vs. 205,000 expected. https://www.cnbc.com/2022/11/04/jobs-report-october-2022-.html Another great month ... if you like things like working Americans. After months of trying, the Fed still can't beat down the Biden workforce. I'm surprised the stock market is up today, because this just means the Fed will have to try even harder to do the damage to working families they have committed to.
With corporate profits hitting new records daily it's only right some jobs should "trickle" down to the commoners. I'd love to see how much these corps are paying these people, during record profit times.
Adding jobs but also having the UE rate rise is exactly what we want if we want to bring down inflation. If more people are looking for jobs it will help loosen up the labor market.
It does seem strange that unemployment went up 0.2% at the same time that more jobs were created and work force participation when down 0.1%. More jobs and less people working/wanting a job ... not sure how the math can work like that...
Yeah, there is still a massive shortage in labor. When you cut off immigration for a long time and have no capability of legally making up the loss in immigrants to an aging country (asylum seekers require substantial time before they can work in many instances), this is what happens. We ended up with a massive shortage of labor. But nobody will do anything about it, unfortunately, because we are going to elect the people that want to cut all forms of immigration right now despite this.
In all fairness, Democrats have had the power for two years to do something about this, but they don't want to touch it either because of (I'm guessing) pressure from labor unions.
As far as the economy goes, all I can do is go by what I'm seeing. And I'm not seeing inflation affect people's behaviors at all. Restaurants are full, Disney is packed (no matter what they charge to get in), still see Amazon and UPS trucks zooming all over the place. I guess housing sales have slowed but it hasn't resulted in drastically dropped prices. That money that the government infused into the economy for the pandemic is still out there being passed around.
At least they haven't cut legal immigration, but they don't really have the power to do much because some of them represent areas that want to get rid of immigrants too. Specifically, Manchin.
Understanding that they are handcuffed to varying degrees, I'm hard pressed to buy that they've done all they could. Was it even in Biden's agenda? I can't recall hearing it mentioned or championed a single time in the last two years.
Without Congress, he tried to do what he could, but it has mostly been fighting with courts over whether he has the power to end Trump's EOs to cut immigration. I do think he made a conscious choice to focus on less divisive issues like infrastructure, although Republicans ramped up opposition to that (when they aren't bragging about how they helped infrastructure in their district despite voting against the bill). I do think there is a reason for criticism due to the lack of focus on the topic, especially given the importance of the topic going forward for the economy. Unfortunately, most Americans think of immigration from the perspective of race and culture, not economics.
They are based on different surveys so I guess they don't always match up. Total jobs is based on the establishment survey of around 130,000 businesses and government agencies. Labor force participation rate is based on a household survey of around 60,000 households.
except the problem is it isn't the labor market driving inflation. 1. record company profits - how do you overcome this? shop Aldi instead of publix? 2. energy - nat gas ships stacked up in european ports. less exported LNG, lower nat gas price, lower electricity costs. refineries coming out of maintenance and seasonal blend switches should help with gasoline. 3. labor - UE up 4. logistics - China loosening covid rules, hopefully supply chain can catch up
