Texas creates almost half of jobs in country

[luckytxn 2,263]

Don't agree with all the man says but he does understand some things.

Dallas Fed CEO Defends Texas Job Growth, Warns Politicians Over Criticism of Bernanke

By Paul Stanley | Christian Post Reporter Text Share RSS Print E-mail

Federal Reserve Bank of Dallas president and CEO Richard Fisher defended Texas' substantive job growth over the past decade Wednesday, but called on candidates and elected officials to stop "pointing fingers" at the Fed as not to further damage the institution's credibility.

Fisher is considered one of the Federal Reserve's stars and has a track record in both the public and private sector that rivals the nations best and brightest. But then again – Fisher has always been in the financial community's elite group of intellects and is viewed as a potential chairman of the Federal Reserve.

Last week Fisher addressed a group of business and community leaders in Midland, Texas, not only defending Texas' record of job creation but also outlining his reasons for opposing the Federal Open Mark Committee's decision to leave interest rates near zero going well into 2013. It was a decision the Texas CEO described in saying, "There could be unintended consequences."

The subject of job creation in Texas has been widely discussed on the GOP presidential campaign trail and in political circles as a result of Texas Governor Rick Perry's entry into the presidential primary.

Perry, obviously touting his state's steep economic growth in light of the economic challenges facing most of the nation, has come under attack by critics for what has become known as the "Texas Miracle," a reference to the ratio of new jobs in Texas compared to the national average.

Yet Fisher uses hard and objective economic data that will dispute Texas' critics.

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For example, "Non-agricultural employment growth in Texas has compounded at an annual rate of 1.95 percent over 21 ½ years; that of California at 0.57 percent and New York at 0.19 percent," Fisher stated in his remarks.

One of the most impressive statistics Fisher put forward was from the period of June 2009-2011; Texas has accounted fro 49.9 percent of net new jobs created in the United States.

But even if critics recognize more the net increase of Texas jobs, they turn their attention to the type of jobs being created. Interestingly, education and healthcare, combined with professional and business services, accounts for 26 percent of all jobs in Texas. Mining, which encompasses oil and gas, employs only 2.1 percent of the Texas population – a surprising statistic for those unfamiliar with Texas economics.

Fisher took the opportunity to explain his vote in opposition to the Fed's decision to hold interest rates low and for a specified period of time, an unprecedented statement in modern times.

He's concerned the central bank was easing monetary policy to protect investors after U.S. stock prices saw a dramatic drop.

Fisher believes that there is abundant liquidity available to finance the expansion of the economy and create jobs in America.

"The banking system is awash with liquidity [cash]," Fisher stated. "Domestic banks are flush; they have on deposit at the 12 Federal Reserve banks some $1.6 trillion in excess reserves, earning a mere 25 basis points – a quarter of 1 percent annum – rather than earning significantly higher interest rates from making loans to operating businesses."

The comments were made when referring to the fact that banks and credit unions aren't making as many individual and business loans and therefore are unable to maximize income by charging interest on such loans. Lending requirements have tightened significantly and financial institutions have had to "write-off," or walk away from some construction and real estate loans when customers where unable to may payments or pay off the balance.

The excess cash Fisher was referring to is just sitting in the bank and not generating revenue for the bank or shareholders. Corporations are also sitting on higher cash reserves and not spending on expansion or by adding many employees to their payrolls.

"I have said many times that through the initiatives we took to counter the crisis of 2008-09, and the dramatic extension of the balance sheet that ensued, the Fed has refilled the tanks needed to fuel economic expansion and domestic job creation," Fisher added.

Fisher describes himself as someone "constantly preoccupied" with price stability, but also as a "hawk" on inflation. He said he believes that nonmonetary factors such as consumers not having confidence the economy will improve, as being a bigger problem than the economic policy set forth by the Fed.

"I would suggest that unless you were on another planet, no consumer with access to a television, radio or the Internet cold have escaped hearing their president, senators and their congressperson telling them the sky was falling," Fisher said. "It does not take much imagination to envision consumer deciding to forego or delay some discretionary expenditure they had planned."

