufacturing, according to the BEA. (See Table 5.2 in the August 2014 BEA report "Activities of U.S. Multinationl Enterprises in 2012.")

Those 546,500 Mexican manufacturing workers employed by U.S.-controlled multinationals included at least 100,000 in transportation equipment manufacturing, 71,300 in food manufacturing, 53,700 in computer and electronic products manufacturing, 34,000 in machinery manufacturing, 32,200 in chemical manufacturing, 30,500 in electrical equipment, appliances and components manufacturing, 18,600 in primary and fabricated metals manufacturing.

Of the 68,800 that Mexican-controlled multinationals employed in the United States in 2012, 56,200 were in manufacturing, according to the BEA.

The 546,500 that U.S.-controlled multinationals employed in manufacturing in Mexico was almost 10 times as many as the 56,200 Mexican-controlled multinationals employed in manufacturing here.

The overall number of workers that U.S.-majority-owned multinationals employ in Mexico has been increasing.

Via: CNS News

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California: Take Our Jobs, Please

There’s a joke about public sector union bosses making the rounds in Sacramento lately:  What happens when the California Legislature hands over a blank check to the California Teachers Association?  It’s returned the next day marked “insufficient.”

No matter that spending on schools is up 36 percent over the last four years, the state budget has increased 25 percent over the last three and the state is running a surplus of nearly $7 billion, it is never enough. The government employee unions are continuing to press for higher taxes and more spending from which they benefit both in terms of money and political power.

Since California already imposes the highest taxes in all 50 states in almost every category except taxes on property – we rank 19th highest – the obvious target is Proposition 13 which limits annual increases in property taxes.  To take on Proposition 13, public unions, including the two major teachers unions and the Service Employees International Union, have joined with some rag-tag groups of Bay Area radicals to create a front group, calling itself “Make It Fair.” The stated goal is to strip Proposition 13 protections away from businesses, including small mom-and-pop stores and residential rentals, thereby creating a “split roll” in order to seize another $9 billion in tax revenue annually.

To undermine support for Proposition 13 — which remains overwhelmingly popular in public opinion polls – Make It Fair attempts to make homeowners feel unjustly burdened. Backers of higher property taxes on business say that Proposition 13 provides commercial property special advantages, but it does not.   California has always taxed all real property at the same rate whether residential or business.

Via: California Political Review

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[VIDEO] Obama Weekly Address: Investing in Technology and Infrastructure to Create Jobs (Video)

March 1, 2014 - WASHINGTON, DC — In his weekly address, President Obama said he took action this week to launch new manufacturing hubs and expand a competition to fund transformative infrastructure projects.  Both are policies aimed at expanding economic opportunity for all by creating jobs and ensuring the long-term strength of the American economy.  Congress can boost this effort by passing a bipartisan proposal to create a nationwide network of high-tech manufacturing hubs and taking steps to invest in our nation’s infrastructure -- rebuilding our transportation system, creating new construction jobs, and better connecting Americans to economic opportunities.

Via: WhiteHouse.gov
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1,154,000 Fewer Americans Working Today Than 6 Years Ago

(CNSNews.com) - 1,154,000 fewer Americans are working today than six years ago, according to data from the Bureau of Labor Statistics.

In January 2008, 146,378,000 Americans 16 and over were employed, and now in January 2014, 145,224,000 are employed, a difference of 1,154,000.

91,455,000 Americans 16 or older did not participate in the nation’s labor force in January, meaning they neither held a job nor actively sought one. That's a 353,000 decline from December, but 172,000 more than November.

The national labor force participation rate -- the share of Americans who had a job or were actively looking for one -- ticked up to 63 percent in January, from 62.8 percent in December.

In January, according to BLS, the nation’s civilian non-institutional population, consisting of all people 16 or older who were not in the military, a nursing home or other institution, reached 246,915,000 (number not seasonally adjusted). Of those, 155,460,000 participated in the labor force by either holding a job or actively seeking one.

The 155,460,000 who participated in the labor force equaled only 63.0 percent of the 246,915,000 civilian non-institutional population.

Via: CNS News

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Goodnight to “Tonight Show” as California’s Star Shines Less Bright

The legendary Tonight Show with Jay Leno will have its last hurrah in “Beautiful Downtown Burbank” before packing for New York. Another entertainment show that is leaving Southern California and taking with it about 160 jobs.

As Deadline.com reported, when Leno replacement Jimmy Fallon as a guest on the show recently “naively joked to the house band, “Hey, what are you guys up to in two weeks?” “Oh, they’ll be looking for work,” Leno assured Fallon, jumping on Fallon’s throw-away question/blunder. “They’re actually washing cars in my garage.”

It’s another chapter in the on-going tale of California’s marquee identity being tarnished. A report released last month by Film L.A. said filming in Los Angeles City and County fell 50-percent since 1996 and television production dropped 40-percent since 2008. Even when there is an uptick in production it often occurs in less costly venues such as TV reality shows.

