H. Nejat Seyhun, contributing writer to The BusinessThinker magazine, is the Jerome B. & Eilene M. York Professor of Business Administration and professor of finance, Ross School of Business, University of Michigan. He is an internationally recognized authority on financial issues and Derivatives.
The Bureau of Labor Statistics announced last Friday that on a seasonally adjusted basis, total private employment increased by 154,000 while the overall total nonfarm employment increased by 117,000 in July (expectations were for an increase of 75,000). Similarly, the overall unemployment rate went down to 9.1% from 9.2%. Expectations were for no change from June. Since both figures were better than expected, the stock market increased by about 150 points inreaction prior to the opening bell.
On closer inspection, however, there is a lot not to like in the August report. First, the civilian non-institutional population increased by 182,000 from June to July, while the overall number of employed actually went down by 38,000. Since the overall working-age population growth has been about 1.8 million over the past year, the economy on average needs to add about 140,000 new jobs to prevent the unemployment rate from increasing. The net additional payroll figure of 117,000 increase is certainly not satisfactory from this perspective.
Continue reading August Jobs Report is Discouraging
Dr. Periklis Gogas is an invited contributor to The Business Thinker magazine. He is a faculty member at Democritus University of Thrace, Greece, teaching Macroeconomics, Banking and Finance
For many years now in Greece, even before the recent fiscal crisis, the public sector and the government employees were targeted by Greek national media and the public as the source of many problems that clouded the country’s future. At the center of the debate there is always the myth of the “high” salaries paid in the public sector, the constitutional provision for the permanence of public servants and their alleged low productivity. At the same time, many young people in Greece have as a career objective to work for the public sector. Continue reading THE FAILURE OF THE PRIVATE SECTOR IN GREECE
(Talk given at The President’s Forum, The College of Business, Eastern Michigan University)
During the past day and a half you have heard about a range of experiences and opportunities on the subject of entrepreneurism.
Naturally every entrepreneur wants his or her company to grow. Most of you here know, of course, that this process is not simply a matter of getting more business or accomplishing more sales every year. (I wish it were as simple as that!)
Management for growth is a complex process with many variables. It requires many changes – and much flexibility- along the way.
I can speak from personal experience as Chairman, President and Founder of J.P. Industries, Inc., which grew in just 10 years to become a Fortune 500 industrial company. Continue reading SUCCESSFULLY MANAGING THE SMALL BUSINESS ENTERPRISE