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August unemployment numbers

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    Jim Drury breaks down the August jobs report and what it means for manufacturers.

  • Duration 5:53
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This transcript is automatically generated

Operate more on the jobs data joined by Jim jury sitting next to me here in studio.

You are -- the welcome the founder and CEO James jury partners so essentially that your recruiting firm right.

You recruit high level executives consulting firm were consulting firm that's resulted from a -- Com and silhouette over the numbers will show them again for everybody 96000 jobs created in August that was a big disappointment.

Unemployment rate drops to eight point 1% above 8% now for 43.

Consecutive months when the president took office.

In January of 2009.

Dampen rate of seven -- 9%.

Who who says that about eight he has -- Vanessa wouldn't drill.

-- -- When I look at the numbers.

I was shocked to see that manufacturing.

Decline and a negative yes job presenting -- 500 auto workers lost after seven months plus growth right.

But the manufacturing sector is anemic and have nothing's happening there.

I listen to Joseph and Barack last -- say that.

Bin Laden is dead but GM's alive well that may be the only thing that's happening in manufacturing is that they.

Prevented GM from going into bankruptcy thing but the manufacturing sector is dead in the water.

How could it be if fired.

Cells are really strong right now.

Well -- -- -- you look at -- -- service say the automobile business that's hardly growing at all so it.

The autumn of the automotive sector is just one of many many sectors -- end so my concern is -- thousands of manufacturing companies out there that.

That they're not talking about right.

I the other thing they're not talking about as a service economy the service economy is what is carrying -- and has been -- the growth trends.

And that accounts for about 85 and has for some time ago for about 85% of the growth -- jobs and the services sector you don't hear anybody talking about how important services sectors they actually do -- economy well you have one side talking about the entrepreneurs and small businesses like mine.

In the others.

-- alluding to it.

92%.

Of the jobs that have been created they've been in companies -- -- 500 million employees.

So.

Me less than 500 employees basically what I 600 million yet -- I had I think about them yet and yet let's mining what I think instead that they service sectors not getting enough attention because that to me is -- -- the bang for the buck isn't.

That nobody's talking about it and they're really not spending enough time talking about.

The 92%.

More of the service the smaller service -- you -- more pressure and yeah right.

Because we're in a wonderful zone right now -- -- business that we've created this.

Almost without competition not a guy won't go into great detail -- We're in a manage growth -- in fact we we could grew much faster than we could handle so.

You know we're still small company we've got about fifteen employees that we just.

We've got 3000 square feet in Chicago in the Genentech building we're gonna take on another 5000 -- 120 people.

And you have a steady.

Recently announced that kind of correlates nicely with his jobs at a -- comes up that.

Well indeed this study really.

I've been concerned that what we do a lot of board work we recruit a lot of directors in place a lot of very clo seat CEOs and there executives on on board -- -- So we make that matching process that's our principal business right now.

And so we were concerned that we we're seeing -- the decline in the number of CEO serving on boards and we believe that.

Since boards are visitor from the companies -- businesses unique business acumen in the -- -- -- why wouldn't CMBS market.

19978%.

Of them fortune 500 CEOs were today it's 40% there's been lots of about 62% of the board seats filled by CEOs why.

Because -- jobs there.

First and foremost of importance but they.

They aren't getting the right.

Opportunities that way this industry works is -- it serves the the buyer not the seller the board is looking for -- -- we're directors CEOs get a lot of calls I think it all the wrong calls.

So we were concerned that that was causing them to decline -- -- -- wanted to look at what's happening in the boardroom.

And we found that -- there was it decline in business acumen and in American boards which means that businesses are not being.

Overseeing as successfully as they should be -- in their for their growth is probably less and it could be and therefore if an employee intensive business.

Their employment outlook is an early lesson that could be British accent core business and acumen American boards of the -- all.

Since you.

-- so many high level executives are you finding that companies are willing to pay for the right talent.

I hate it they have been there were so willing to pay for the right talent they continue to be there always criticized for paying too much.

By the like the stock market there's the executive market in these executives have value right.

And when -- approached by people like me over the period of two or three years because we think there's a better company for them to run.

They don't what their value this and they're not gonna take the risk of going through an entirely different company him.

When they're secure in the job that they have that we were recruiting executives that are failing we're recruiting is -- -- massively succeeded.

And so get boards do make that decision about what is the right package to attract the right executive.

Okay Jim during founder and CEO Jane jury partners thank you for coming non.

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