Of Note items—
(1) On Friday August 4, 2017, it was declared that the United States had reached the same level of jobs as before the 2008 financial crash. There is no joy because many people still suffer from the financial aftermath of the Wall-Street-created crash.
(2) So much for “full employment”: Baltimore Business Journal. “Thousands wait to apply for 1,200 new Amazon jobs in Baltimore”. Keep in mind that Amazon is a demanding employer (also, the fulfillment job people were lining up for is physically taxing), yet this was the response to a job fair. (Baltimore is within the jurisdiction of the Federal Reserve Bank of Richmond.)
(2(a.)) Update-7-August-2017: Kenneth Rapoza with Forbes provided details about these Amazon jobs people lined up for (and jobs which the Labor Department and the Federal Reserve counts as replacement jobs for the ones lost with the 2008 financial crash.
Rapoza’s article was titled “China-Like Wages Now Part of U.S. Employment Boom“:
Starting pay at the Amazon warehouse, carved out of a large lot with a new road called Innovation Way designed for Amazon-bound trucks, is at $12.75, no degree required. For inventory managers with warehousing experience, the pay is $14.70 an hour and requires a bachelor’s degree.
Hopefully, those hires do not have any student loans, or they will have to choose between rent, health insurance, a car, or Fannie Mae.
Some of the jobs are temporary hires through Integrity Staffing. The job description for one of the $12.75 an hour gigs includes the ability to stand for 10 to 12 hours straight in a fulfillment center where the temperature will occasionally exceed 90 degrees.
(3) An August 2, 2016 article in the Harvard Business Review asked “Why Americans Are So Angry Despite America’s Strong Economy?” A comment there said it all:
“Americans are so angry because they are tired of the endless propaganda, constantly telling the masses that things are different than observed, witnessed reality. They’re tired of cruddy, low wage jobs. They’re tired of being over-worked, just to see their rewards directed only towards the corporate bosses, the CEO’s. They’re tired of CEO’s making 400-1000 times their wages. They’re tired of the Transnational Capitalist Class (TCC), the .001% realizing most of the economic gains.”
Makes one think about the effect of the Board’s bloated balance sheet and who was helped by the extraordinary ($4.5 trillion) Board action.
The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending July 29, 2017, is below.
H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received
|Forms||Forms — initial Board review to extend with revision the Application for Employment with the Board of Governors of the Federal Reserve System (FR 28, FR 28s, and FR 28i).
-Proposed, July 24, 2017
Forms — initial Board review to extend without revision the Reporting, Recordkeeping, and Disclosure Requirements Associated with Proprietary Trading and Certain Interests in and Relationships with Covered Funds (Regulation VV) (FR VV).
-Proposed, July 27, 2017
|Enforcement||Barclays Bank PLC, New York Branch, New York, New York — issuance of a consent order of prohibition against Michael Weston, a former institution-affiliated party.
-Announced, July 24, 2017
M&T Bank Corporation, Buffalo, New York, and Manufacturers and Traders Trust Company — written agreement dated June 17, 2013, terminated July 25, 2017.
-Announced, July 27, 2017
Federal Reserve Board: Balance Sheet (H.4.1 Release)
The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for August 3, 2017, is below.
[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]
H.4.1 Release–Factors Affecting Reserve Balances
Total factors supplying reserve funds (as of August 2, 2017): $4,513,405 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).
(See the release for further information.)