Economy Adds 254,000 Jobs In September, July-August Numbers Revised Up, Core Inflation At Prepandemic Levels At 2.3%. Thanks President Biden

[Crepitus]

dude, there are already 2 threads on this

Good news deserves to be retold.

 

[pinqy]

The number of part-time employed people is up half a million from a year ago. These are people that want a full time job.

To clarify, these are “part-time for economic reasons:” those who could only find part time work and those who normally work full time but during the pay period covered in the survey business was slow and they worked fewer than 35 hours/week.

There are 5.7 million people not in the workforce that want to be, but are not counted as part of the unemployed. This means it is not just 6.8 million unemployed, but 12.5 million.

Of the (not seasonally adjusted) 5.6 million not in the labor force who want a job, 3.9 million either have not done anything at all in over a year to find a job or would not not have been able to work if they had been offered one (or both). Both those conditions are independent of the actual labor market and for analyzing the labor market, they are not really different from those who don’t want to work.

So now we have 1,676,000 who could have worked if offered a job, but did try in the last year but not the last month. So I’m the previous month (which is what we’re measuring) they chose not to participate in the labor market. Therefore we can’t really say they were part of the labor force for that month.

 

[sealybobo]

To clarify, these are “part-time for economic reasons:” those who could only find part time work and those who normally work full time but during the pay period covered in the survey business was slow and they worked fewer than 35 hours/week.

Of the (not seasonally adjusted) 5.6 million not in the labor force who want a job, 3.9 million either have not done anything at all in over a year to find a job or would not not have been able to work if they had been offered one (or both). Both those conditions are independent of the actual labor market and for analyzing the labor market, they are not really different from those who don’t want to work.

So now we have 1,676,000 who could have worked if offered a job, but did try in the last year but not the last month. So I’m the previous month (which is what we’re measuring) they chose not to participate in the labor market. Therefore we can’t really say they were part of the labor force for that month.

Keep your responses short

 

[Papageorgio]

Employers added 254,000 jobs in September, blowing away forecasts and reversing a slowdown in hiring that had prompted the Federal Reserve to make a jumbo rate cut at its meeting last month.

Economists had forecast 140,000 new jobs, according to financial data provider FactSet.

The unemployment rate inched down to 4.1%, versus 4.2% in the prior month.

The employment report marks the second-to-last reading on the labor market before the Federal Reserve's November 7 rate decision meeting, when the central bank is expected to once again cut its benchmark rate. The Fed last month made a jumbo cut, its first rate reduction in four years, in the face of weakness in hiring and a cooling economy.

But September's surprisingly strong hiring suggests that the U.S. could be headed for a so-called "soft landing," with the Fed's prior rate hikes having helped to cool the economy while skirting a recession, experts said.

"Today's data hit a grand slam with payrolls coming in strong, positive revisions and unemployment falling," noted Lindsay Rosner, head of multisector investing within Goldman Sachs Asset Management, in an email. "The economy is heading into the post-season solidly.

The strong data could give the Fed more flexibility at its November rate cut meeting, giving the central bank the breathing room to either issue a smaller rate cut of 0.25 percentage points, versus its 0.5 percentage point cut last month, experts says.

Employers had added 159,000 jobs in August and 144,000 in July, according to the Labor Department's revised figures for the prior two months.

Wages growing faster than inflation​

Average hourly wages rose 4% last month on an annual basis, signaling that workers are keeping ahead of inflation, which stood at an annual pace of 2.5% in August.

Inflation likely dropped to 2.3% last month, according to economists polled by FactSet. The Consumer Price Index report for September will be released on October 10.

Restaurants and other food services businesses added 69,000 jobs last month, while health care companies added 45,000 jobs, the Bureau of Labor Statistics said.

Employers added 254,000 jobs in September, blowing away forecasts

Wall Street is watching the labor market for signs of slower hiring, which could influence the Federal Reserve's next rate decision.

www.cbsnews.com

So is Biden also responsible for the high inflation that occurred under his leadership? Of course not no more than he is responsible for the current pre pandemic levels now.

 

[Mashmont]

Harris/Biden government agency's numbers will be revised downward the second week of November. But that's OK. I trust every Harris/Biden government office to be truthful, honest, and unpartisan in every way. LIke the DOJ and FBI.

 

[citygator]

Harris/Biden government agency's numbers will be revised downward the second week of November. But that's OK. I trust every Harris/Biden government office to be truthful, honest, and unpartisan in every way. LIke the DOJ and FBI.

Someone didn’t read the revisions for last month. Hint: they were up.

 

[Man With A Plan]

Employers added 254,000 jobs in September, blowing away forecasts and reversing a slowdown in hiring that had prompted the Federal Reserve to make a jumbo rate cut at its meeting last month.

Economists had forecast 140,000 new jobs, according to financial data provider FactSet.

The unemployment rate inched down to 4.1%, versus 4.2% in the prior month.

