Posted on 01/07/2022 6:33:06 AM PST by Browns Ultra Fan
The November jobs report is out and the highlight is that US Average Hourly Earnings GREW at a rate of 4.7% YoY. Unfortunately, inflation is still raging resulting in REAL US Average Hourly Earnings DECLINING at a rate of -1.71% YoY.
REAL US home price growth is slowing and is at 12.856% YoY as REAL average hourly earnings slowed to -1.7094% YoY.
The lowlight of the November jobs report is that only 199K jobs were added versus the 450K jobs expected to be added. At least the unemployment rate fell to 3.9%.
Yes, REAL wage growth and REAL home price growth are slowing.
(Excerpt) Read more at confoundedinterest.net ...
Makes no sense.
There's a lot about this report the last couple of months that doesn't make sense.
The household survey shows lots of people getting jobs and really low unemployment while the employer hiring survey is average at best.
Is it self employment?
We still don't understand the post-pandemic employment picture.
1. Massive numbers of retirements -- either on schedule or early (people with COVID fatigue who are in good financial positions).
2. Workers quitting second jobs and only working one job.
The small business owners I know who weathered the COVID storm best seem to have one thing in common: They downsized during COVID to a skeleton staff, they have mostly family members working for them, and they can now keep the doors open even if they never hire another employee outside the family.
Why does the article say November when its the December jobs report?
#jobkillerjoe he started day 1 with the pipeline and is continuing his tradition. Also look for coming layoffs at Paypal, Venmo etc as those companies take a hit from the $600 reporting regulation, cash is king!!
The vaccine mandate is adding to people leaving their jobs.
Not all of the people leaving the workforce are doing it voluntarily.
The “Unemployment rate” of 3.9% is PURE FICTION.
Another Communist success story!
All good numbers that will keep the resident’s Billion $ backers plowing $ into the market to make it look like we/US are just doing great:-)
Top notch!
Black unemployment up to 7.1% from 6.5%. Needs wide circulation. Biden’s Build Back Blacker is not working.
Some keen insight here. Wars always give an economy a boost; creating jobs and producing a massive amount of goods to support the warfare. On the downside things tend to crash when wars end, hence the support for perpetual wars as in Afghanistan and Iraq.
Wall St. Journal-
Hiring slowed in December to 199,000 new jobs, the Labor Department said Friday, while the U.S. added a record number of positions in 2021. The jobless rate declined to 3.9%.
Friday’s jobs report captures hiring activity that occurred before the Covid-19 Omicron variant spread rapidly in late December. Though the variant has taken a toll on some businesses’ revenue, many employers are clinging to the workers they have as consumers continue to spend. Jobless claims, a proxy for layoffs, clocked in at 207,000 last week, near the lowest level in five decades.
“The economy right now is in a good spot and is resilient enough to withstand this Covid surge,” said Julia Pollak, economist at jobs website ZipRecruiter. “We just expect the year to bring a more moderate, sustainable pace of recovery and growth.”
Economists say businesses and workers are gradually learning to live with successive waves of the coronavirus pandemic, limiting economic damage.
“try to fix the INFLATION problem”
Hardly. Democrats WANT to hurt the middle class. The lower poverty classes don’t get hurt. The elites don’t get hurt. The politicians don’t get hurt.
There is no other way for the government to make any sort of dent in the federal debt than inflating their way out of it.
“Unexpected!”
These numbers are worse than Dec 7 and 9/11 combined.
> Wars always give an economy a boost... <
True that. And there is something else to consider: the ego of the current president. Bill Clinton once lamented that he was not a “war president”. In Clinton’s mind, the greatest presidents were war presidents. So you can’t be a great president unless you presided over a major war.
Do Biden and his handlers think that same way? I wouldn’t bet against it.
“Do Biden and his handlers think that same way? I wouldn’t bet against it.”
He wants to be another FDR. You know what that means. A great depression and a world war.
I stopped into the Dollar Tree last night to buy some soap. It’s a dollar or two cheaper than all the other stores that carry that brand.
There was ONE cashier working out of six possible aisles. At least ten people were waiting in line to pay. The woman in front of me was buying at least 50 small items and it took what seemed like forever to ring her up. The manager was somewhere else, who knows.
The poor cashier was a young man who seemed stressed. There was a very sketchy person waiting outside the door who kept coming in and out of the store. I almost ran to my car. The whole experience was depressing. My only thought was, welcome to Biden’s America. Help wanted, but nobody applies.
Especially considering the labor participation rate has been pretty flat.
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