Posted on 03/10/2023 5:58:33 AM PST by Kaiser8408a
According to the US Bureau of Labor Statistics (BLS)https://www.bls.gov/news.release/empsit.nr0.htm, the February jobs report came in hot, hot, hot.
One indicator that the Biden Administration will herald is that average hourly earnings rose to 4.6% Year-over-year (YoY). Too bad headline inflation is still at a whopping 6.4% YoY.
More jobs were added to the US economy than forecast (311k actual versus 225k forecast). The U-3 unemployment rate rose to 3.6% from 3.4% in January.
The biggest gainer in jobs? Food services and drinking places, of course, at 69.9 k jobs added.
The bottom line? The Federal Reserve will likely view this as an inflationary storm that must be doused with water.
(Excerpt) Read more at confoundedinterest.net ...
Interesting, the labor force participation rate in the prime working age group appears to have returned to the pre-2020 normal - 83.1%.
Stopped at the store for a few things on the way home from work last night.
Almost $8 for grapes. GRAPES!
$23 for a small bag of dog food.
Folks, this is asinine.
Torches.
Pitchforks.
Remember this is a government news release from Bidet’s boyz and girlz. I wouldn’t get too excited about it. That’s the far left “media’s” job.
https://www.bls.gov/news.release/empsit.nr0.htm
Read carefully.
Once again the devil is in the details.
I don’t alway agree with this poster, but he is correct. Anyone rooting for equity market returns going forward would not welcome today’s report. Fed has to go higher, faster. This has been clear for a while, but there were some reasons to think January payrolls might have been overstated. Today’s release shows the strength was real, and too inflationary.
Wait for the adjustment, this is just another lie.
“$23 for a small bag of dog food.”
Two years ago, I paid $19.48 for a 50-lb. bag of dog food. Yesterday, I paid $27.48 and the bag has shrunk to 46 lbs.
Layoffs highest since 2007...yet hot jobs report? People must be trading in their college driven tech jobs for door dash cash...lol.
Home Depot gave us all a $2.50 raise THEN cut our hours 10 hours a week, I don’t mind because I have my retirement income, HOWEVER people who rely on the job are going to be hurting!!
They think most people won't notice. And they are right.
This was a 7.5 pound bag of Purina One. One of our dogs is older, so we try to be careful what we feed her, and this is one of those “special” blends, supposedly with better nutrients, and better for their bellies. 🤷♂️
How long (unless we are almost there) before people can’t afford to feed their pets? Isn’t that what happened in Venezuela? People abandoned their pets and animals because they couldn’t take care of them? I know some were eating them!
I don’t know how the hell lower income households are surviving this.
At this point, I believe that more than a decade of propping up markets, keeping interest rates low by buying by circumventing market pricing, etc., means that inflation is baked into the system massively and higher rates will not stop it. Higher rates are killing the real estate market and will kill the stock market and kill the economy.
Add to that higher taxes on capital gains...
Until the Treasury rates exceed the Producer inflation rate…this will continue.
I don’t buy the hot employment stuff…but we’ll see. Remember, a lot of the tech layoffs are project related. Google, for example, cut jobs—but those jobs are not going away until the end of 2023 because they are tied to projects.
When we see people walking out of banks with their stuff in a box…then we will know it’s bad.
I see high yield (junk) bonds might be finally decoupling from Treasury bonds. Thought we’d see that last year, wrong, and way too early now to know for certain. I’m guessing by Fall companies will start throwing labor overboard to save the ship, or maybe not if we’re in WW3....make this stop!
The Bureau of Labor Statistics numbers are as fake as the covid numbers.
Torches and pitchforks.. unfortunately the majority are more into silence and compliance.
Why would the Democrats want the BLS to overstate hiring? It would cause the Fed to raise rates more, and vastly increase the risk of a deep recession setting the stage for 2024.
Interesting, the labor force participation rate in the prime working age group appears to have returned to the pre-2020 normal - 83.1%.
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The government has greatly expanded the disability rolls, absorbing people who would have been looking for work in the Reagan era. It’s ridiculously easy for people to avoid working nowadays. The government should quantify the effect of this.
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