Where are the jobs? Welcome to jobless growth

Where are the jobs?

Why is an economy apparently on the upswing not being able to generate enough new jobs? Welcome to jobless growth.

Every month, a million Indians become age-eligible to join the workforce, but the growth in jobs has not kept pace with the rising number of aspirants. The result: unemployment has been on the rise, despite India supposedly being one of the brighter spots in a slowing global economy.

The situation has only worsened since, thanks to weak industrial growth, a struggling agriculture sector with widespread drought, cost rationalisations in several sectors and the knock-on effect of a global slowdown. Also, traditionally labour-intensive industries are beginning to increasingly mechanise their operations. While it makes them more productive and profitable, it also shrinks job opportunities.

Many wonder why an economy supposedly growing at a rate of over 7 per cent is not creating enough jobs. Economists say this is because more work is now being done with fewer employees. "The economy is generating less jobs per unit of GDP," says D.K. Joshi, chief economist at ratings and research firm Crisil. Illustratively, in manufacturing, if 11 people were needed to execute a piece of work that generated Rs 1 million worth of industrial GDP a decade ago, today only six are needed. Joshi's verdict: "The economy has become less labour-absorbent."

Source: http://indiatoday.intoday.in/story/employment-scenario-job-crunch-jobless-growth-economy/1/647573.html

Decoding India’s jobless growth

Automation threatens 69% jobs in India: World Bank

Automation threatens 69 per cent of the jobs in India, while 77 per cent in China, according to a World Bank research which has said that technology could fundamentally disrupt the pattern of traditional economic path in developing countries.

“As we continue to encourage more investment in infrastructure to promote growth, we also have to think about the kinds of infrastructure that countries will need in the economy of the future. We all know that technology has and will continue to fundamentally reshape the world,” World Bank president Jim Kim said.

“But the traditional economic path from increasing productivity of agriculture to light manufacturing and then to full-scale industrialisation may not be possible for all developing countries,” Mr. Kim said in response to a question at the Brookings Institute during a discussion on extreme poverty on Tuesday.

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Automation to render 20 crore young Indians jobless by 2025

Driverless train by Bombardier

NEW DELHI: About 20 crore middle class young people would have no jobs or less jobs by 2025 due to increasing automation and improvement in technology, industry veteran T V Mohandas Pai said today.

"By 2025 there will be 200 million young people in the age group of 21-41 with no jobs or less jobs and no body knows what to do with these people. Government policy does not know what to do as they don't have proper data,"

"Rule based jobs will get eliminated. Much of middle class people are involved in rule based jobs. Rule based jobs can be made by algorithms. Machines are still not creative. People who are creative will remain," Pai said.

"Robots are taking over at large number of places. Robots don't want appraisal, they don't want work life balance. They work 24 hours. In Delhi, metro is going to be automated. Automobile industry which employees 1 in 6 people in the world is going to be automated," Pai said.

Read more at: http://economictimes.indiatimes.com/articleshow/55730360.cms

Jobs elusive as India clings to fastest-growing economy tag

The level of desperation for work is staggering. In August, nearly half a million people, including post-graduates, applied for 1,778 jobs as sweepers in the city of Kanpur.

Data out on Wednesday showed India's economic growth slowed to 7.1 percent in the quarter to June, a 15-month low. That is faster than other major economies, but not fast enough to create enough new jobs to absorb all the one million people who join the workforce every month.

A government survey found that job creation fell by more than two-thirds in 2015. Analysts at HDFC Bank estimate that for every percentage point the economy grows, employment now adds just 0.15 of a percentage point - down from 0.39 in 2000.

It's a major challenge for Prime Minister Narendra Modi, who has promised to create 250 million jobs over the next decade.

"For one job, there are at least 20 candidates," said Kumar. "If you want the job, you can't afford to bargain."

Yet, despite average annual growth of 6.5 percent between 1991 and 2013, India added less than half the jobs needed to absorb new job seekers.

"India has become a demand-starved economy," Sen said. "If there is no demand, there will be no incentive to produce more which, in turn, will mean no new jobs."

