Thursday, January 28, 2016

UK GDP up on Services


Removal of oil rent; services up 0.7%.

UK GDP growth Q415:  +.5% services .7 production -.2 construction -.1


9 comments:

Unknown said...

I really don't understand this 'driven entirely by services' problem the mainstream seem to have.

I work in a service industry. It's called software. So apparently having a economy driven largely by software development and deployment would be a problem according to these geniuses.

Perhaps somebody should look at the Standard Industry Classification and ask exactly what relevance that has in the 21st century?

Matt Franko said...

Neil over here these same geniuses equate "services" to "hamburger flipping"...

Like services are not "good jobs" to them... you have to be making something not maintaining something... like after you make something it doesnt have to be maintained??????

They are all morons imo... a complete lack of systemic insight and no science at work at all with these people...

Malmo's Ghost said...

Not sure about UK but in the US manufacturing jobs on average pay apprx 20% more in wages and benefits. Of course if you isolate the skilled service sector employees I'm fairly certain they would skew the results in the other direction, compensation wise, by a lot.

Ignacio said...

"Services" is a meaningless category. Disaggregates?

Moving numbers in the City? Waitress? Retail sellers? Software engineers? Infrastructure maintenance?

We live in the Age of Useless Data and Statistics (and hence all the hype with "Big Data" surveillance).

Bob said...

Retail jobs are in 'services'.
http://www.bls.gov/ooh/sales/retail-sales-workers.htm

2014 median pay: 10.42/hr
Number of jobs: 4,859,600

http://www.bls.gov/ooh/computer-and-information-technology/software-developers.htm

2014 median pay: 47.11/hr
Number of jobs: 1,114,000

There are 4 times more retail workers than there are software developers in the US. Adding the job numbers for low wage jobs versus high paying ones is what gives the service sector its reputation for crappy jobs.

Bob said...

Aww, bad news for computer programmers:
http://www.bls.gov/ooh/computer-and-information-technology/computer-programmers.htm

Ignacio said...

Software devs in on the line due to Visa employees, imploding the Unicorn/startup complex is also to spill a lot of blood on the sector.

The same wage-cutting tactics are used all over the place, is just a matter of when, not if, only ones who never hurt: management. Poisonous MBA's ...

Random said...

"There are 4 times more retail workers than there are software developers in the US. Adding the job numbers for low wage jobs versus high paying ones is what gives the service sector its reputation for crappy jobs."

The solution is competition with Public Service jobs (aka the JG) to eliminate crap jobs.

Unknown said...

"Not sure about UK but in the US manufacturing jobs on average pay apprx 20% more in wages and benefits"

Average aggregates are misleading. Manufacturing automates easier than services, so they can get rid of the low skilled jobs that much easier.

It's an artefact of the statistical grouping and the nature of the way manufacturing evolved. You are about to see a similar process in services once the semi-intelligent robots show up.