Unemployment drops again, 2x more new jobs v expected

You did no such thing. I quoted the entirety of your post 166, which did not include a report. Stop lying.

So, what is your response to Trump selling oil to PetroChina in 2017 from the SPR?

 

Nah, you want high inflation at least until November so you can blame Biden and the Dems. As for new oil production, you have a very simplistic view of it. You think no new federal land leases are the cause of reduced production? Not the case. Oil companies could increase production but they don't want to. They are happy to rake in record profits as is. And they don't want to invest in a bunch of new wells only to see the prices drop. They got burned on that before and don't want to see a repeat of it. That said, production is slowly increasing, just not as fast as it should if the the market worked like it should.

 

Two last comments and then moving on from the overstated importance of the July report:

I read numerous articles in which it was stated that employment has caught up with pre-pandemic jobs which is not yet the case. Comparing January 2020 with July 2022:

January 2020---------------------July 2022
Labor Force: 164,606,000-------163,960,000
Employed: 158,714,000---------158,290,000
Unemployment: 3.6%------------3.5%
Labor Participation: 63.4%------62.1%
Oil & Gas Extraction: 158,400---142,200

It's clear the claim of July 2022 having caught back up with pre-pandemic is premature.

I drilled down to get the employed for oil and gas extraction. In January 2022, a year after Trump left office, the number in the field working had diminished to below 120,000 under Biden. With the hiring over the last 6 months, the employed numbers for July 2022 are still well less than January 2020.

For those who need to see the numbers on paper, the employment drop to 120,000 was a result of a direct attack waged on fossil fuels by the Biden Administration. The high price of gas started long before Russia invaded Ukraine. It started with Biden's first day in office actions, before if you count Biden's campaign promises our woke friends here voted for and Big Oil took seriously.

 

You ain't seen nothing yet. In 2023 when the spending on semiconductors and green kick in, $1 trillion combined, there is going to be another surge of stagflation. If we recover from this recession, I'll see it as what they call a double dip with the second dip being worse.

You can only blame this on the democrats and yourself for supporting this BS. The only part of the total of $2.9 trillion spent not solely on the dems is the $243 billion for the semiconductor industry. Somebody please bookmark this. People like you will deny it later just as they are doing now.

 

If you're referring to the current situation with respect to the supply and price of petroleum as well as refined products like gas at the pump it has its' roots in Trump's decision to cut in the supply in 2020. Arguably it may have been the correct decision at the time but it was still responsible for current problem. Seem that you're the one suffering from TDS (Trump Denial Syndrome). Decisions made by and during the administration of a prior president can and do have an impact even after said president leaves office. Both US and world production still haven't reached the levels before Trump forced the cutback of production in the spring of 2020.

 

The sharp drop immediately above pointing at 2021 in US Crude Oil Production is all on Joe Biden. It also results with the decreased hiring in oil gas extraction as I outlined in post 181.

What did you think was going to happen with business shutdowns worldwide during the pandemic? We've been in the endemic phase for well over a year.

 

Even conceding that Biden may have been responsible for the drop in February 2021 and I'm not sure that was the case, it only lasted around one month with production resuming and increasing almost every month thereafter.

 

It's so funny to see someone carry themselves as an expert when they actually have no idea what they are talking about. Keep it up, it's always good for a few laughs. And yeah, we'll bookmark your post.

 

In Jan 2020, before the pandemic had any effect, oil and gas extraction employment had fallen to 137,800. It is now at 142,200. What, in your expert opinion, caused the large pre pandemic drop in oil and gas employment under Trump?

 

Your numbers are wrong. Where are you getting 158,400 in oil and gas for Jan 2020? That is not what the BLS says. BLS says it was 137,800. Also, in Jan 2020 total employment was 152,128,000. It is now 152,536,000.

 

I've listed the numbers in post 181. Your 2020 number is inaccurate.

 

I'm not expert, but I clearly know more and have more life experiences than you. I encourage you to bookmark. I'm certain I will be proven right.

 

Sure, it had nowhere to go but up after the American people and his own party turned on him. He ignored until this year when he no longer could because of midterms.

 

These are the numbers from the BLS for employment in oil and gas extraction. Looks like 137,800 for January 2020 to me.

https://data.bls.gov/timeseries

/CES1021100001?amp%3bdata_tool=XGtable&output_view=data&include_graphs=true

 

Posted this link in post 101 so this is a repeat:

Employment Situation Archived News Releases : U.S. Bureau of Labor Statistics (bls.gov)

Go to January 2020 where you can correct your wrong numbers.

 

Table B1 about 3/4 down the page is the actual report released in January 2020:

Employment Situation News Release (bls.gov)

I have no idea where your graph got its numbers from, but they are way off.

Seen in the March 2020 report, the actual numbers were revised up to 158,800 from 158,400 when the final numbers were in.

Employment Situation News Release (bls.gov)

Again, go down to Table B1.

 

That was the preliminary data, as of April 2020. The more up to date data (as of today) shows 137.2 (non-adjusted) or 137.8 (adjusted).

This link is for data retrieval of establishment statistics (the B-* series of tables on the employment situation news release). Check the boxes for not adjusted and adjusted next to oil and gas, then scroll down to the bottom to retrieve the last ten years of data:
Table B-1. Employees on nonfarm payrolls by industry sector and selected industry detail [In thousands]

 

You could also go to the archives you linked above for the https://www.bls.gov/news.release/archives/empsit_02052021.htm to see that by January of 2021 they had updated the preliminary numbers. If one was more bored than I am right now, they could go through the archives month by month and see exactly how much they adjusted the numbers by each month as they gathered more information and got a more accurate measurement.

 

supply side pressures are dropping which should dampen inflation

Supply-chain pressures—which drove inflation during the pandemic—are once again trying to tell us something (msn.com)

 

No, I'll continue to use the reports as released. In March 2020, 158,400 in January 2020 was revised upward to 158,800. I posted that above in post 196.

For a third time, a link to the archives of the officially released reports like the one that started this thread:

Employment Situation Archived News Releases : U.S. Bureau of Labor Statistics (bls.gov)