Two years of drought has caused distress in farming, while the construction business has suffered a prolonged downturn – making work scarcer in the two sectors that employ the bulk of India's unskilled workforce.

Satellite cities around the capital, like Greater Noida were, until recently, bustling with construction activity.

Now, Greater Noida's skyline is dotted with half-built, abandoned, high-rises. Cranes and diggers stand idle.

Source: https://in.finance.yahoo.com/news/jobs-elusive-india-clings-fastest-030050120.html

How to retire in your 30s with $1 million in the bank

Hacking your way to retirement

Millennials have embraced this so-called FIRE movement—the acronym stands for financial independence, retire early—seeing it as a way out of soul-sucking, time-stealing work and an economy fuelled by consumerism.

Followers of FIRE tend to be male and work in the tech industry, left-brained engineer-types who geek out on calculating compound interest over 40 years, or the return on investment on low-fee index funds versus real estate rentals.

Indeed, much of the conversation around FIRE, on Reddit message boards or blogs like Mr. Money Mustache, revolves around hacking one’s finances: strategies for increasing your savings rate to the hallowed 70%, tips for cheap travel through airline rewards cards, ways to save nickels and dimes at the grocery store.

Some practice “lean FIRE” (extreme frugality), others “fat FIRE” (maintaining a more typical standard of living while saving and investing), and still others “barista FIRE” (working part-time at Starbucks after retiring, for the company’s health insurance). To be “firing” is to slash one’s expenses to maximize saving while amassing income-generating investments sufficient to support oneself. To have “fired” is to have achieved that goal.

India lost 550 jobs everyday in 4 years... to lose 7 million by 2050

As many as 550 jobs have disappeared every day in last four years and if this trend continues, employment would shrink by 7 million by 2050 in the country, a study has claimed.

As per the data released by Labour Bureau early 2016, India created only 1.35 lakh jobs in 2015 in comparison to 4.19 lakh in 2013 and 9 lakh in 2011, the group said in a statement.
 The data clearly points to the fact that job creation in India is successively slowing down, which is very alarming, it pointed out.

Read more at http://www.businesstoday.in/latest/trends/7-million-jobs-can-disappear-in-india-by-2050/story/238654.html

Paradox of India's economy: growth but no jobs

It’s been a tough year for India’s jobs market.

Between January and April alone, some 1.5 million jobs were lost, according to the Centre for Monitoring Indian Economy, partly as a result of the demonetisation of high-value notes last November. Then, the goods and services tax, which kicked in from July 2017, sucked whatever little life was left out of the market, especially among small and medium businesses.


Read more at https://qz.com/1115328/the-paradox-of-indias-economy-theres-growth-but-no-jobs/

Man vs Machine: Artificial Intelligence to kill jobs in India

Automation is deindustrialising India, which is not sufficiently innovative to face up to the threats posed by artificial intelligence, nor equipped to build on its mainstay capabilities in agriculture and other traditional industries.

The pronouncement by consulting giant Capgemini to replace almost 40% of its work done by its resource administration group with IBM's cognitive computing system, Watson, is an unmistakable sign that it is not simply dull or mechanical jobs that are at danger. Artificial intelligence (AI) is equipped for going up against those assignments that require analytical skills. The undertakings from education and ability advancement just got harder.

A granular look at employment trends, however, shows that job creation dropped significantly during Modi’s reign – down from 4.2 lakh incremental jobs created during January-December 2014 to 1.35 lakh in the following year across eight core sectors. Also, a structural shift in India’s labour markets – an increased emphasis on automation across industries and the inability of policy makers in gauging the looming threats posed by mega tech trends – has made an already monumental task of providing jobs to 12 million new market entrants every year over the next two decades, into an exceptionally onerous one for the NDA government.

Why American businesses and common man love Donald Trump while the mainstream media hates him

HINT - Donald Trump is a businessman and is running the US like a business and not as a politician or bureaucrat.More

Donald J. Trump‏Verified account @realDonaldTrump

Washington spent trillions building up foreign countries while allowing OUR OWN infrastructure to fall into a state of total disrepair. No more! It's time to REBUILD, and we will do it with American WORKERS, American GRIT, and American PRIDE!

