Posted on 08/02/2024 9:43:23 AM PDT by ChicagoConservative27
Democrats on Friday urged the nation’s central bank to cut interest rates now as the unemployment rate surged.
The unemployment rate jumped to 4.3 percent and employers added 114,000 workers to their payrolls in July, a significant miss from economists’ 180,000 expected jobs estimate.
As Breitbart News Economics Editor John Carney noted, the significant jump in unemployment may suggest that the economy might be heading towards a recession:
The 4.3 percent unemployment rate brings the three-month average 50 basis points above the lowest three-month average over the past 12 months, a threshold known as the “Sahm Rule” that historically has indicated the beginning of a recession.
Fed chairman Jerome Powell on Wednesday said that while recessions have typically followed a triggering of the Sahm rule, a recession was not guaranteed.
“It’s not like an economic rule, where it’s telling you something must happen,” Powell said.
(Excerpt) Read more at breitbart.com ...
This kind of playing, which hurts Republicans and is done to benefit Democrats, is why trusting any normal signals in the market is crazy.
Mr "Soft Landing" himself telling you what is a rule and what is not. I thought inflation was transitory as well?
They have cocked the books so much on inflation and employment, who knows the truth?
Sham rule?
The same can be said for anything now. What is the actual truth? Who knows it and how to find it? So many lies have been told that nothing is trustworthy.
Even though the jobs numbers were below expectations this month, what’s telling is how big the downgrades for previous months that were announced.
Anyone studying the situation realizes the economic numbers the government announces are rigged and then get downgraded months later when no one is watching.
IMO, the number that was reported today is really bad when next month it gets downgraded significantly.
Señor Wences cannot keep the plates spinning?
Trump needs to channel Reagan.
Are better off today than you were four years ago?
Inflation has NOT yet been solved.
Market Summary
>
Dow Jones Industrial Average
39,540.64
−807.33 (2.00%)today
Don’t Do It!!!!
Please allow the 2008 depression level event to Finally play itself out!!!
We will come out on the other side stable and stronger than ever!!!
They are TERRIFIED that this will cost them the election..Trump needs to do a press conference now and talk about how this country is headed towards the abyss, a recession abyss, that the previous jobs reports were all scams, they were counting foreign workers, not American citizens, the economy is cratering, this is Trump’s chance to shine
Inflation will not be solved until at least two of the following things happen:spending is slowed down/stopped which will cause a recession - so that is out for dumb Americans. Taxes are raised to make up the difference - which wont happen because we wouldn't be able to raise taxes that high even if we were all masochists, or production increases dramatically, which will not happen with the current "labor force" we currently have.
There are not enough of us with the will to want to stop inflation.
Yes
Chances are in September will have a rate cut the question is how much of one. I don’t think a 100 basis point cut will come but anything from a 1/2 to a 1/8th point cut will take place. The other component is the U.S. being pulled into the ME war to save Israel. How will that play with the people in an election year? Israel has weakened itself in the Gaza mess and does not the capability to pivot to invade Southern Lebanon and take over a very well trained Hezbollah without our total help and commitment. So the Neocons get a war we should not be a part of and then what?
Neither Trump or Harris are talking about any kind of Fiscal Sanity whatsoever and how to confront the Budget Deficits we have and rising National Debt. I don’t think either have any plan at all.
They would rather destroy our way of life than have the stock market go down in this election year.
And if a Republican was president they would not be saying this.
Despicable.
If Powell had any guts he would tell the Dems to pound sand.
They got us into this mess with out of control money printing and the resulting inflation. They can take their medicine now.
Government needs to be radically reduced. Simple as that. The regulatory state also cut to the bone.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.