The Mystery of the Strong Economy Has Finally Been Solved | Turns out it wasn’t actually that strong.
The Mystery of the Strong Economy Has Finally Been Solved
Because some apps seem to only show the preview when that's animated, here's the main link
This morning, the BLS released its monthly jobs report, showing that the economy added just 73,000 new jobs last month—well below the 104,000 that forecasters had expected—and that unemployment rose slightly, to 4.2 percent.
How fucked is that if you think about it. There are more jobs, but less employed people? I know the answer is that pay is so low, many people hold multiple jobs, but touting this as an achievement is perverse.
And the BLS official who published the numbers was fired because orangeboi didn’t like the numbers. Yes, really.
And look at the next couple of sentences:
More important, the new report showed that jobs numbers for the previous two months had been revised down considerably after the agency received a more complete set of responses from the businesses it surveys monthly. What had been reported as a strong two-month gain of 291,000 jobs was revised down to a paltry 33,000.
I feel like there are more senior job openings, but fewer entry level and mid level. At least with software, I'm seeing a lot of senior and "founding" posts. Maybe the Internet spy machine just thinks I should go for senior only, but I'd take mid level.
Same in my profession, it's all manager jobs with no staff, i.e., do all the work yourself. I'm senior level but not qualified to manage, so I just took a barely above entry level position in a vaguely related field for 1/3 of my previous salary. But there's a $5k signing bonus... because it's a very undesirable job with high turnover.
Thanks, Cheeto Mussolini!
Actually, the answer is that job growth isn't keeping up with population growth.
I think the key is that population growth is around .6% right now. So that's over $2m a year, or rather 171,000 people per month.
So assuming there were an average rate of retirements and kids getting older.. id imagine any number less than 171,000 new jobs a month will result in higher unemployment over time.
Maybe someone can point out why I'm wrong there. Could be missing something
Watch some new term be invented like "underemployed" to represent people who don't have enough jobs to survive.
stagflationary environment that economists were predicting a few months ago: mediocre growth, a weakening labor market, and rising prices.
Yeah, that tracks.
Oh look, that annoying little fact that always preludes an economic collapse.
Economy Country
“Ecomony.”
Trump's people have no idea what they're doing. Their only plan is to keep up the bullshit and deflection while they steal as much as they can before the country crashes. And then they'll find ways to use the crash to make themselves richer too.
Trumps admin is vulture capitalism applied to the govt.
Bingo! This needs to become a shirt.
It's a big reason that they're all going all in on crypto. If they store the loot outside of the USD they don't care all that much if the dollar crashes. They can buy back into the dollar afterwards. Or some other currency if the whole country goes tits up.
So they know exactly what they're doing.
^cough too big to fail ^cough