Posted on 11/27/2021 2:07:11 PM PST by DoughtyOne
A whole bunch of data about the economy was released Wednesday — a day early
because of Thanksgiving — and a lot of it was positive.
We learned that the Federal Reserve is bullish on the economy’s prospects
through the end of next year. In the minutes of the Open Market Committee
meeting earlier this month, the central bank’s staff predicts gross domestic
product will post “sizable” gains this year and next.
Some of Wednesday’s news was a downer — consumer confidence fell to its
lowest point in a decade, according to the University of Michigan. And the
personal consumption expenditures price index showed that inflation’s running
at 4.1%.
But a lot of other news was good: Household spending was up in October, and
first-time unemployment claims were just 199,000 — the lowest they’ve been
since the pandemic began.
But not just that. The Department of Labor noted that’s also the lowest they’ve
been since 1969.
“My first reaction is wow,” said Mark Hamrick, a senior economist at Bankrate.
Despite his own initial reaction, Hamrick said it’s also true that a single week
of unemployment numbers doesn’t really tell us all that much. Nor does comparing
today’s economy to the one way back then.
“The economy has obviously been massively transformed since 1969,” he said. “And
so this just tells you that it is not very often that we see a new jobless claims
number that has a one handle on it.”
Even though it is just one week of data — and could well be adjusted upward later —
it does fit into the big picture trend: (Paraphrased) Unemployed numbers are dropping.
(Excerpt) Read more at marketplace.org ...
” All those unvaccinated people who are getting fired cannot file for unemployment.”
And you thought the mandates were a bad thing./s
“the economy” is in reality a whole panel of parameters to which values are assigned. Hopefully the numbers are close to accurate. The catch is how to interpret those numbers and what do they represent in reality. Some numbers look good, some don’t look so good, some stink. There is no natural law that says they must all point the same way.
Unemployment claims are down— good. Inflation is up— not good.
People leaving the workforce—good or bad? depends on why. If people are leaving the workforce because they can’t find work and are giving up—
bad. If they are leaving the workforce because they have sufficient
resources to retire— good.
And so on. The question “Is the economy doing well” has no one answer that fits all. It’s a political and a media game. Just ask yourself the simple diagnostic: “are you doing better than you were a year ago (or two years ago)?” The answer will tell you if the economy is good— for you.
2) What's the total unemployment numbers? First time claims doesn't tell us a whole lot.
How many people now working are even eligible for benefits?
Soon all but 3.25% will be back to work. Thanks Donald.
I haven’t had a W2 job since about 2009.
Been self employed since.
“Mr cableguy we found your resume online and were wondering if you’d like to drive for us?”
I asked a few questions the resume they found was from 2005.
LOL, exactly. Things are not good right now.
Their statistics are GIGO.
I call BS on the numbers.
They’re just trying to make pResident Zhou Xiden look good.
How many millions of Americans have dropped out of the job market? When you figure that out, you understand that this nation is hip=deep in doo-doo.
(The vaccine force will be forcing many of us out of jobs and we might even claim unemployment)
Yep
I have known several people that can not get thier claims processed. Covid has stopped the claims process in some red states such as Florida.
Pull the other one! It sure doesn’t look like it around here.
“Cause they are getting cut off and denied.”
True.
One reason the unemployment claims might be at an all time low is due to all the people who were on unemployment since last year not having enough wage credits to establish a new claim.
Good point 👍
Everything costs a lot more. Duh!!
Have the dems/rinos rigged the unemployment rules yet to exclude claims from those who lost their jobs because they were not vaccinated (even if they had natural immunity)?
The fact that they shovel this BS wholesale like this is in and of itself an insult in addition to the injuries they inflict.
COMPLETE BULL$HIT!
Last I checked, “unemployed” meant not having a job AND actively seeking one. It doesn’t differentiate between seasonally unemployed, such as agricultural workers or store Santa Clauses, structurally unemployed, such as workers on pipelines shut down by Foe, and cyclically unemployed, such as temporarily laid-off workers, or self-employed individuals with no business coming in, let alone someone fired for refusing the jab. If actively seeking employment, “unemployed”. If discouraged, lazy, or otherwise sitting on hands, merely jobless. It’s a very imprecise standard.
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