Fisher tied together the impressive job growth in Texas and his dissenting vote to keep interest rates low for so long. He highlighted the reason that Texas' population and job growth were outpacing the rest of the nation; that jobs will continue to go where taxes, spending and regulatory policy are properly positioned to support such growth.

"The sooner they get on it, the better," said Fisher. "Uncertainty is corrosive; it is hurting job creation and capital expansion when we need it most."

The Fed president also handed out advice to candidates before they freely criticize the Federal Reserve. Two of Texas' own GOP presidential contenders, Governor Rick Perry and Congressman Ron Paul, have openly criticized the Fed's monetary policy of printing money and the current chairman, Ben Bernanke.

In his first week on the campaign trail, Perry made reference to Federal Reserve Chairman Ben Bernanke's actions to boost the economy by issuing more currency as "almost treasonous." The comment brought an onslaught of criticism from defenders of the Bank and its chairman.

"Pointing fingers at the Fed only diminishes credibility…Only Congress, working together with the president, has the power to write the rules and provide the incentives to correct the course of the great ship we know and love as America. I hope you, as the voters who put them in office, will demand no less of them," Fisher said in conclusion.

[Obama 2012 1,714]

Oh this guy is a special one, isn't he...

Of course he's in everything to make money or his precious bank, so of course he says to point fingers at congress instead of them.

The policies that congress sets is based off what people like him and Bernanke tell them. Regardless of how harmful it is.

It was Bernanke and his goons that said "the sky is falling" back in '08. They're the ones who threatened congress with the market completely crashing if they didn't hand over a blank check.

The whole thing is a sham and the criminals here are people like Bernake.

The most destructive thing that has ever happened to this country is the Federal Reserve Act of 1913. We've been suffering the consequences of those actions for a long time now.

The sad part is, the same people who caused this mess are the same people our idiot politicians are turning to now to help get us out of it.

We're a nation full of sheep.

[luckytxn 2,263]

Oh this guy is a special one, isn't he...

Of course he's in everything to make money or his precious bank, so of course he says to point fingers at congress instead of them.

The policies that congress sets is based off what people like him and Bernanke tell them. Regardless of how harmful it is.

It was Bernanke and his goons that said "the sky is falling" back in '08. They're the ones who threatened congress with the market completely crashing if they didn't hand over a blank check.

The whole thing is a sham and the criminals here are people like Bernake.

The most destructive thing that has ever happened to this country is the Federal Reserve Act of 1913. We've been suffering the consequences of those actions for a long time now.

The sad part is, the same people who caused this mess are the same people our idiot politicians are turning to now to help get us out of it.

We're a nation full of sheep.

Many know this but try to tell people to end the Fed reserve and most people will say you are crazy. It was the one thing that people mentioned when I asked why they thought Ron Paul was crazy. With this thinking it is no wonder that we are doomed. We deserve the predicament that we are in now. The worse part is that we did not fix the problem that led us to this state but have now to look forward to an even potential economic crisis in the future because we refused to let the weak fall and the strong survive.

Still like how Texas has created half of all jobs in the country.

Edited August 24, 2011 by luckytxn

[Mr. Big Dog 10,747]

Yes, and while states across the country have reduced their public payrolls by hundreds of thousands (they all made gubmint smaller), Texas has actually grown it's public payroll shamelessly by some 300,000. That's fully a third of the 900,000 or so total net jobs gained in the state since the end of the Great Recession. I suppose if all states had grown their public employment as Texas has done, our national unemployment rate would be much lower. So, let's hear it for big gubmint! It's a popular thing in Texas!

[Zero Sum 305]

Awesome for Texas and Texans!

This means that people will be able to afford the American Dream with all those decently-paying jobs.

Yeah... right.

Although for the recently employed, I suppose it is much better than no job at all. Hooray for big government. Oh wait...

