Biden continues to add lots of jobs. May report "very healthy", economists say

[Harpy Eagle]

Sure doesn’t sound like any recession we ever had

It is not like any recession we ever had, which is not to say we are not in one.

 

[struth]

Total nonfarm payroll employment rose by 528,000 in July, and the unemployment rate
edged down to 3.5 percent, the U.S. Bureau of Labor Statistics reported today. Job
growth was widespread, led by gains in leisure and hospitality, professional and
business services, and health care. Both total nonfarm employment and the unemployment
rate have returned to their February 2020 pre-pandemic levels.

I am sorry, not sure how that "disproves" my comment. Here is what the experts are saying for the future:

Job growth was likely strong in July, but it could slow in coming months with more layoffs

Employers were expected to have added a robust 258,000 jobs in July, but the pace of payroll creation is likely to slow in coming months.

www.cnbc.com

Job growth was likely strong in July, but it could slow in coming months with more layoffs​

POINTS

• Economists expect 258,000 jobs were added in July, down from 372,000 in June, according to Dow Jones.
• Job growth is expected to slow some more, as the Federal Reserve continues to raise interest rates to fight inflation.
• “At the moment, inflation is hurting everyone. It’s an equal opportunity scourge at this point,” said one economist. “What policymakers are faced with is pushing the unemployment rate higher.”

 

[Lesh]

I am sorry, not sure how that "disproves" my comment. Here is what the experts are saying for the future:

Job growth was likely strong in July, but it could slow in coming months with more layoffs

Employers were expected to have added a robust 258,000 jobs in July, but the pace of payroll creation is likely to slow in coming months.

www.cnbc.com

Job growth was likely strong in July, but it could slow in coming months with more layoffs​

POINTS

• Economists expect 258,000 jobs were added in July, down from 372,000 in June, according to Dow Jones.
• Job growth is expected to slow some more, as the Federal Reserve continues to raise interest rates to fight inflation.
• “At the moment, inflation is hurting everyone. It’s an equal opportunity scourge at this point,” said one economist. “What policymakers are faced with is pushing the unemployment rate higher.”

So you’re saying that we are not in a recession now.

I agree.

By the way… what is the issue with a recession that has strong job growth and low unemployment?

 

[Resnic]

Meanwhile, the buying power of those wages has never been lower.

Don't worry, most won't pay attention because the president says it's fine. Because that's what the current administration cares about, the illusion of doing something and the illusion of everything being fine.

Every Friday the surge protection team will buy up stocks before the market closes so it doesn't look too bad. The Treasury will just print more money when we get low. The government will continue with the inverted yield curve on Treasury bonds to make the bond market look strong. The debt market will still be for shit but they won't talk about it since most Americans don't even understand what it is or that it exists. They will keep shoveling out millions and billions to other countries so we look flush with cash. And keep fudging employment rate numbers so they look fantastic.

 

[struth]

So you’re saying that we are not in a recession now.

I agree.

By the way… what is the issue with a recession that has strong job growth and low unemployment?

when did i say that? we are clearly in a recession

 

[mudwhistle]

Sure doesn’t sound like any recession we ever had

If nobody's working then they're not producing anything which is why the GDP is in the red.
All of this is caused by massive inflation and it's the after effects of the COVID lock downs.
A large swath of the work force just gave up and retired. Look at the terrible LPR.

 

[Lesh]

If nobody's working then they're not producing anything which is why the GDP is in the red.

but wait.

500,000 jobs created and unemployment dropping to 3.5% says that just about everyone IS working

Hmmm

 

[mudwhistle]

but wait.

500,000 jobs created and unemployment dropping to 3.5% says that just about everyone IS working

Hmmm

They take a survey to figure out how many jobs were created. It's not an actual number. It's a guesstimate. Not an actual number. Biden creates 87,000 IRS jobs and adds it to the total...which doesn't help the economy or the deficit because every new federal government job increases the debt.
And the Labor Participation Rate of working age Americans is going down....productivity is going down....so we're in a recession. Obama/Biden policies have caused a recession....and their so-called anti-Inflation bill will probably cause a Depression.

