Mish's Global Economic Trend Analysis |
| Global Oil Consumption Report: What Countries Have Increased or Decreased Oil Usage Since 2009? Posted: 05 Dec 2014 11:01 AM PST Reader David Epperson sent in some interesting charts on global oil usage that he produced from U.S. Energy Information Administration (EIA) data. The data is through the end of 2013. David writes ... Hello Mish,Large Users: 1-20 Million Barrels Per Day  click on any chart for sharper image Medium Users: 1-4 Million Barrels Per Day (Above Minus US, China, Japan)  Small Users: 100,00 to 1 Million Barrels Per Day  Observations
Total Petroleum Consumption (Thousand Barrels Per Day)
BRICs and Saudi Arabia Global oil consumption is up 6.5% from 2009-13. China alone accounts for 28.5% of that growth. The top 5 global oil-growth contributors (China, Saudi Arabia, Brazil, India, and Russia) account for 66.7% of global oil usage growth since 2009. BRIC (Brazil, Russia, India, and China) GDPs, especially China and India are highly unlikely to grow at projected rates, especially if global oil production does not keep up. Japan is also on a dangerous path. Abenomics would look far worse were it not for declining energy prices. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nonfarm Payrolls +321K; Unemployment 5.8%; Employed +4,000 (Household Survey), Unemployment +115,000 Posted: 05 Dec 2014 08:26 AM PST Initial Reaction The payroll survey shows a net gain of 321,000 jobs vs. a Bloomberg consensus expectation of 230,000 jobs. September was revised up from 256,000 to 271,000. October was revised up from 214,000 to 243,000. The unemployment rate was steady although employment only rose by 4,000 in the household survey. Unemployment actually rose by 115,000. Swings in household survey employment and the labor force have been wild lately. Once again we are in a situation where the establishment survey and the household survey are at odds. Over time these fluctuations tend to smooth out. The question, as always, is "in which direction". BLS Jobs Statistics at a Glance
November 2014 Employment Report Please consider the Bureau of Labor Statistics (BLS) November 2014 Employment Report. Total nonfarm payroll employment increased by 321,000 in November, and the unemployment rate was unchanged at 5.8 percent, the U.S. Bureau of Labor Statistics reported today. Job gains were widespread, led by growth in professional and business services, retail trade, health care, and manufacturing. Click on Any Chart in this Report to See a Sharper Image Unemployment Rate - Seasonally Adjusted  Nonfarm Employment January 2011 - November 2014  Nonfarm Employment Change from Previous Month by Job Type  Hours and Wages Average weekly hours of all private employees rose by 0.1 hours to 34.6 hours. For three consecutive months I said the exact same thing. Twice in a row, a correction now put the previous month at 34.5 hours. Average weekly hours of all private service-providing employees was flat at 33.4 hours. Average hourly earnings of production and non-supervisory private workers rose $0.04 to $20.74. Average hourly earnings of production and non-supervisory private service-providing employees also rose $0.04 to $20.53. For discussion of income distribution, please see What's "Really" Behind Gross Inequalities In Income Distribution? Birth Death Model Starting January 2014, I dropped the Birth/Death Model charts from this report. For those who follow the numbers, I retain this caution: Do not subtract the reported Birth-Death number from the reported headline number. That approach is statistically invalid. Should anything interesting arise in the Birth/Death numbers, I will add the charts back. Table 15 BLS Alternate Measures of Unemployment  click on chart for sharper image Table A-15 is where one can find a better approximation of what the unemployment rate really is. Notice I said "better" approximation not to be confused with "good" approximation. The official unemployment rate is 5.8%. However, if you start counting all the people who want a job but gave up, all the people with part-time jobs that want a full-time job, all the people who dropped off the unemployment rolls because their unemployment benefits ran out, etc., you get a closer picture of what the unemployment rate is. That number is in the last row labeled U-6. U-6 is much higher at 11.4%. Both numbers would be way higher still, were it not for millions dropping out of the labor force over the past few years. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com |
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