[luckytxn 2,263]

Yes, and while states across the country have reduced their public payrolls by hundreds of thousands (they all made gubmint smaller), Texas has actually grown it's public payroll shamelessly by some 300,000. That's fully a third of the 900,000 or so total net jobs gained in the state since the end of the Great Recession. I suppose if all states had grown their public employment as Texas has done, our national unemployment rate would be much lower. So, let's hear it for big gubmint! It's a popular thing in Texas!

As usual you are wrong. Here are the facts and you can ignore them as usual. The government employee increase can be seen to mirror the population growth. Not even close to one third.

Texas job boom under Perry driven by government, energy and service sectors, numbers show

By Zachary Roth | The Lookout – Tue, Aug 16, 2011

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Republican presidential candidate Texas Gov. Rick Perry eats a veggie corn dog as his …

When Texas Governor Rick Perry announced Saturday that he's running for the Republican presidential nomination, he boasted that 40 percent of the jobs that have been created in the United States over the last two years are in Texas. Using numbers that go back to June 2009, when the recession officially ended and the recovery began, Perry said the jobs are a testament to his business-friendly, low-regulation policies.

Since that figure (37 percent, to be precise) surfaced in June, there's been no shortage of efforts to explain it, with many arguing that Perry deserves less credit than he is taking. Some argue that the new jobs in Texas are mostly about rising oil prices, which have fueled an oil and gas boom. Others say the increase is a function of population growth and immigration. And still others point to the growth of government in Texas--including spending on the military, border security and the drug war.

But instead of speculating, let's look at the data. The Lookout used jobs data compiled by the Department of Labor to determine which industries have gained jobs in Texas since June 2009. Here's what we found:

• Roughly 39,000 out of the 302,000 new jobs created in Texas since the recovery began -- or 13 percent -- were in government. And 82 percent of those new government jobs were in local government. Texas's public sector has expanded by more than 2 percent in the past two years -- very nearly as fast as its private sector.

• Another 39,500 -- just over 13 percent -- were in oil and gas extraction, or in support activities for mining, a category that includes oil-field services companies.

• Even more -- 78,000, or 26 percent -- were in home health-care services or "ambulatory health-care services," while an additional 64,000, or 21 percent, were in "administrative and support services". Another 43,000, or 14 percent, were in "employment services."

• And 24,000, or 7.9 percent, were in "food services and drinking places" -- restaurants and bars, essentially.

Together, those categories account for nearly 95 percent of the new jobs created in Texas.

The manufacturing sector, which nationwide has seen renewed growth in recent years, has lost 1,800 jobs in Texas over the same period.

These numbers complicate Perry's story of a free-market paradise in the Lone Star State.

According to Ray Perryman, who runs a Waco-based economic analysis firm, the growth in local government hiring is thanks in part to federal stimulus money. But more important, he told The Lookout, is Texas's rapid population growth, which in turn has meant an increase in public-sector needs. "That's more of a follower than a driver of growth," Perryman said.

The increase in oil and gas and oil field services jobs isn't hard to explain. Oil has largely remained above $80 a barrel over the last two years, and the state's Eagle Ford shale formation has also allowed it to prosper from the fracking boom. Perryman said the numbers don't even include other industries -- engineering, for instance -- that are also dependent on the oil and gas business.

What about the other areas of growth? According to the job classification system the government uses, administrative and support service jobs are those that "support the day-to-day operations of other organizations" -- for instance, "general management, personnel administration, clerical activities, cleaning activities." Employment services jobs include temporary and other employment agencies.

According to William Rodgers, a former chief economist at the Department of Labor who now teaches at Rutgers University, the growth in temp jobs is in line with national trends. "One of the main sectors that we've seen adding a good chunk of the jobs has been the temp sector," Rodgers told The Lookout. Because consumer demand has been weak, he said, "employers are hesitant to hire full-time workers."

And Rodgers said that growth in these jobs, as well as in administrative, home health-care and especially food service jobs, along with the slight decline in manufacturing jobs, are not indicators of a healthy economy. "A large number of those jobs are part time, with lower wages," Rodgers told The Lookout, citing a trend we've also noted. "From a job quality standpoint, in terms of hours worked, and whether the job has health insurance and other benefits, one would have to say we've got to do a much better job, not only in the quantity but in the quality of the jobs."

