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Quick recap here: on the jobs report: we came in with 194 000 jobs, which is a big miss compared to the 500 000 jobs that we were expecting. We did have the payroll numbers. The unemployment report go down to 4.8 from 5.2. This was mostly because of seasonal judgment adjustments, including a large decline in the unemployment figures for or the employment figures for private schooling and government schooling.
A lot less hiring here than expected, leading to a negative number sort of a draw down holding down the jobs report. But either way, no matter where the jobs came from or didn't come from, 194 000 jobs is way less than expected. The average hourly earnings went up 19 cents, that's more than the 17 cents they went up last month and that works out to about a 7.4 annualized rate of inflation. So this means we're in a situation where we had less jobs than expected, which would be a signal to not taper but a little bit more inflation than expected on job wages, which is a signal potentially to taper.
But this definitely puts the federal reserve in a very difficult spot. There is commentary suggesting that this is maybe not a labor shortage situation. This is a skill shortage, uh situation, where people have to essentially retool their skills to get appropriately hired by companies uh. There are arguments that - and this is an argument the fed has made.
There are arguments that uh, maybe uh. It wasn't that uh we had a federal reserve unemployment boost of 300 a month that kept people at home. It was such a common thing. We'd constantly hear it specifically from folks on the right in the media that uh oh well.
Of course, people aren't going to go back to work, we're paying them not to work well, now we're no longer paying people not to work with the exception of state unemployment benefits and we're not really seeing those large wage gains or employment gains where we're missing on These estimates over and over and over again uh, and so now it does send a very unclear message to the federal reserve, uh and the fed's, probably uh, sitting there like this right now, you know going what what what what do we do now, i mean, quite Frankly, i'd be confused if i were on the fed, because you've you've got this horribly unclear report it'd be nice. If we just had a report, that's like hey look, we're overheating, taper, hey we're, not overheating, don't taper! I mean - and this report does say we're not overheating, but it does say that inflation is still lasting longer and staying around in a larger form than expected, so uh and then now it matters. You know you've got this. This fed dual mandate: uh stable prices, aka inflation and uh.
You have a um, a jobs mandate, a maximum employment mandate, and so that's the fed's dual mandate, and so the fed now in november is going to have to pick uh. Do we, or maybe they do some sort of gradient right? They could do no taper, they could do the taper or they could do something in between. Like hey, we were going to taper harder, but now we're thinking we're not going to finish tapering, maybe until the end of 2022. we're going to push everything back a little bit because we're not seeing that employment recovery either way. The reaction we're getting in the market is mixed and confused if anything, it's it's, maybe slightly to the upside, because there's more of a chance of less tapering or, like i said, a slower, tapering or no taper, but uh, no clear movement to either side. This is a very confusing report. I wish we had some more clarity, but but we don't a bitcoin, mostly flat afterwards uh the uh cryptocurrency is generally flat after the report. You've got uh mostly flatness in in the indices, although most indices up about a quarter of a percent, the only cryptocurrency, that's really moving, at least that that we're tracking here uh, is shebe, and this right here is where the jobs report was.
It was already on an uptrend took a little breather here, as the jobs report came out and then, when it came out with a miss, we really started seeing a movement here on sheba again uh going from uh just about 2200 to about 2700 right now. Obviously, in the massive decimals here, but uh, a nice nice momentum mover right here. So that gives you a recap on what just happened with the jobs report, and so with that said, uh get uh get up to 70 dollars for free with public.com. By going to medcap.com public get up to 70 dollars in free stocks and check out the programs down below on building your wealth use that diamond hands coupon code - i don't actually have the diamond hands cup today, but i have a level 99 fire making cup.
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So, if our government had responded like we did to H1N1 and the Ebola, maybe we would not have shut down and put all at risk. So who do we blame for this? Biden? who just been in office 8 months. Boy you people.
There is not going to be any taper. In the next two years, we will see negative interest rates introduced, and the printing presses will go faster, not slower. Inflation is going to build momentum over the next three years, and we are going to see the dollar diminish in value significantly.
