Jobs report shock: American economy added a stunning 336,000 jobs in September....Not a good thing

[1srelluc]

Analysis: Here's why this jobs report is going to cost you​

From CNN's David Goldman

The US economy feels lousy for many people. A majority of Americans say President Joe Biden’s policies have made economic conditions worse, according to a CNN Poll conducted by SSRS.

So you'd think some really, really, shockingly good news about the job market would give Americans' spirits a boost.
It won't. Here's why: Inflation is still biting. Prices continue to rise faster than anyone would like. Although annual price increases aren't in wild-runaway mode like they were when inflation was above 9% last year, inflation is still above 3%, which is higher than economists say is healthy.

When you see gas prices at $3.75 on average (and above $4 in plenty of places across the country), mortgage rates above 7% and at a 23-year high, food prices going up at the grocery store, and a restart to student loan payments for millions of Americans, a robust job market won't make most people feel like the economy is strong.

In fact, a strong jobs market may ultimately make many Americans feel worse. How? The Federal Reserve is working to slow the economy by hiking interest rates — the only tool it has to fight inflation. A still-robust job market means the central bank could continue to increase rates without fear of sending the economy into a recession.

JPMorgan CEO Jamie Dimon repeated in recent weeks his fear that rates could go to 7%. Government bond yields are rising to multi-year highs in expectation that rates could go up — and loans pinned to those yields, including mortgages and credit card rates — are set to go up, too.

We should never cheer a bad job market. But a job market that has remained this healthy for this long really isn't excellent news for average Americans struggling to pay their bills. Meanwhile, we remain in a "good news is bad news" conundrum that makes most people feel like the US economy is in a bad spot.

I'm sure it will be revised down almost half like the last one but this is not really good news.

Sadly the fed and the stock market will take what amounts to fake news figures and determine policy/strategies on them.

Oh well.
MOD EDIT to add link: Redirect Notice

 

[rightwinger]

Great to see our economy is doing well

 

[wamose]

So there were 260K illegal alien encounters in Sept. They're here now. For every encounter there are 2 more illegals that sneak through successfully. They are here now. That means the addition of 780,000 unneeded, unvaccinated, unvetted, uneducated, piss poor and unwanted illegal aliens in September. After adding the 780K illegal aliens, the 336K jobs we allegedly added doesn't do shit for the American people but make them poorer by importing a massive new welfare state, paid for by the American worker.

 

[1srelluc]

Great to see our economy is doing well

Thing is it's not for the average producer.....Hand anyone that's not a leftist a shit sammich and they will know it for what it is.

 

[Faun]

Analysis: Here's why this jobs report is going to cost you​

From CNN's David Goldman

The US economy feels lousy for many people. A majority of Americans say President Joe Biden’s policies have made economic conditions worse, according to a CNN Poll conducted by SSRS.

So you'd think some really, really, shockingly good news about the job market would give Americans' spirits a boost.
It won't. Here's why: Inflation is still biting. Prices continue to rise faster than anyone would like. Although annual price increases aren't in wild-runaway mode like they were when inflation was above 9% last year, inflation is still above 3%, which is higher than economists say is healthy.

When you see gas prices at $3.75 on average (and above $4 in plenty of places across the country), mortgage rates above 7% and at a 23-year high, food prices going up at the grocery store, and a restart to student loan payments for millions of Americans, a robust job market won't make most people feel like the economy is strong.

In fact, a strong jobs market may ultimately make many Americans feel worse. How? The Federal Reserve is working to slow the economy by hiking interest rates — the only tool it has to fight inflation. A still-robust job market means the central bank could continue to increase rates without fear of sending the economy into a recession.

JPMorgan CEO Jamie Dimon repeated in recent weeks his fear that rates could go to 7%. Government bond yields are rising to multi-year highs in expectation that rates could go up — and loans pinned to those yields, including mortgages and credit card rates — are set to go up, too.

We should never cheer a bad job market. But a job market that has remained this healthy for this long really isn't excellent news for average Americans struggling to pay their bills. Meanwhile, we remain in a "good news is bad news" conundrum that makes most people feel like the US economy is in a bad spot.

I'm sure it will be revised down almost half like the last one but this is not really good news.

Sadly the fed and the stock market will take what amounts to fake news figures and determine policy/strategies on them.

Oh well.

Good thing CNN is fake news.

 

[1srelluc]

Good thing CNN is fake news.

Their business branch isn't all that bad.....To be honest I see less bias there than on FOX Business.

If you want "news" that's closer to the truth watch the business channels.

 

[Faun]

Their business branch isn't all that bad.....To be honest I see less bias there than on FOX Business.

If you want "news" that's closer to the truth watch the business channels.

I don't watch CNN or Fox. They're both biased, just on opposite sides.

 

[Synthaholic]

The US economy feels lousy for many people.

won't make most people feel like the economy is strong.

may ultimately make many Americans feel worse.

that makes most people feel like the US economy is in a bad spot.

