Well. Biden personally created 100,000 more jobs than experts expected. We are in a cycle where good news for the working class is bad news for the owner class. New jobs exceeded estimates sparking fears that employers will have to pay workers for working.. thus stock futures are pulling back right now. Stock market today: Dow, S&P 500, Nasdaq futures sink as jobs report blows past expectations December jobs report shows economy added 256,000 jobs to end year U.S. employers added a booming 256,000 jobs in December, shrugging off high labor costs, slowing sales and uncertainty about President-elect Donald Trump’s economic policies. The unemployment rate fell from 4.2% to 4.1%, the Labor Department said Friday. Economists surveyed by Bloomberg had estimated that about 165,000 jobs were added last month, based on their median forecast. The bolsters the case for the Federal Reserve to stand pat and skip an interest rate cut at a meeting later this month.
It’s more that this makes more rate cuts less likely. Discounted expected cash flows from stocks are lower with a higher rate, hence lower stock prices
It's only a matter of time before Trump after he takes office tries to pressure Jay Powell to lower interest rates. For those who do not have much of a long term memory it was Nixon's successful pressure on Fed Chair Arthur Burns to lower interest rates that was responsible for the stagflation of the 1970's not Jimmy Carter.
https://www.wsj.com/opinion/trumps-economic-plan-has-inflation-written-all-over-it-fcbb8204 Scary scenario. Allen Blinder must be old....used his text as a freshman. How much inflation can we expect from another round of tariffs? Well, imports are about 14% of U.S. gross domestic product, though a lot of that is inputs used by American firms, not consumer goods. If the average tariff rate is 10% to 20% (I’m guessing here—tariffs on Chinese goods will be higher) that’s about 1.4% to 2.8% higher prices. Most important, this is likely a one-shot price increase. Not even Mr. Trump would raise tariffs every year. Would he? What happens then? Can we really imagine Pam Bondi as attorney general telling her boss that he can’t fire Mr. Powell? It’s easier to imagine the issue going to court. If it goes all the way to the Supreme Court, it’s all too easy to imagine the 6-3 conservative majority siding with Mr. Trump. If so, Federal Reserve independence goes out the window. What could stop this awful scenario from playing out? Good judgment on the part of the president-elect? Please stop laughing and read on. Or Congress, which created the Fed in 1913, refusing to enact the changes in the Federal Reserve Act that Mr. Trump might request? Not unless there are mass backbone transplants on Capitol Hill.
Powell has made several statements already about not succumbing to pressure..don't see that happening
I agree I don't think Trump can successfully pressure Powell into resigning although that doesn't mean that the Donald won't keep trying. Although Jerome Powell was a Trump appointee as was Christopher Wray Powell will become a prime target of Trump's vitriol.
Cannot see it happening. Although Trump may be able to get his proposed changes to the Federal Reserve Act through the House there is no way that he will get the 60 votes in the Senate.
Is there a reason why you haven't posted in the past when the updated figures were better than originally reported?
These positive numbers seem fake. Are people exchanging 1 full time job for 2 part time jobs? Does that go down as job creation?
These are seasonally adjusted. So that would mean either a greater than usual hiring for the season or actual job market growth.
So far we have right wing peanut gallery calling the numbers fake, misunderstanding seasonal adjustment, and accusing the BLA of lying. So predictable. Fantasyland resident righties.
damn, now im right wing peanut gallery for suggesting seasonal? im hard left libbie in the other thread..need my meds...
What lesson is that? That the US has added 17 million jobs in the last 4 years? No, we've learned that one.
So this is a good learning opportunity. Two months ago, in October's report, the initial estimate was 12k jobs added, with job creation cratering right after the storms. Now, these reports do 2 standard adjustments. Meaning that the second occured with this report. Were those initial numbers adjusted upward or downward? We all want to learn, so let's learn!
You need your meds? You sound like a radical independent to me. Don't let it get you down, I voted for Perot the first time myself. (Before I got medicated)
