More Than 800,000 U.S. Job Gains Have Been Revised Away — the Labor Market Is Much Weaker Than Originally Thought
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6 replies
No shit. Every company related to purchases from people not wealthy are reporting major slowdowns, even Netflix reported very subpar growth, which caused a dip in their investor confidence. People are having problems finding work and the wealth gap continues to increase. Wealth growth happened for those who retired already or are about to, and the younger gens saw bigger struggles.
Products continue to shrink, enshittification continues to invade every aspect of the economy. If people don’t have money, things are getting more expensive, including just going shopping, why would companies need to hire more workers to handle decreasing demand and shittier products?
It was pretty obvious when Trump attacked the numbers and fired the BLM lead that they were going to cook the numbers.
It is not weaker than thought. It's just an incomplete revision of the lies previously released.
Every month, massive revisions downward.
Is "more jobs" really a win... What if we aimed for less work, but more money distributed?
Who decided that "Jobs" was a good measure of societys success?
....the businesses who make money from exploiting workers, and the governments who gain money by taxing them.
That's something people do consider, have common metrics like consumer price index and real wage growth. Unemployment is certainly not as important, though without basic income, it matters-- unfortunately it's often misleading.
I'll admit it mattered when I graduated into almost 10% unemployment under Bush's recession and couldn't get a job... just, I feel like that only went down because of underemployment. Taking worse jobs, higher hours, etc, made that number look better without actually improving lives.
If we get things back on track, maybe we can have a better metric. But it'll take a really big progressive swap; corporate liberals prefer this metric still because they don't have to do anything significant to make the numbers look better.