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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38 replies
We know. We know because we are down here living it. Not up there faking and not up there reporting it.
It was actually clear right then and there that the numbers were no longer reliable, when Trump fired the head of the statistics agency because he didn't like the job market figures, right?
those 800k arnt STEM/health or tech jobs thats for sure. could be "farm produce picking jobs"
Been jobless since June, having a masters doesn’t help. 200+ applications and only 12 declines.
which field? tech? some people havnt been getting job for 1-3years, masters reduces your job field by alot.
IT. I don’t see how a masters would reduce your chances…
Field?
IT, I’ve been at director level for six years.
I don't need a director. I just need a guy who can hum a few tunes other than vendor jockey.
Honestly asking workers about their ability to get a raise or a new job and you would have discovered how weak labor (and the labor market) is right now.
yup most people cant pivot, if they are in FT near or somewhat above min wage.
Aaking about the opinions of workers is too close to socialism for most economists.
Not at all surprising.
These assholes sit there and lie through their teeth, constantly, about "Biden's economy". No surprise they'd like about the situation under the donnie dumbfuck regime.
Remember, this will cause the stock market to go up because we're ruled by psychos.
Do not talk about killing them. You’ll be banned.
Definitely don't acquire any firearms.
We should NOT have another Luigi!
You can barely even disagree with non-voters on most of the main .world communities or you’ll be banned.
I’ve seen you get banned in the same thread as me. 🤜🤛
Yeah. .world’s politics community has gone to shit. They’re too afraid to upset .ml so they won’t do what’s necessary to shut down these non-voting trumpets.
No, it will cause it to go up because of the Federal Reserve mandate. The Fed has to weigh inflation against employment. If employment numbers are bad, the Fed cuts rates which makes it:
Maybe in 2010 but I could argue that's now how it works today.
How does it work today?
no way lol, if anything there's another hike incoming
So there was a planned hike, but due to the revision there isn't going to be one. So how is that not good news for the stock market? It was bracing for the hike
You can tell the Fed doesn't know what to do given they keep pretending inflation is tied to economic activity and not trade wars and actual wars.
In a normal world the Fed would be calling on the President or Congress to enact policy to curb inflation since its a type of inflation the Fed has no control over, but no one seems to want to call Trump on all the damage he's been doing.
Right that it still tilts that direction, but it is true that they will lower rates to try to improve employment if employment looks bad, as a general point of strategy. Currently inflation is so bad that even this bad news doesn't really move the needle in this case.
The stock market won't mean much.
It means everything to those with money and the temporarily embarrassed millionaires.
Unless a rate hike is deemed necessary despite a weak job market due to the bond yields... JPow always mentioned the dual mandate, but I wonder which of them is more important right now.
If the dems actually get some oversight I wonder if we will find out how revised this economy actually needs to be from the BLS manipulations.
Maybe we’ve been in a heavy recession since the start of this year? Longer?
Not to beat a dead horse but isn't AI a huge chunk of the US economy right now? The same AI that needs to make more money than exists on earth to justify its expenditures? My bet would be longer and the balance sheet looks worse than any of us can imagine.
It’s possible! I’d love to see the actual data if it even still exists!
Weaker than who thought? Uninformed people?
Weaker than they wanted us to think.
I've never understood why they even release those numbers when they do. They always get revised. Always. And with this administration, you can't even trust the revisions.
bad job employments are usually very hazardous to incumbent politicians, and the associated party. thats why its always cooking the books.
Lmao you dumb motherfukers