It would actually matter if buying 120 billion dollars in bonds led to increased jobs but since it doesnt the whole thing is moot. Add that to the fact we have enough jobs for the unemployed, they just arent working just adds to the insanity of stimulus since there are already a surplus of jobs
They’re going to say inflation is still being driven by short-term shortages in supply chain. Jobs report takes higher importance. Do not taper.
It’s very obvious why!!! Biden and company are pushing vaccine mandates and that’s leading to less hiring and more people walking! Duh!!
I can only speak from my experience. After people were laid off and loved ones died, they realized life was more than the shit job they endured. Some went to school online to increase their job skills and some started their own business.
If the purpose of the fed is to maintain monitory policy why do they have to worry about people being lazy nkt fulfilling the jobs? They can’t force people to work if they don’t wanna l
Guess we learned that we cannot blindly shut a global economy off for months and then turn it on again
Almost everything comes from China Clothing Toys ect Us needs to create more manufracturing jobs Blue Collar jobs
America is turning into a joke with the housing prices and how much jobs pay along with cost of living. it has become a joke to work.
Thanks to all the idiots that voted for biden . Us conservatives told you this would happen shit even Trump told you but you wanted this idiot in there now we all suffer
It's hard to get a better forecast on jobs when there's these mandates going on… everyone and everything points to "lets recover fully" then you've got doctors and first responders who put their lives on the line for us, same with "essential workers" of all job types, their employees are being forced to get jabbed or quit… this isn't meant to be a political post but how are we supposed to recover when the government doesn't want us to?
Unemployment bonus may have ended but state benefit has not, and that’s enough to keep stoners who sleep until noon at home
As a caregiver (for developmentally disabled adults) here in rural Minnesota. I've been working "above normal hours" in my 2 jobs due to staff shortage since the pandemic started. I'm not surprised by the job report as the "need" of workers is still the same , not only in my field of work, but many other sectors in our rural town (e.g. manufacturing, US Postal Service, fast food industry, etc..) . If you're looking for work, please feel free to move here!!
Hmmm…. You mean the right wing and their media are full of shit as usual? Man, color me surprised…. 🤣🤣🤣
I'm sorry but to clarify, Republicans view has not been proven incorrect, many are still receiving unemployment benefits, and in some states they have successfully sued for the extra 300
Please learn about unemployment numbers. U3 is what's normally reported because politicians love the formula. Essentially you drop off when they stop paying you. You still may be unemployed but your benefits ran out. So politicians know after a few months the numbers look better even if things get worse and take credit for it. U6 is closer to the real unemployment number. The news outlets are controlled but you youtube authors should be getting the truth out!
the "OHHH SCHITT" moment for the the 'Stay-At-Home Engineers' didn't come after week #1, like many thought. Its starting now, 2-3 months AFTER the 'Stay-Home-Crews' free ride ended. Over the course of the next month we'll see (in States that are actually open, like Fla & Tehas) the mass of applicants with 18-22 months voids in their resumes overwhelming HR depts.
No The Fed has a massive Tool Box and they gona use them if they have too they said LOL LOL LOL LOL LOL
Evidently, I am the only person on Planet Earth who is Mystified over this jobs dichotomy. All of a sudden (within under 2 years, anyway), there are Tons of jobs, and Nobody wants them? All bc of C-19?
Maybe companies should start training people in jobs the way they did years ago. That's how most people got their starts in things all those years ago.
Ppl that were on unemployment have amassed a huge amount of money. Free rent for 15 months, stimulus checks, enhanced unemployment benefits, student loan forbearance. Workers aren’t coming back to the job force till around April or may of next year. They honestly don’t need to come back according to their bank accounts 🤑🤑🤑🤑
Re-tool their skills? Total BS….. They make excuses but never show results! Bottom line…..the economy for the poor is going down!
How is the job report confusing?
A boat load of people that used to work corporate jobs they hated have started businesses.
Have all of those businesses been started "officially"? No. Not every person that has started selling items on Etsy or Amazon, flipping houses has registered a new business. Are these businesses paying quarterly taxes? No. Do these businesses have friends & family working for them? Yes. Are those friends & family getting a W2? No. Are they claiming taxes on the money their making? No. Their is an unofficial economy that is running that isn't part of the official numbers, yet. That's why Biden wants to snoop on our bank accounts for transactions over 600$. So again, how is the jobs report confusing?