Fuck your feelings.

 

[Winston]

Thing is it's not for the average producer.....Hand anyone that's not a leftist a shit sammich and they will know it for what it is.

Bullshit. Inflation is currently less than four percent. Wage growth, on the other hand, is more than 5%.

Wage growth vs inflation U.S. 2024 | Statista

The rate of inflation overtook the growth of wages in April 2021. High rates of inflation means that consumers are seeing a decrease in purchasing power

www.statista.com

That is a good thing for the "average producer". And continued expansion of the job market is only going to drive wages up more.

I have no doubt the FED is on a mission to screw things up. They are reactive, not proactive, and live in a past economy that has no bearing whatsoever to our modern economy. Hell, they probably have fax machines and a land line telephone with an answering machine.

 

[Synthaholic]

When you see gas prices at $3.75 on average (and above $4 in plenty of places across the country),

Click that link and you get this headline:

Gas prices could fall to $3.25 by Halloween as oil plunges

 

[1srelluc]

Bullshit. Inflation is currently less than four percent. Wage growth, on the other hand, is more than 5%.

Wage growth vs inflation U.S. 2024 | Statista

The rate of inflation overtook the growth of wages in April 2021. High rates of inflation means that consumers are seeing a decrease in purchasing power

www.statista.com

That is a good thing for the "average producer". And continued expansion of the job market is only going to drive wages up more.

I have no doubt the FED is on a mission to screw things up. They are reactive, not proactive, and live in a past economy that has no bearing whatsoever to our modern economy. Hell, they probably have fax machines and a land line telephone with an answering machine.

All that would be great if workers were getting 40 hours but the average is 34 hours a week.

The fact is employers don't want to get rid of trained employees so to cut costs they reduce hours.

 

[Winston]

All that would be great if workers were getting 40 hours but the average is 34 hours a week.

The fact is employers don't want to get rid of trained employees so to cut costs they reduce hours.

If you average 34 hours a week, get another job, plenty out there. Or better yet, find yourself a good side hustle. If you are not working 40 hours, you got nobody to blame but yourself.

 

[1srelluc]

If you average 34 hours a week, get another job, plenty out there. Or better yet, find yourself a good side hustle. If you are not working 40 hours, you got nobody to blame but yourself.

Oh I agree there but it's a different employment world from what I retired from.....And apparently a different type of 'worker" too but the numbers are what they are.

 

[Fort Fun Indiana]

Thing is it's not for the average producer.....Hand anyone that's not a leftist a shit sammich and they will know it for what it is.

Right, they will know wages are too low, since educated and informed people tend to be leftist.

 

[Woodznutz]

Right, they will know wages are too low, since educated and informed people tend to be leftist.

Leftists know the driving conditions on the road and in both ditches seeing that they drive from one ditch to the other most of the time (of course they often have to cross the road briefly to get there).

 

[Woodznutz]

Good thing CNN is fake news.

The 'numbers behind the numbers' are widely available from many other sources, especially during the presidential campaign season.

 

[Conservative from Georgia]

Analysis: Here's why this jobs report is going to cost you​

From CNN's David Goldman

The US economy feels lousy for many people. A majority of Americans say President Joe Biden’s policies have made economic conditions worse, according to a CNN Poll conducted by SSRS.

So you'd think some really, really, shockingly good news about the job market would give Americans' spirits a boost.
It won't. Here's why: Inflation is still biting. Prices continue to rise faster than anyone would like. Although annual price increases aren't in wild-runaway mode like they were when inflation was above 9% last year, inflation is still above 3%, which is higher than economists say is healthy.

When you see gas prices at $3.75 on average (and above $4 in plenty of places across the country), mortgage rates above 7% and at a 23-year high, food prices going up at the grocery store, and a restart to student loan payments for millions of Americans, a robust job market won't make most people feel like the economy is strong.

In fact, a strong jobs market may ultimately make many Americans feel worse. How? The Federal Reserve is working to slow the economy by hiking interest rates — the only tool it has to fight inflation. A still-robust job market means the central bank could continue to increase rates without fear of sending the economy into a recession.

JPMorgan CEO Jamie Dimon repeated in recent weeks his fear that rates could go to 7%. Government bond yields are rising to multi-year highs in expectation that rates could go up — and loans pinned to those yields, including mortgages and credit card rates — are set to go up, too.

We should never cheer a bad job market. But a job market that has remained this healthy for this long really isn't excellent news for average Americans struggling to pay their bills. Meanwhile, we remain in a "good news is bad news" conundrum that makes most people feel like the US economy is in a bad spot.

I'm sure it will be revised down almost half like the last one but this is not really good news.

Sadly the fed and the stock market will take what amounts to fake news figures and determine policy/strategies on them.

Oh well.
MOD EDIT to add link: Redirect Notice

Imagine this cultist’ glee if Trump created that many jobs.