Posted on 12/03/2021 6:43:12 AM PST by Browns Ultra Fan
Treasury Secretary Janet Yellen said yesterday that “It’s Fed’s Job to Avoid Any Wage-Price Spiral.” Well, The Fed is helping to avoid a wage increase in real terms, since the November jobs report revealed that REAL US Average Hourly Earnings growth YoY fell to -1.378%. In other words, inflation is greater than hourly earnings.
And in other jobs related news, nonfarm payrolls rose by only 210k versus expectations of 550k jobs to be added. Even NOMINAL hourly earnings growth (4.8% YoY) was less than expected (5.0%).
Labor force participation rose a bit to 61.8%, still well below the pre-COVID levels of 63.4% in January 2020.
The U-3 unemployment fell to 7.8%. Still higher than the pre-COVID rate of 7.0% in February 2020, but getting close! As for what this means for The Fed, the new target rate implied by the Taylor Rule is 15.50%.
The dance number where The Fed keeps their target rate at 25 basis points while the Taylor Rule implies a target rate of 15.50% is the Yellen Boogie. By Powell and the Gang.
Wonder how the Democrats will walk this one back?
I knew this was coming, which is why I paid-off all of my debt. No Mortgage, No Car Payment, just regular monthly bills.
UNEXPECTED
THEY WON’T.
They know their base doesn’t know about such things.
Yellen might as well be speaking in Tagalog...............
Covid will wane by next October, as the economy worsens crime, inflation and a market decline will punish Dems running for election.
No, U-3 fell to 4.2%. U-6 is 7.8%.
Sloppy.
Nah. Covid will have to continue at least through the mid-term elections for the use of mail-in ballots.
The US economy is down about 7 million jobs since Covid-19. The 5 million in lost postions and the 2-3 million in lost growth if we would have not locked down the under sixity crowd and moved on.
The democrats have 7 months with the controls for both the White House and Congress to put it back together to get it pre China Flu like they promised or the people who really wanted more government are going to just stay at home on election day.
4.6% unemployment does not sound like a rational number to go campaign on. The one of 20 of you who wants to work who cant and lets ignore the other 2 out of 20 who just gave up looking because our party supported not paying rent for 2+ years.
The marginal democratic voter and the under 30 crowd have moved to conservative states from the purple states, the winning a national election isnt in the cards for them for the next 8+ years.
While tightening intrest rates, not spooking the markets, and promising new taxes as a campian point the demcrats have dug their own hole.
DC number one concern above everything else is the J6 hearing commission to bring down Trump and patriots!! Keep it up rats you’re only digging your hole deeper!
Well spoken!
Actually what will happen is both parties will pump out more script to keep the wagon moving along for perhaps another year or two. Then the damage will be not reversible. Look at what is going on in Turkey as their nit wit leader thinks that lowering interest rates will mean lower inflation. Sound familiar?? Coming to a place near where we all live now.
But the circus parade of Trump hearings will continue unabated. In effect the looting going on is a much smaller scale of what is happening at the borders, we have looters coming here to get what they can while there is something left to grab.
All the Democrats have to say (and Biden has already started) is, “The greedy businesses are raising prices - we will stop the profiteers. More regulations, tax the rich, price controls!” The Dem base will nod in agreement, vote Dem, and cheer any inflationary scheme the Democrats make.
The Democrtas are like the Greek Chorus of theater in ancient times...............
The influx of illegal aliens is more like people fleeing a failed state to get to a failing state, to get everything they can before everything collapses.
I agree but the difference between what we said is a difference without a distinction.
> UNEXPECTED
DRINK
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