Of course, these numbers don't tell us everything. It's impossible to say how many jobs one sector is ultimately responsible for, because the success of one sector frequently has a multiplier effect -- as when, say, growth in the oil and gas industry creates new jobs at restaurants and bars near drilling sites. Even the role of population growth isn't straightforward. Some observers have cited it to diminish the significance of Texas's job growth. If a state's population is increasing, they say, then so too will its total number of jobs. But Perry has argued that the increasing population is itself evidence of the state's strong economy: People are moving to Texas, he says, because of its sunny economic climate, not for the weather. Texas's unemployment rate, at 8.2 percent in June, is a percentage point below the national average.

[IR5FORMUMSIE 850]

Don't agree with all the man says but he does understand some things.

Dallas Fed CEO Defends Texas Job Growth, Warns Politicians Over Criticism of Bernanke

By Paul Stanley | Christian Post Reporter Text Share RSS Print E-mail

Federal Reserve Bank of Dallas president and CEO Richard Fisher defended Texas' substantive job growth over the past decade Wednesday, but called on candidates and elected officials to stop "pointing fingers" at the Fed as not to further damage the institution's credibility.

For example, "Non-agricultural employment growth in Texas has compounded at an annual rate of 1.95 percent over 21 ½ years; that of California at 0.57 percent and New York at 0.19 percent," Fisher stated in his remarks.

One of the most impressive statistics Fisher put forward was from the period of June 2009-2011; Texas has accounted fro 49.9 percent of net new jobs created in the United States.

But even if critics recognize more the net increase of Texas jobs, they turn their attention to the type of jobs being created. Interestingly, education and healthcare, combined with professional and business services, accounts for 26 percent of all jobs in Texas. Mining, which encompasses oil and gas, employs only 2.1 percent of the Texas population – a surprising statistic for those unfamiliar with Texas economics.

He's got more tricks than a monkey in a mile of grapevine. If you add up the 26 percent of white collar jobs and the 2.1 percent of mining jobs, that leaves 71.9 percent of jobs in another field. All I can say is, "Welcome to Wal-mart, how can I help you?"

[luckytxn 2,263]

He's got more tricks than a monkey in a mile of grapevine. If you add up the 26 percent of white collar jobs and the 2.1 percent of mining jobs, that leaves 71.9 percent of jobs in another field. All I can say is, "Welcome to Wal-mart, how can I help you?"

Wal Mart is a big employer in Texas. Still the growth mirrors the population growth.

[Obama 2012 1,714]

Wal Mart is a big employer in Texas. Still the growth mirrors the population growth.

Wal-Mart is a big employer everywhere, period.

[luckytxn 2,263]

Wal-Mart is a big employer everywhere, period.

True.

[Mr. Big Dog 10,747]

With a young and fast-growing population, a large and expanding military presence and an influx of federal stimulus money, the number of government jobs in Texas has grown at more than double the rate of private-sector employment during Perry’s tenure.

The disparity has grown sharper since the national recession hit. Between December 2007 and last June, private-sector employment in Texas declined by 0.6 percent while public-sector jobs increased by 6.4 percent, according to the federal Bureau of Labor Statistics. Overall, government employees account for about one-sixth of the workforce in Texas.

...

Baylor warned that the growth in government jobs may shortly come to an abrupt halt when state budget cuts take effect this year. In July, a dip in government jobs contributed to a spike in the state’s unemployment rate, which went from 8.2 percent to 8.4 percent.

“I think we are about to find out what the jobs picture looks like” without growth in the public sector, Baylor said.

The Texas economy also has benefited from the huge sums spent by the federal government. The state is home to several large military installations as well as NASA, which helped Texas reap more than $227 billion in federal spending in 2009 — more than double its 2001 total, according to the Census Bureau.

