According to the new report, 224,000 jobs were added in June, well exceeding analysts’ expectations.
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=1233381
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=1233381
I’ll be interested to see what this gets adjusted down to. We’re just passing a full quarter with the bond yield curve inverted. Still time to batten down the hatches financially, good jobs report or no.
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This is just fake. You can’t trust much of what this administration says. These are made up numbers.
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We’re just passing a full quarter with the bond yield curve inverted.
Been like that for three months now. 2nd qtr GDP comes out in about two weeks. Expected to be just above 1%. Reality comin’ down the tracks! I know, “fake news … bad weather … outlier.” Hopefully the dumbasses will finally get it.
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I put less relevance on these numbers than I have in the past. These numbers I anticipate, like so many of these numbers, will be followed by the revisions downward the next month, as numbers generally are these days. So hard to take anything that comes out of this maladministration as legitimate.
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For a while now, we’ve had higher interest rates, higher commodity prices, higher gas prices, housing starts/prices dropping, lower manufacturing output, tighter inventories, and certain industries getting hit by tariffs. Whatever the data say, there is a bit of belt tightening across the board that suggests a slow down is coming if not already here in part.
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Just as a point of clarification, at a minimum (I didn’t pay a whole lot of attention prior to), the Obama administration fudged the initial numbers to make themselves look better, then revised them down the next month every bit as much as these cats do. This is one of those rare legit, both sides arguments.
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Will be interesting to see how they spin this report ( absent subsequent downward adjustments that are possible) against Junior’s incessant lambasting of the Fed (sustainable growth and full employment mandate seems well in hand). Averaging +175 K jobs/month, real rates effectively at zero across the curve, wages up 3.1 % y/y. Weaknesses in GDP outlook reflect trade war’s killing investment, not rates.
Kudlow will say “we’re crushing it” but “Fed too tight”. WTF?
“Up a smidge”? Please. This is the greatest, biggest, most beautiful jobs report since George Washington’s time!
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And George Washington was brilliant buying all those airline IPO’s dirt cheap.
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With unemployment low, and the census form being so controversial, I wonder if it will be hard to fill all those census jobs in 2020. It’s usually a big spike in jobs and an asterisk to the unemployment numbers. But the Gov. will have to compete for workers this time, looks like.
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Any informed person laughs at this b.s. Sure, the starving who are raising a family just got their 3d minimum wage job at $9/hr. but still can’t afford medical care, only food / shelter, no car - can’t afford child care either - children suffer as do the parents. This is what the actual Amerikkka looks like now to most of us - crashing and burning with constant lies from the fascist state of decay. 60,000 homeless in L.A. alone, not to mention SF and other states - great employment isn’t it?
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ZeroHedge has the honest jobs report here this morning with honest interpretation, at the link below, noting that government figures are complete b.s. but the fascist state goons have convinced the idiots who populate this country believe this crap:
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I hired an APM last week. Guy was a line craftsman for 22 years and had a horrible accident. Spent 9 years learning to walk agin and getting his BS in Communications to get back into a place in the business he loved. As much as my industry needs competent Project Managers and assistants, he couldn’t find a full time job he could get excited about with a company he could respect.
We knew before we interviewed him that we wanted to hire him, and when we asked in the personal interview what he thought his salary should be, less overtime he replied “$45k”.I looked at him and said, “I was thinking more along the lines of $50k”. We were prepared to go a little higher to get someone very competent. We didn’t need to do this, could have saved a few thousand-but we knew what others were hiring at and we wanted him to feel valuable enough to stick to that assessment.
After his first week we told him that the PM retiring in January and that if he could get up to speed, the position would be his (at the least $85k). If he hadn’t acquired the skills he needed to get this job, he would be homeless right now.
There are several points here for business owners:
Just because we CAN get someone cheaper, doesn’t mean we should. (Our median tenure is 14 years, I think we are doing something right).
There are lots of employees that are hard workers. But the very definition of ‘a good job’ is changing, at ALL levels! Both of my kids, despite advanced science degrees, are not ‘fully employed’ in their field, despite serious effort. Employers (mostly very large ones) have commoditized almost all trades and occupations. Even a pharmacy major today, a job you could start at $85k anywhere 10 years ago, will be lucky to find work out of school for $50k in a major metropolitan area.
If we are going to move this country BACK into the lead in innovation and rebuild our middle class one of two things needs to happen; employers need to begin to quickly ramp up pay and benefits (I believe in unicorns too) or unions need to make a fast and aggressive move RIGHT NOW to attract large swaths of the working public to the idea of strong unions and their worth to their pocketbooks (now all I need to do is suspend disbelief).
Any way I see it, it’s not going to be pretty or easy…
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Wweeeeeeeee ! …
I’m not sure I would rely on Zero Hedge for honesty.
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Unemployment up means that people are returning to the labor force. Sure sign it’s time for a recession.
You’re going to lose even more of that batch of two or three friends you have.
More jobs? That doesn’t measure everything.
In my business (IT Consulting), I’m still constantly underbid by low-paid foreign workers. There’s an entire area of my business that has no US workers in it anymore because it’s all been off-shored. Then when we go live with the software and nothing works, companies get sued, re-work is put in place to make it right the second time.
As with anything, we get what we pay for. I’m just three years from retirement and another very good person in my area took a full-time with a gig he’d worked for four years. We’re all leaving and no one is backfilling in the US.
But the software is the problem, we’re told. Constantly, the software is blamed when the folks implementing it having purchasing experience limited to Gap and sales experience limited to McDonalds. I once had a project team lead that was celebrating her 24th birthday, leading a public sector purchasing project.
I could write a book, but this is what’s killing productivity in America. The folks who’ve made careers out of good paying jobs with education and professional certifications are being pushed aside for the cheapest resources available.
I wouldn’t work for a single US company I’ve come in contact with. Not full time. Not direct.
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