Film incentive programs from other states and around the world are luring away productions and jobs.

The report will add fuel to the debate in the state capitol over whether to increase California’s tax credit program. There are plenty of instances of runaway production, but a glaring example was discussed in a Wall Street Journal article recently in which a studio executive commented that a California-centric movie be filmed in Vancouver “and roll in some palm trees to make it look like L.A.”

There is great motivation to save the California brand that is the movie industry. Assembly member Raul Bocanegra, chairman of the Revenue and Tax Committee, has made it a point to fight for an increased credit in an effort to save jobs.

However, the film tax credit increase has met opposition from those who say one industry should not be singled out for a break — especially an industry whose image is of wealth and glamour. The reality is, that image doesn’t hold for thousands of workers who labor in the industry in what is often referred to as “below the line” – the folks who make the movies and TV shows work but don’t have their names in lights.

Given the importance of the entertainment industry to California’s image and psyche, the reality of runaway production, and the state’s current budget situation, the chances of an increased tax credit being approved by the legislature is good.

Via: California Political Review

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1,148,000 Fewer Americans Have Jobs Today Than 7 Yrs Ago

(CNSNews.com) - 1,148,000 fewer Americans held jobs this November than did seven years ago in November 2006, according to data released today by the Bureau of Labor Statistics.

Back then, according to BLS, 145,534,000 Americans held jobs. This November, according to BLS, only 144,386,000 Americans hold jobs. That is a drop of 1,148,000 in the number of Americans working.

This decline in the number of Americans who actually have jobs has come even though the size of the nation’s civilian noninstitutional population and the size of the nation’s civilian labor force have both grown significantly over the last seven years.

Via: CNS News
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In New Orleans, Obama pushes plan to improve ports

NEW ORLEANS — President Barack Obama traveled to this waterfront city Friday to push a plan to spend more money on ports from Miami to Tacoma as a way to put Americans back to work.

“Nationally we’re falling behind. We’re relying on old stuff. . . . We should have some new stuff,” Obama told a crowd of 650 gathered at the Port of New Orleans. “That is going to help us grow and keep pace with global competition.”

Obama has proposed spending $50 billion on improvements on roads and bridges, airports and ports as he looks to boost the U.S.’s infrastructure investment, which has dropped 50 percent since 1960 and lags behind other nations, including China.

“We should close wasteful tax loopholes that don’t help our jobs, don’t grow our economy, and then invest that money in things that actually do create jobs and grow our economy,” he said. “And one of those things is building new roads and bridges and schools and ports. That creates jobs.”

Obama arrived in New Orleans as criticism of his health care law mounts. The website where consumers enroll continues to have glitches, and millions of people are losing insurance plans Obama promised they could keep. In a national TV interview Thursday, the president apologized for the problems.

Via: McClatchy

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Read more here: http://www.mcclatchydc.com/2013/11/08/207993/in-new-orleans-obama-pushes-plan.html#storylink=cpy

CA’s Job Picture: The Good, the Bad, and the Ugly

California has added 826,500 non-farm jobs since the low of February 2010, but is still short 541,400 non-farm jobs from California’s July 2007 high. However, there are also 692,511 more workers than in July 2007, meaning there is a gap of 1.2 million jobs (8.2%). This also doesn’t include those individuals who have left the workforce because they believed looking for a job was futile.

Construction currently accounts for 616,500 jobs, 35% off the high of 945,100 set in February 2006, up only 13% from the low 544,700 in September 2010.

The bright spot is in business and professional services, which at 2,310,500 jobs in August 2013, is at an all-time high, now accounts for 16% of California’s non-farm jobs, and is the second largest non-government supersector just behind Trade, Transportation, and Utilities. Compare the ten-year table on that sector to that of Manufacturing, which has been on a decline for two decades.

California’s unemployment rate was 8.9% in August, a significant reduction from the 12.4% that haunted most of 2010, although some reduction in the rate (as pointed out above) is due to to disaffected workers leaving the workforce. Even at 8.9%, that is significantly higher than the roughly “full employment” rate of 5% the state saw through most of 2006 into early 2007.

Despite many of these gloomy numbers, there’s a fascinating thing: California’s personal income was at an all-time high of $1.768 trillion in 2012, and will likely set another record this year. That’s 15.1% higher than the recession’s low in 2009 and 10.7% above the pre-recession high of $1.596 trillion in 2008. Even on an inflation-adjusted basis, personal income is higher than the all-time high before the recession.

However, the swelling personal income does not appear to be buoying retail. While the Business and Professional Services sector has seen a jobs increase of 2.5%, Trade, Transportation and Utilities–which includes retail–has only increased 1.3%. One bright spot is new car sales, which at 146,498 in June are double the 2009 lows and at levels not seen since 2007, as financing has eased and consumers return to a more regular car replacement schedule (yes, I am still driving a 2005 Prius).

Via: California Political Review

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