The employment report marks the second-to-last reading on the labor market before the Federal Reserve's November 7 rate decision meeting, when the central bank is expected to once again cut its benchmark rate. The Fed last month made a jumbo cut, its first rate reduction in four years, in the face of weakness in hiring and a cooling economy.

But September's surprisingly strong hiring suggests that the U.S. could be headed for a so-called "soft landing," with the Fed's prior rate hikes having helped to cool the economy while skirting a recession, experts said.

"Today's data hit a grand slam with payrolls coming in strong, positive revisions and unemployment falling," noted Lindsay Rosner, head of multisector investing within Goldman Sachs Asset Management, in an email. "The economy is heading into the post-season solidly.

The strong data could give the Fed more flexibility at its November rate cut meeting, giving the central bank the breathing room to either issue a smaller rate cut of 0.25 percentage points, versus its 0.5 percentage point cut last month, experts says.

Employers had added 159,000 jobs in August and 144,000 in July, according to the Labor Department's revised figures for the prior two months.

Wages growing faster than inflation​

Average hourly wages rose 4% last month on an annual basis, signaling that workers are keeping ahead of inflation, which stood at an annual pace of 2.5% in August.

Inflation likely dropped to 2.3% last month, according to economists polled by FactSet. The Consumer Price Index report for September will be released on October 10.

Restaurants and other food services businesses added 69,000 jobs last month, while health care companies added 45,000 jobs, the Bureau of Labor Statistics said.

Employers added 254,000 jobs in September, blowing away forecasts

Wall Street is watching the labor market for signs of slower hiring, which could influence the Federal Reserve's next rate decision.

www.cbsnews.com

What will the number be when it's revised? Have you noticed that it's NEVER revised upwards but always is revised downwards? ALWAYS! LOL

 

[Harpy Eagle]

What will the number be when it's revised? Have you noticed that it's NEVER revised upwards but always is revised downwards? ALWAYS! LOL

it was revised upward the last 2 months.

are you ever not wrong?

 

[Man With A Plan]

it was revised upward the last 2 months.

are you ever not wrong?

https://www.cnbc.com/2024/08/21/us-job-growth-revised-down-by-the-most-since-2009-why-this-time-is-different.html

 

[Harpy Eagle]

https://www.cnbc.com/2024/08/21/us-job-growth-revised-down-by-the-most-since-2009-why-this-time-is-different.html

Yes, that is about the total from Apr of 2023 to March of 2024.

That is not about the previous two months.

So, again...are you ever not wrong?

 

[Man With A Plan]

Yes, that is about the total from Apr of 2023 to March of 2024.

That is not about the previous two months.

So, again...are you ever not wrong?

Want to bet on this number being revised down?

 

[Harpy Eagle]

Want to bet on this number being revised down?

Sure.

Lets do it.

If it goes down I will leave the forum for a month.

If it does not go down you leave the forum for a month.

 

[Mashmont]

Someone didn’t read the revisions for last month. Hint: they were up.

They were down

 

[citygator]

They were down

No they were not. August payrolls revised up +17k to +159k, and July revised up +55k to +144k.

 

[Harpy Eagle]

They were down

why lie when it is so easy to show you are lying...

from the report...
The change in total nonfarm payroll employment for July was revised up by 55,000, from +89,000
to +144,000, and the change for August was revised up by 17,000, from +142,000 to +159,000.

Employment Situation Summary - 2024 Q03 Results

www.bls.gov

 

[Mashmont]

why lie when it is so easy to show you are lying...

from the report...
The change in total nonfarm payroll employment for July was revised up by 55,000, from +89,000
to +144,000, and the change for August was revised up by 17,000, from +142,000 to +159,000.

Employment Situation Summary - 2024 Q03 Results

www.bls.gov

View attachment 1021915

I’ll always believe Biden admin agencies.

 

[theHawk]

We have 10 million unfilled jobs and immigrants coming into the country to fill those jobs. Duh.

Everyone is working. Anyone not working, doesn't want to. This reminds me of when you guys criticized Bill Clinton. Let me remind you you're just jealous of Biden.

"I think Bill Clinton was a great president,’" Trump said in the interview that was conducted shortly after the 2008 presidential election on NY1's "Inside City Hall" program.

"You know, you look at the country then. The economy was doing great. Look at what happened during the Clinton years. I mean we had no war, the economy was doing great, everybody was happy. A lot of people hated him because they were jealous as hell,’" Trump said.

Then why are there more than 12 million unemployed Americans?

 

[Harpy Eagle]

I’ll always believe Biden admin agencies.

they seem to be more honest than you.

 

[Harpy Eagle]

Then why are there more than 12 million unemployed Americans?

There are only 6.6 million unemployed Americans.

They are either lazy fucks or they do not have the skills needed for the jobs that are open. Or the jobs are not open in their area and they are not willing to move.

 

[otto105]

How many of those jobs have gone to foreigners?

All the never Margo-largo