Skip to comments.NOT In Labor Force Remains Near 100 Million As REAL Hourly Earnings Drop To -1.4% YoY (Biden Celebrates Unemployment Rate Dropping To 4.2%?)
Posted on 12/04/2021 12:00:34 PM PST by Browns Ultra Fan
President Joe Biden took to Twitter yesterday to celebrate how well his economic policies are working, particularly the American Rescue Plan. Between Congress and The Fed pumping trillions of dollars of stimulus in the economy, how is this surprising? Or a reason for celebration?
While declining unemployment is great, there is more to the story that President Biden failed to mention. Like … the number of people NOT in the labor force remains near 100 million (99,997,000 to be exact). Thanks to Covid-related policies (like job loss due to resisting vaccinations), increasing retirement, etc.), NOT in labor force remains elevated compared to pre-Covid levels. And, of course, Biden doesn’t want to mention that inflation is growing faster than hourly wage growth resulting in REAL hourly wage growth being -1.4% YoY.
And President Biden took credit (he is a politician, after all) for a small decline in gasoline prices. Of course, after helping send gasoline prices up over 50% since he took office.
So, is Biden going to take credit for increasing gasoline prices by 50%? And declining REAL average hourly earnings? Or over 100 million people NOT in the labor force? I doubt it. But he is focusing on the POSITIVES of his American Rescue Plan.
Its a bold strategy Cotton, let;s see if it pays of for him.
(Excerpt) Read more at confoundedinterest.net ...
Unemployment rate has always been one of the scam statistics. If everyone reports they don’t work and don’t want to work, the unemployment rate will be zero.
Don’t be a headline victim. The jobs report was positive. Snip from ZerHedge, so I can’t post the article:
“Of course, as we also showed earlier, a big reason for the confusion was the gaping seasonal adjustment factor used by the BLS to “normalize” the November number. Had it used a more in-line adjustment, payrolls would have increased by some 300K more, or above 500K, and in line with expectations.”
The 200k figure is ‘adjusted’ BS. Guess what, when the final figures are released that job number is going up quite a bit. We saw it happen before under Trump.
What was the labor participation rate in 2019 pre-covid?
What is the labor participation rate right now?
Those are the only important stats to compare.
That’s why the media won’t put them out.
“The 200k figure is ‘adjusted’ BS. Guess what, when the final figures are released that job number is going up quite a bit. We saw it happen before under Trump.”
IMO we’ve pretty much hit peak employment.
I don’t see huge swings in these numbers, either way for the next couple of years.
You’d have to ban kids from attending high school or college, to get any substantial increase in the labor market. That’s not happening nor would I be a proponent of such measures.
However, the labor scarcity is real(I’m in the manufacturing sector) and shortages, business cutting unprofitable lines of products, and bottle necks will continue in the near future.(2 to 3 years IMO)
Brandon is a commie a**hole but this number is flawed. There is NO WAY this 100,000,000 number is accurate.
The actual US workforce is about 160,000,000.
They are including TOTAL US population. This number includes everybody from infants to 100 year olds.
Here’s a hint: Babies and children DON’T WORK and aren’t part of the labor force. Same for most people past 70.
Having said that, the employment situation is not nearly as rosy as the D’s want people to believe. The Biden-Harris regime is proving just as disastrous as Trump and everyone said it would be.
Wages always rise slower than inflation. That's why inflation is really just a wealth transfer - i.e. a tax. The big banks and the government's vendors get the new money first, before prices rise. Wage earners have to suffer from the price increases, and only then can push for higher wages and get them.
The only real measure of employment is the percentage of the workforce that is employed. All other figures are just number games. I am 73 years old and retired. I am not a valid member of the work force. If I were 53 years old and not employed for months and not looking for a job I am not considered part of the work force. Hell, I get money for free why should I work?
The real rate of the unemployed is far higher than the government statistics say.
Like the 2 percent elongated graph they posted showing a decline in gas prices.
BiteMe is a tool.
Ah yes, those greedy small business owners still haven't caught up with inflation and need to pay even more. Pay More! Pay More! /sarc