Posted on 10/06/2023 7:51:33 AM PDT by Kaiser8408a
Hey Bartender! The leading employment gain under Bidenomics was … low paying leisure and hospitality jobs at 96k jobs added.
The US added a whopping 336K jobs, the highest monthly increase since January. This is surprising given that the ADP report was so weak.
And the BLS decided to UPWARD revised past numbers. The BLS revised not only August but also July higher: the change in total nonfarm payroll employment for July was revised up by 79,000, from +157,000 to +236,000, and the change for August was revised up by 40,000, from +187,000 to +227,000. With these revisions, employment in July and August combined is 119,000 higher than previously reported.
Meanwhile wage growth continued to cool, and in September average hourly earnings increased 0.2%, below the 0.3% expected, and resulted in a 4.2% increase YoY, down from 4.3% in August…
… as a result of a big bump in lower paying jobs.
But perhaps the most remarkable divergence in the report is that with headline payrolls surging 336K (establishment survey), the Household Survey indicated that the pain continues, as the number of people employed not only rose by less than 100K (86K to be precise), but it was all part-time workers, which increased by 151K. Full-time workers? Why, they dropped by 22K, and the lowest since February.
Leisure and hospitality added 96,000 jobs in September, above the average monthly gain of 61,000 over the prior 12 months.
Hmm. How will The Federal Reserve view this report? Focus on the red-hot headline gain of 336k job added or the fact that it is mostly part-time jobs added? Odds of a rate HIKE rise to 44% after September jobs report and Fed PAUSE expectations have been extended.
(Excerpt) Read more at confoundedinterest.net ...
People can’t pay their bills — they’re getting part-time jobs to make ends meet.
“Well, I lost my engineering job, but I’m an Amazon driver now.”
Biden’s economic microcosm.
The devil is always in the details…
Typical deception: Look here and away from the hands that are stealing your wallet.
Dont forget the 76k new govt jobs lol.
“People can’t pay their bills — they’re getting part-time jobs to make ends meet.”
and the full time jobs are going down, which means the economy is contracting.
McJobs.
Do you have a source for that beyond the linked to web site? Not that I doubt it, but those I want to throw this at will.
“People can’t pay their bills — they’re getting part-time jobs to make ends meet.”
I did that all of my life, starting in the 70’s, so what?
(Leisure And Hospitality Added 96,000 Jobs In September)
I thought most hotels had made room service an up charge these days. I see why.
I believe BLS double and triple counts employment of individuals. If you work three jobs, that’s three people employed according to the BLS even though you can’t make ends meet on all three part time jobs.
Hmm...
So this is why the market puked initially and then rebounded strong.
Its actually a bad jobs report...which the market wanted.
If I may...
https://www.bls.gov/news.release/empsit.nr0.htm
Migrants are good for the hospitality biz.
Deep State was hiring. Big time.
Manufacturing, mining, retail, et al...all take it in the shorts.
I think you nailed it
Covid and it aftermath saw a lot of multi job holders exit the market. They decided post Covid that they had other priories so they downsized so either only 1 spouse worked or they quit their 2nd jobs.
There were all sort of articles about “where did all the workers go” in 2021.
Bideonmics has made things so bad that a lot of these people are having to go back to a multi job lifestyle just to make ends meet. Their incomes have not come anywhere near keeping up with Biden’s inflation.
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