Civilian labor force participation rate

www.bls.gov

 

[Flopper]

It is not like any recession we ever had, which is not to say we are not in one.

when Inflation get's out of control recessions often follow. In fact, since the 1950s, every time inflation has exceeded 4% and unemployment has been below 5%, the U.S. economy has gone into a recession within two years. I don't see this being an exception.

 

[Harpy Eagle]

when Inflation get's out of control recessions often follow. In fact, since the 1950s, every time inflation has exceeded 4% and unemployment has been below 5%, the U.S. economy has gone into a recession within two years. I don't see this being an exception.

we are in one now.

 

[Lesh]

It is not like any recession we ever had, which is not to say we are not in one.

I'm trying to figure out the negative effect of a Recession (for the average person) when job numbers are good

Any help here?

 

[mudwhistle]

I'm trying to figure out the negative effect of a Recession (for the average person) when job numbers are good

Any help here?

A recession is only bad when a Republican is in the White House.
Then it's the worse economy since the Great Depression.
Course the economy overall today is much worse than it was in 2008.
All you have to do is look at the Consumer Price Index for food and gas has increased over 60% since Biden took office.

How many people do you know that got a 60% raise since Jan 6th?

 

[dudmuck]

If nobody's working then they're not producing anything which is why the GDP is in the red.
All of this is caused by massive inflation and it's the after effects of the COVID lock downs.
A large swath of the work force just gave up and retired. Look at the terrible LPR.

 

[Harpy Eagle]

I'm trying to figure out the negative effect of a Recession (for the average person) when job numbers are good

Any help here?

I asked that question in 4 different threads and never got an answer.

 

[mudwhistle]

Yeah......great.....but top problem with all of that is that inflation is out of control (by design) and the so-called Inflation Reduction act is about to raise taxes on the middle-class.
Right now the middle-class is getting hammered.
It doesn't matter how many jobs you claim you created when none of them can keep up with inflation.
Most of the people willing to work have almost zero excess income to invest or to buy anything other than the bare essentials. Food costs are up...gas prices are up...the price of everything is up.
So...what you have is a situation where Biden is crushing the American Dream....and it only took him 18 months to do it.

 

[Lesh]

Yeah......great.....but top problem with all of that is that inflation is out of control (by design) and the so-called Inflation Reduction act is about to raise taxes on the middle-class.

Nope. Stop lying

 

[mudwhistle]

Nope. Stop lying

Nope....it's the absolute truth.
The primary focus on that POS legislation is to raise taxes on the Middle-Class.
When inflation is out of control the worse thing you can do is raise taxes.

And it also is designed to install the New Green Deal in a backdoor manner.

​

"Democratic leaders have cut a deal with Sen. Joe Manchin III (D-W.Va.) on a $433 billion package of climate spending and tax increases disguised as the Inflation Reduction Act of 2022. The bill would not reduce inflation. The nonpartisan Penn-Wharton budget model estimates it would actually produce “a very small increase in inflation for the first few years, up to 0.05 percent points in 2024” (emphasis added) followed by “a 0.25 percentage point fall … by the late 2020s.” The effect either way, Penn-Wharton says, is “not statistically different than zero,” which means the legislation would not “have any impact on inflation.”​

​

https://www.washingtonpost.com/opinions/2022/08/01/inflation-reduction-act-really-climate-spending/#:~:text=Calling%20this%20the%20Inflation%20Reduction%20Act%20is%20intentionally,billion%20%E2%80%94%20goes%20toward%20climate%20or%20clean%20energy.

 

[Lesh]

The primary focus on that POS legislation is to raise taxes on the Middle-Class.

Prove that.

it's false

 

[mudwhistle]

Prove that.

it's false

I proved it with a link from the Washington Post no less.
Look at the previous post.

 

[Lesh]

I proved it with a link from the Washington Post no less.
Look at the previous post.

What post number?