Uniquely Indian problems: Why India is now detached from the world, sitting out the global recovery in jobs

For decades India’s economic fortunes ebbed and flowed with other emerging nations, but in recent months it seems to have become unmoored. The global economy is enjoying its best year of the decade, with a worldwide pick up in GDP and jobs growth, and very few economies have been left behind. India is one of the outliers, with GDP growth slowing and unemployment rising.

The Organisation of Economic Cooperation and Development says that all 45 economies that it tracks will grow this year, the first time this has happened since 2007, the year before the global financial crisis led to a worldwide recession. Moreover, three quarters of all the countries will grow faster this year than they did last year; India is in the slumping minority, with GDP growth now expected to decelerate this year.



Read more at https://blogs.timesofindia.indiatimes.com/toi-edit-page/uniquely-indian-problems-why-india-is-now-detached-from-the-world-sitting-out-the-global-recovery-in-growth-and-jobs/

Ruchir Sharma is chief global strategist at Morgan Stanley Investment Management.

Demonetisation effect: 1.5 million jobs lost in first 4 months of the year

Call it the cascading effect of demonetisation, around 1.5 million jobs were lost in the first four months of the year (January-April 2017), says a new survey data put out by the Centre for Monitoring Indian Economy (CMIE).

The estimated total employment during the period was 405 million compared to 406.5 million during the preceding four months, September-December 2017.

Moreover, the job losses were concentrated in the younger age brackets, reflecting a sign of an economic slowdown.

Read more at http://www.timesnownews.com/business-economy/article/demonetisation-effect-15-million-jobs-lost-in-first-4-months-of-the-year/65815

US: Jobs jump by 313,000 in February, best since July 2016

Trump achieves what the past 2 Prez could not... thanks to his tough stand on immigration, "Buy American Hire American" policy, lower taxation, more corporate benefits and .... now threats of tariffs on imports.

This is what happens when you have a businessman as a Prez.

The US stock markets realised this more than a year ago and they have blasted ever since.

What happened to "Trump is Hitler" movement?

I bet he will be reelected much to the chagrin of intellectuals and mainstream media who failed to see the ground realities.




Read more at https://www.foxbusiness.com/markets/jobs-jump-by-313000-in-february-best-since-july-2016

Demonetisation could take away 400,000 jobs

With demonetisation set to reduce India’s economic growth by 1% over the next one year, the job market is likely to see over 400,000 job cuts.

You should worry if you work in the e-commerce sector, since firms could handover around 200,000 pink slips in the next one year. “Cash on delivery being almost 70% of the overall e-commerce business, the sector is likely to take a hit and lose almost 20% of their headcount in the next few months,” said Rituparna Chakraborty, co-founder at staffing firm Teamlease Services. E-commerce firms currently employ around 1 million people in India.

...

Besides, the textiles and garments industry, which employ a substantial number of daily wagers, could be hit hard. Of the 32 million people employed by the industry, one-fifth are daily wagers, who mostly get paid in cash. “While on one hand, slow sales increase the possibility of stock returns to manufacturers or affect the order book for the next year due to unsold inventory; on the other, slow sales and consequent liquidity pressures on retailers can result in stretched payments to manufacturers,” according to rating firm ICRA. Similarly, 20% of the 250,000 workers in the leather industry will also be impacted.