[_Simpson_ 250]

I dont think you chart really helps you when it comes to hating on Texas. They have growth all across the board, other states need to take notes. Sure I'd like to see less gov. growth.

[luckytxn 2,263]

I dont think you chart really helps you when it comes to hating on Texas. They have growth all across the board, other states need to take notes. Sure I'd like to see less gov. growth.

He is stretching the rope around his neck. Texas has done great when most of the rest of the country has stagnated. The best way to get government labor out is to stop all wars and conflicts and reduce the military. Texas has huge bases and one of the largest in the world. The more need for the military to fight is the more need for Texas to train the soldiers. The only stat I saw in the original piece was that for manufacturing being down. That should be taken care of starting this next year. All the plants in my area have been upgrading and expanding and even now they are looking to start hiring. I was asked to come to work where my brother is a few weeks ago. I turned it down.

The piece said that federal payroll accounted for 13% and that is way lower than the original lie of one third. The stats are outstanding that one state has seen half of all new employment. Other states need to take heed of why this is so.

[Mr. Big Dog 10,747]

I dont think you chart really helps you when it comes to hating on Texas. They have growth all across the board, other states need to take notes. Sure I'd like to see less gov. growth.

But gov't growth is more than twice the rate of private sector growth. When you look at 2007-2010, you'll actually see a net decline in jobs (-53K) resulting from private sector job loss (-178K) which is partially offset by growth in public sector jobs (+125K). That 125K is actually 47% of all public sector jobs added in the country during that period. Half of all government growth nationwide occured in Texas! Yay for Big Gubmint Texas!

The Lone Star Stategained more than a million jobs since the end of 2000, while the U.S. has lost almost 1.5 million, according data from the Bureau of Labor Statistics.

About 300,000 of the new Texas jobs were in government. Well over half of them, fueled by the surging population, were at public schools. Employment in the state's public sector has jumped 19% since 2000,

Or how about this one?

Government Jobs Buoy AustinHelps City Keep Triple-A Ratings

Tuesday, August 23, 2011

By Richard Williamson

DALLAS Despite Texas Gov. Rick Perry's claim that "government doesn't create jobs," the state capital owes its top debt rating and stable outlook in large measure to government employment, analysts said.

Of the top five employers in the Austin area, only Dell Inc. is not part of state or local government, according to rating agencies.

Largest among all employers is the state of Texas itself with 38,538 employees, followed by the University of Texas with 24,864.

Dell is third with 14,000, then the city of Austin with 11,815, and the Austin Independent School District with 11,570.

...

You got that? 4 out of the 5 largest employers in Texas' capital city of Austin are government entities employing some 87,000 people in a city of 800,000. That's more than 10% of the population and a lot larger a share of the Austin workforce. Texas loves it some gubmint!

Edited August 24, 2011 by Mr. Big Dog

[luckytxn 2,263]

But gov't growth is more than twice the rate of private sector growth. When you look at 2007-2010, you'll actually see a net decline in jobs (-53K) resulting from private sector job loss (-178K) which is partially offset by growth in public sector jobs (+125K). That 125K is actually 47% of all public sector jobs added in the country during that period. Half of all government growth nationwide occured in Texas! Yay for Big Gubmint Texas!

Or how about this one?

You got that? 4 out of the 5 largest employers in Texas' capital city of Austin are government entities employing some 87,000 people in a city of 800,000. That's more than 10% of the population and a lot larger a share of the Austin workforce. Texas loves it some gubmint!

Military is a growth business when we have a warmonger as a president. Texas is a huge military state. The government is a small part of the job growth in Texas, I know that jealousy is strong when one does not live in a state that is doing as outstanding as Texas but get over it. Now I am all for getting our troops worldwide and bringing them home and drawing the military down but until we get rid of this warmonger of a president then Texas has to train and staff and all the other stuff that needs to be done.

Now if I remember right Florida has been stagnant as most states. If you want growth in that state then do what needs to be done. I will warn you there are side effects to all this growth we have here in Texas that is not really on the plus side.

Now please can anyone tell me which state is in second place on creating new jobs in the country?