Another blow out jobs number 261,000 jobs added

While I don't think the labor market is the biggest factor in inflation, it is a factor. Companies are having to raise wages to attract workers. Now the owners of those companies certainly could keep prices lower if they used more of their profits to pay for the increased wages (thus reducing their profits), but I don't think that is happening. Reducing their profits to pay for wage increases would tank their stocks, and they can't let that happen.

 

High immigration pushes people into the workforce lowering the participation rate, jobs are added but not at the rate of immigrants into the work force? That's my guess on the math. I could be wrong cuz its a Friday and Im done with math for the week.

 

it seems very odd. these workers may only exist on a spreadsheet. we have an election next week.

 

All of this glee brought to us by the same genius posters who told us all through 2020 and 2021 that government liquidity wouldn’t cause inflation and then when it did in 2022 they have tried to claim that it was transitory. Sorry guys, your credibility is long gone. Enjoy your inflation, your going to be getting plenty of it.

 

More like 261,000 workers returning to the employment rolls from the Pandemic.

 

There are more total jobs now than there were before the pandemic.

 

Facts are such inconvenient things.

 

Somewhat due to union pressure but also because dislike of immigration is pretty widespread across the political spectrum. I don't share it but I'm in the minority. The belief that we have too much immigration, legal and illegal, this held by a wide expanse of the populace, not just on the Right. I agree with you wholeheartedly that this resistance to immigration is short-sighted and not in our interest. But that doesn't matter

 

https://www.cnbc.com/2022/11/02/adp-jobs-report-october-2022.html

Wages increased 7.7% from a year ago with an even higher increase of 11.2% in leisure and hospitality. Our GDP consists of 3/4 service sector and services sell labor.

China loosening COVID rules may work to increase global oil demand and drive up energy prices. We’ve actually benefited on that front with their restrictions.

 

Jobs Joe Biden is the trending phrase in the history books. Dude is an employment machine.

 

The economy is going to recess in a major way, but people forget these things take time. The Federal Reserve started raising rates in 2005 and did 17 consecutive rate increases before the mortgage crisis began. Ultimately, it took us more than 3 years to see the results of the Fed’s wrath then in employment. What the Fed is doing now will hurt, but it could be long into 2023 before we see a noticeable impact in unemployment. UE is always the last indicator.