Posted on 02/02/2024 9:03:31 AM PST by ChicagoConservative27
Job growth soared past expectations in January and wages rose faster than inflation, exhibiting more strength at the start of an election year in which the economy could be a huge factor.
The U.S. economy added 353,000 jobs last month, according to the Labor Department, about double what economists were expecting in different forecasts. The unemployment rate held steady at 3.7 percent.
Wages on nonfarm payrolls rose by 0.6 percent to $34.55, double the monthly pace of headline inflation in December.
Annual wage growth ticked up to 4.47 percent, still considerably higher than the 3.5-percent growth that many economists think is in keeping with the Federal Reserve’s 2-percent inflation target.
(Excerpt) Read more at thehill.com ...
Feds lie. Always.
All this as the tech sector continues to contract and UPS just laid off 12,000 workers………..
The govt is really gonna try to tell us everything is great.
Or.... markets are anticipating a Trump win in November!
Out of the dark ages and back into prosperity.
Mainly dealing with the IRS intake, which will be less. Especially with all the new temporary IRS jobs.
I’ll watch for Karl Denninger to take this apart.
Given the concurrent news about layoffs at UPS and a whole lot of other companies, it smells like week-old fish to me.
Well heck, millions of illegals are getting checks. Gotta count them!
I’m not buying this slop.
While those of us on fixed incomes get taken to the cleaners! All this does is drive up the cost for good and services and insurance that many of us can’t afford now.
why does the government record number of jobs? How about tracking what kind of jobs? When the six figure people get laid off and resort to having two minimum wage jobs, is that a sign of an improving economy?
Liars!
“While those of us on fixed incomes….”
I hate that term. Everyone I know is on a “fixed income”. It’s not like my wages go up every week or anything.
L
Abbott needs to send more buses to DC.
Here we go again. The last time they said this then it was soon exposed that the jobs did not exist.
Notably, the January report did not reflect the tens of thousands of job cuts announced by major companies at the start of 2024. Google, Amazon, iRobot, Salesforce, BlackRock, and Zoom have already announced or laid off hundreds of employees each according to tracking from the Wall Street Journal. Xerox is laying off a few thousand employees, Wayfair is laying off more than 1,600 workers, UPS is set to cut some 12,000 positions in 2024, Microsoft will lay off nearly 2,000 members of its video game staff, and more than 2,300 Macy's employees will be cut.
Further, job increases were not in manufacturing, but rather service type jobs. Not too many govt. jobs last month, as we've seen in past months.
So, with credit balances higher than ever, and iirc, some benefits running out, tuition payments unforgiven,.....time to bring in some money.
The numbers look good but the general population does not feel nearly as good as the numbers. My gut is that lots of these jobs are being filled by Baby-Boomer retirees who now must go back to work to pay the inflated cost of living. Probably a lot of homemakers joining the workforce to make ends meet. And perhaps people taking second jobs to pay the rent.
Professional and Business Service 74k
Health Care 70K
Retail Trade 45.2k
Goverment 36k
Social Assistance 30K
Manufacturing 25K
Transportation and Warehousing 15K
“Information” 15K
Liesure & Hospitality 11K
Construction 11K
But inasmuch as health care and social services are greatly government supported, then the whole “gpvernment and government supported” segments amounted to 40% of the job gains. What must also be kept in mind is THAT area job growth is pressently highly dependent on government deficit spending, which means it is not sustainable, with government layoffs required somewhere down the road.
Financial 8K
Logging and Minimg -6K7
The economy doesn’t feel successful in Michigan. It feels Carteresque, before Reagan swept into power.
How many likely voters are so anti-Trump deranged that they will vote against their and their families interests anyway, just to be against Trump?
Do t get me wrong, I will never vote for Biden or any other Democrat, but not accepting good economic news makes you sound silly. At least you can make the argument that it was a good thing Trumps tax rate are still in effect.
There are too many here pissed that the steep recession never happened. But don't worry, the economy is cyclical and you'll get that recession you have been praying for one of these days
The Worst Jobs Report Of All-time Cloaked As A Biden Victory (All Job Creation Over Past 4 Years Has Been For Foreign-born Workers, Zero Job-creation For Native Born Workers Since July 2018!)
Confounded Interest ^ | 02/02/2024 | Anthony B. Sanders
Posted on 2/2/2024, 9:30:29 AM by Kaiser8408a
Today’s jobs report was UGLY! How when the US unexpectedly added 353K “jobs” – the most since January 2023.
Remember, Biden is President. And apparently El Presidente of Latin America, Africa and Asia.
Let me start with the official Biden jobs report versus the ADP jobs report from yesterday. BLS showed an amazing surge while ADP was signalling a slowdown. Obviously, BLS is measuring employment differently (this is an election year after all). Like seasonal adjustments (always econometric voodoo).
Here is a summary of the labor composition in the past year: all the jobs have been part-time jobs!
Said otherwise, not only has all job creation in the past 4 years has been exclusively for foreign-born workers, but there has been zero job-creation for native born workers since July 2018!
Source: St Louis Fed FRED Native Born and Foreign Born This is a huge issue – especially at a time of an illegal alien flood at the border – and is about to become a huge political scandal, because once the inevitable recession finally hits, there will be millions of furious unemployed Americans demanding a more accurate explanation for what happened – i.e., the illegal immigration floodgates that were opened by the Biden admin.
Which is also why the Biden admin will do everything in his power to insure there is no official recession before November… and is why after the election is over, all economic hell will finally break loose. Until then, however, expect the jobs numbers to get more and more ridiculous.
I wonder if “Union Joe” is telling US labor union about no growth for native workers.
(Excerpt) Read more at confoundedinterest.net …
Said otherwise, not only has all job creation in the past 4 years has been exclusively for foreign-born workers, but there has been zero job-creation for native born workers since July 2018!
Aren't they are headed up by the same regime as the Department of Justice, Department of Homeland Security, Department of Treasury, etc, etc???????
You know? All of those departments that are spectacularly honest????
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