That's about twice as much as they expected, and unemployment rate fell to 3.5%. Good noose. US economy adds 528,000 jobs in July, blowing past expectations Economists expected job growth to slow in July as the Fed raises interest rates https://www.foxbusiness.com/economy/us-economy-adds-528000-jobs-july-blowing-past-expectations U.S. job growth unexpectedly accelerated in July, defying fears of a slowdown in hiring even as the labor market confronts the twin threats of scorching-hot inflation and rising interest rates. Employers added 528,000 jobs in July, the Labor Department said in its monthly payroll report released Friday, blowing past the 250,000 jobs forecast by Refinitiv economists. The unemployment rate, meanwhile, edged down to 3.5%, the lowest level since the COVID-19 pandemic began more than two years ago.
Looks like this news is making gold prices to fall (down $22). Oil also continues to fall and is now $87
It's a very interesting trend and we can all hope that the price of oil continues to drop. Side note -- as the 'summer tourist season' begins to draw to a close, the price of gasoline has dropped in Colorado significantly, whereas until very recently, we had among the higher gasoline prices in the nation. Diesel prices are still over five bucks a gallon, and that will surely keep all transportation costs high, leading to sustained inflation. Gold and silver, along with other 'precious' metals are not important factors now as they once were, say, twenty or thirty years ago. The Federal Reserve central bank manipulates and leverages commodities like gold much as it does interest rates, so there's not too much connection to 'reality' with that economic sector anymore.
Yes, you called the CO gas price trend. I am seeing $3.57 here and falling. Well, its good to have a mix of good and bad, as opposed to all bad, like it was in 2008 when everything went to hell. Heck we lost 800 000 jobs per month, for a long time. We had 2 negative quarters, but other indicators are good, so it doesn't feel like a recession. Stock market has gained 13% too, which could continue and regain losses we have seen this year (its still down year over).
GDP negative for 2 quarters. Inflation at 10.3% and rising (actual inflation is 17% if its computed the way it was in 1980 before it was "tweaked"). Employers can't get workers, material is delayed and back ordered, turnover is high. Drive around various cities (I travel) and there are "help wanted" signs everywhere. So how can there be almost total employment?
Not 'almost', because 3.5% IS total employment. Inflation and GDP doesn't have anything to do with it. Do businesses need more workers? Yes, they do, so hiring is likely to continue.
And yet with "total employment" the economy is sinking, businesses that were doing fine before covid can't get to pre-covid staffing levels, products are back ordered and much of it is months delayed. Everybody complains they can't get people to work. You would think that companies would at least be at Jan 2020 (pre-covid) levels of staffing snd production, but they are not. Maybe the 3.7% (July 10 2022 report, its more complete) unemployment figure is misleading? Maybe it doesn't count short term discouraged people, people who would work but can't get a job? (It doesn't, the 3.7% is the U3, add short term discouraged people and you get the BLS U6 which is 7.2%) Maybe it doesn't count long term discouraged who would work but have given up and dropped out? Maybe a lot of people just stoped working in the "Great Resignation" and they are not counted? Add those people back in and you get 24.4%. Now 24.2% makes sense. Thats fits the reality.
Yes there are still shortages. Its a global issue which affects the US too. Supply issues are the driving force behind inflation too. No, they don't. There are staffing issues, but it has nothing to do with "not being able to get people to work", as if people were just sitting around doing nothing. Many workers take advantage of the abundance of jobs and quit in order to take a better paying or more challenging job. I have seen many switch jobs and it leaves the old employer with an empty desk. It is what it is. There are also the boomers who retired early ("The Great Retirement") during the pandemic, and they left behind millions of empty desks.
Interesting how you censor my post so the facts I provided do not show up in your "response". Censorship - Thats a typical lefty socialist democrat tactic. As I previously wrote, and you deleted in your response, when short term discouraged, long term discouraged, and the "Grerat Resignation", the unemployment rate is 24.2%. And the current participation rate is below the pre-covid participation rate.
It may be useful in this discussion to look at: https://www.bls.gov/news.release/empsit.t15.htm I used to use it all the time years ago to correct Obama fans when they would lavish praise on him for lowering the unemployment rate. And, I would suggest that everybody pay a LOT more attention to the labor force participation rate while having this debate: https://www.investopedia.com/terms/p/participationrate.asp#:~:text=The labor force participation rate is an estimate of an,, civilian working-age population. . Hint: the "U-6" report (at the bottom of the chart) detailing "unemployment", is the only one of any REAL importance since the Federal Reserve combine completely hijacked the U. S. economy in August 2007.... Link: https://www.bls.gov/news.release/empsit.t15.htm Question: let's say that "John" quits his crap-job making fifteen bucks an hour, and then takes another semi-crap-job making sixteen bucks an hour. Now -- does the government count him getting that slightly better job as a NEW job, and thus, a 'dent' in unemployment rates...?! I'm not being coy. I really don't know the answer.
You commie you. Why don't you just tell me what you want me to say, so I can copy/paste it back you. That would spare me from your tears. Sheesh...... Cool story bro.
So, nobody wants to look through the lens of the Department of Labor's U3 - U6 chart? Why doesn't that surprise me....
Its good you can always find a lens which makes 500K new jobs look like bad news. No. If he quit one job and took another, then its one job lost and one added (=zero)
Yes, more jobs, but what type of jobs are they? More Americans are working part-time -- a potential harbinger of future jobs market instability Jack Stebbins, CNBC - 8/6/2022 More Americans were working part-time and temporary jobs last month. "Involuntary part-time workers," those in part-time positions for economic reasons, increased by a seasonally adjusted 303,000 in July. Hiring in July easily blew past expectations, suggesting a strong labor market despite other signs of economic weakness. But a jump in the number of workers in part-time positions for economic reasons - usually because of reduced hours, poor business conditions or because they can't find full-time work - hints at potential instability ahead. The Bureau of Labor Statistics on Friday reported the number of such workers, called "involuntary part-time workers," increased by a seasonally adjusted 303,000 in July, to 3.9 million.
500K new jobs is very good news... especially for those 500,000 people who are surely very happy to have jobs now. I wasn't 'dissing' anybody getting a job. It's just that I've seen all this back-and-forth about unemployment rates, labor participation rates, and all the rest of it argued about especially over the last twelve years. Even using the "U6" report, the unemployment rate in the U. S. is 6.7%, and that's for both June and July. And actually, even that is pretty damned good! .Link: https://www.bls.gov/news.release/empsit.t15.htm What kind of jobs...? Well, in the large majority of cases, in most sectors of the civilian business world, a person gets the job he/she is most qualified-for, compared with others who compete for the same opportunity. As a rule, the only exceptions to that are when government gives some kinds of people an undeserved advantage or preference based primarily on criteria that have nothing whatever to do with the job itself.... During the pandemic's heyday, a lot of people worked from home, worked floating 'shifts' of various kinds, or simply worked part-time. Many Americans have discovered that they really like working part-time instead of the often grueling, Monday - Friday, 40-hour work week -- especially during all that long, lovely period when 'Uncle Sugar' was sending them free money, free 'subsidies', etc. But, perhaps now that inflation is making nearly everything cost a LOT more, it's likely that those same people may decide they need the income that working more provides....
Employement is below pre-covid levels, participation is below pre-covid levels, and the unemployment rate put forward is the U3 which is not an accurate representation of unemployment (as you have mentioned). The key question is not unemployment, its what is the condition of the economy? That means looking at a host of metrics, and the total measure looks bad not good.
US economy adds 528,000 jobs in July, blowing past expectations ~ In other words people who were sitting around being "stimulated " with government checks are finally going back to work.
