Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: edward miller who wrote (71922)	8/29/2000 3:21:02 PM
From: Pete Young	Read Replies (2) of 95453

Nothing will change until the general public starts to do a frantic reaction, which will show up in strikes and very big labor contracts, starting with the airline pilots. With unskilled/semiskilled labor in surplus, I don't see how anyone can strike. Only very skilled tech labor is in shortage, and thus, can demand, and get a premium. Everyone else in the developed world is fighting with about 5 billion others for market share--and it shows in the 10% unemployment figures in Europe, and the vastly undercounted unemployed here. (The Labor Dept. counts a person working more than--I think two hours/week, as employed.) We have approx. 30% of the workforce (as per NPR report a couple of days ago...) working temporary, with some 60% wanting full-time employment. No, I don't think a wage-price spiral is on the horizon. We should be more concerned about a deflationary spiral. Every macro force out there in the economy, from the disintermediation/productivity effects of IT, to globalization blows towards deflation, not inflation IMHO.

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