Read more at http://www.hindustantimes.com/business-news/demonetisation-could-take-away-400-000-jobs-e-com-to-be-worst-hit/story-Fum0FvfDkp7ClUyYfTjvrM.html

I'm down 200k and pretty much suicidal right now

"Suicidal" Trader Loses Everything, Launches Online Begging Site

Here is his narrative as documented last night on the momentum trading website StockTwits:

• I'm down 200k aka basically everything and pretty much suicidal right now
• kept buying on margins as it went up. Held too long as it went down
• started small then after it did well I took figured why not put more in. Got behind kept trying to break even. Never did
• Put just about what I had left in 15.5 calls here...my life is totally fucked right no; what I have left is fit 15.5 calls which will most likely be worthless on the open tomorrow
• wasn't hoping for a huge return just quick return to get lost money back but yes I learned the hard way about how they're toxic
• I went wrong by using margins and I don't think I'll be back in it to bounce back
• I was doing great which is how I got onto margin. Got greedy but then January came and it got bad fast
• May seem like a joke but I'm fucked
• Last hope was calls so I doubt they'll be worth anything by Friday
• Worked 4 jobs the past few year to save up. Sucks seeing my life savings disappear in a little over a month
• Thinking what I was at in December vs now just makes me sick, and I'm still working multiple jobs. As you can see this isn't my calling
• it was purely my fault for being too risky with margins and trying to quick flip during a bad month
• This was a hard lesson to learn but must be a sign that I should never put my money into the stocks
• I'd say learning about margins was the worst possible thing to ever happen to me. If I didn't then I'd be up 50k right now

The bottom line:

• I've had a realized loss of 180k this year. 
• no do over for me...I'm outta the stocks. Clearly not for me

Good luck. For now, however, online begging does not seem to be the best recourse for all those who chased momentum in a rigged market, and found themselves on the receiving end of a massive margin call. As of this moment, nobody has donated a single penny to the 24 year old now former trader.

Read full story at http://www.zerohedge.com/news/2016-02-23/suicidal-trader-loses-everything-launches-online-begging-site

Work on development , generate jobs ... or get kicked out

This is probably the point where all joomlabaazi starts to fail , people see thru the bullshit . Work on development , generate jobs ... or get kicked out .

— Subhadip Nandy (@SubhadipNandy) December 11, 2018

No... you have not failed #VGSiddhartha

You have created 50000+ jobs and these jobs have supported families.

You have taken risks as only  an entrepreneur can. You have skin in the game.

Politicians and bureaucrats do not have skin in the name.

Different perspective: India has wage problem, not job problem: Mohandas Pai

...."India is not producing good jobs, but creating a lot of Rs 10,000-Rs 15,000 low-paid jobs which are not fancied by degree holders. India has a wage problem, not a job problem," he told PTI.

Also, India has regional and geographical problems, Pai said.

Pai suggested that India adopt the Chinese model of opening up labour-intensive industries and building infrastructure near coasts, besides investing heavily in hitech R&D to meet the aspirations of job-seekers.

Read more at: http://economictimes.indiatimes.com/articleshow/69812223.cms

Joblessness turns MBAs, techies into Gujarat village officers

The state government claims Gujarat has low employment but facts paint a grim picuture of joblessness in the state. Highly qualified people are accepting jobs for which Class 12 pass is the minimum qualification.

A large number of post-graduates, engineers, MBAs, ayurveda and homeopathy doctors, and law graduates figure at the top in the list of 2,343 candidates selected for class III post of talatis (village officers). The minimum education qualification needed for applying for this job was only Class 12 pass!

Official records indicate that out of 2,343 candidates selected for appointment as Talati, 950 are engineers, 12 are ayurveda and homeopathy doctors and around 200 hold MBA, MCA and B.Pharm degrees. There is hardly any candidate who is not a graduate.

Read more at http://www.thehansindia.com/posts/index/National/2016-09-11/Joblessness-turns-MBAs-techies-into-Gujarat-village-officers/253309 and also at http://economictimes.indiatimes.com/jobs/joblessness-turns-mbas-techies-into-gujarat-village-officers/articleshow/54275388.cms

FM please wake up - Auto industry may shed 500k jobs next quarter

Read more at https://economictimes.indiatimes.com/industry/auto/auto-news/auto-industry-may-shed-500k-jobs-next-quarter/articleshow/70709114.cms

Trump continues to break records and deliver on his promises @realDonaldTrump

Is the most hated President  likely to be the best ever?



Read more at https://www.cnbc.com/2018/11/02/us-created-250000-jobs-in-oct-vs-190000-jobs-expected.html