528,000 new jobs in today's report
- Thread starter dorndawg
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Does the requirement to look for a job to get unemployment still exist? Seems like if someone wants a job there is one for them right now. Even with a recession looming (or in one maybe) still lots of “now hiring” signs hanging up.
US has now recovered all of the jobs lost in 2020. Not sure anyone else is even close.
Tough times in Europe ahead.
Tough times in Europe ahead.
And our economy is global whether we like it or not. Their woes will keep tabs on our recovery/growth in some measure, I suspect.
I have the same feeling as you. There has to be more to the story at this point than just COVID and I'm not talking some conspiracy. I'd love to see a breakdown of boomer retirement rates against labor shortages, maybe toss in a skilled/unskilled labor needs component and see what happens. I bet it is some combination. If you can't get enough skilled labor, you suddenly become more willing to train from zero, possibly removing a candidate from the unskilled labor pool. I mean when you need people your requirements drop from near superhuman to has a pulse, a brain and no major convictions or addictions.
False. Jobs are being eliminated all over. Especially the financial sectors. Lots of people being laid off across the economy. Hell, even Walmart is cutting jobs. You won't hear much about that kind of stuff until after midterms.
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Boomer retirements went sky-high in 20 & 21, I've not seen data for 2022. Also we went to essentially zero immigration for 3 years or so. This has absolutely been a drag on productivity.
Yes, Walmart laid off 200 people at the corporate office, where 14,000 people work. Are you having a sad about the US economy adding 900,000 jobs in 2 months?
That was a good print. The job market is the bright spot in our economy
I see wage growth ticked up and the participation rate ticked down. None of that is unexpected. What is still perplexing is how GDP has contracted in such a strong labor market. That is historically contradictory. But at any rate foreign investment in US companies should be favorable and I like the outlook of the stock market for short to mid term. I expect inflation to ease but only slightly.
I see wage growth ticked up and the participation rate ticked down. None of that is unexpected. What is still perplexing is how GDP has contracted in such a strong labor market. That is historically contradictory. But at any rate foreign investment in US companies should be favorable and I like the outlook of the stock market for short to mid term. I expect inflation to ease but only slightly.
I know several retail stores that are not hiring now. They are cutting hours like crazy with employees. If employees leave or are fired they aren't replacing them.
Is the economy slowing down where some of you live? Outside of the housing market chilling out, which it does after June every year anyway, it's full tilt in my part of the world.
Went to the grocery store yesterday and I have never seen it so crowded and packed. The shelves were picked clean. It was as of locusts came through. Did a rafting trip for 3 days over the weekend and the guides commented it was thier busiest year ever. Rented a boat last Thursday and the lake was absolutely packed and rentals are all booked out for the rest of summer.
Had family in town and couldn't get into any restaurants. The only dinner we had all week that could handle a group of 8 was at 4:45 at the golf course, outside in 95° heat. Drove by a few car dealerships Wednesday in Boise and there is still nothing new or used on the lots and the airport was so busy the economy lot was full.
I was in Kalispell MT a few weeks ago and the whole Target looked like the toilet paper aisle after Covid. Nothing on the shelves and it looked like someone kicked over a bed of fire ants with all of the people running around.
It's honestly gangbusters here. Extremely busier than last summer. I figured that the drop in GDP was more to do with wholesale and business inventory being over supplied and not buying to replenish in Q2. Because the consumer is definitely going ape **** still around me.
Are there parts of the country/economy where that is not happening? Are any of you seeing empty restaurants tables or things going on sale because of excessive inventory? Not trying to argue, just seeing if maybe there's a regionality to economic destruction. Maybe it's happening in places I don't see or frequent.
I honestly want a decent size recession here. Service in every facet of of the economy is dog ****. People need to lose jobs and not get the govt tit to better appreciate gainful employment. I don't want 2008, but we need to establish that there is not a Fed/Govt backstop and people need to perform well at work to make decent living or we will never fix this mess.
Went to the grocery store yesterday and I have never seen it so crowded and packed. The shelves were picked clean. It was as of locusts came through. Did a rafting trip for 3 days over the weekend and the guides commented it was thier busiest year ever. Rented a boat last Thursday and the lake was absolutely packed and rentals are all booked out for the rest of summer.
Had family in town and couldn't get into any restaurants. The only dinner we had all week that could handle a group of 8 was at 4:45 at the golf course, outside in 95° heat. Drove by a few car dealerships Wednesday in Boise and there is still nothing new or used on the lots and the airport was so busy the economy lot was full.
I was in Kalispell MT a few weeks ago and the whole Target looked like the toilet paper aisle after Covid. Nothing on the shelves and it looked like someone kicked over a bed of fire ants with all of the people running around.
It's honestly gangbusters here. Extremely busier than last summer. I figured that the drop in GDP was more to do with wholesale and business inventory being over supplied and not buying to replenish in Q2. Because the consumer is definitely going ape **** still around me.
Are there parts of the country/economy where that is not happening? Are any of you seeing empty restaurants tables or things going on sale because of excessive inventory? Not trying to argue, just seeing if maybe there's a regionality to economic destruction. Maybe it's happening in places I don't see or frequent.
I honestly want a decent size recession here. Service in every facet of of the economy is dog ****. People need to lose jobs and not get the govt tit to better appreciate gainful employment. I don't want 2008, but we need to establish that there is not a Fed/Govt backstop and people need to perform well at work to make decent living or we will never fix this mess.
New jobs, eh?
We're still below pre-pandemic levels. I love how you hacks call that "growth."
That's good but jobs are not the problem right now. Our problem is cost of living. There are some people are really hurting right now when they're trying to buy groceries or put gas in the car. Until we get some relief in prices nothing is going to change
I see overall employment drop from 3.6% in July to 3.5% now. I see job growth falling.
CNBC say we're still about 750k short. So I guess it's whatever version you choose to believe.
It's definitely weird. The GDP contraction seems to be productivity related. Also generally agree on inflation, although hopefully the arc begins to bend downward at least a little. With the FED not meeting in August, they might do a full 100bps in Sept.
You're absolutely right. This report shows us demand continues to outstrip supply.
It's slowed considerably here. People avoiding driving as much as possible and restaurants falling off. Most people I know cut vacations short or skipped due to high costs. Stores still aren't getting in a lot of things. Very sporadic in rural areas especially. I know we just layed off a 220 people, and we've been told to expect to see more in the fall. Hearing rumors of close to 1000 total (We've got about 20,000 or so).
Probably unrelated but I recall when black unemployment was at an all time low under Trump and Dems couldn't bring themselves to say that was good either. For some folks Biden could deliver a pallet of gold bricks to their door and they would complain that it was heavy.
I've talked to people that have said it's slowed down, but not slow.
This is not just anecdotal, but extremely localized, but I will say that one of the vacation spots that we like to look for last minute trips has been essentially unavailable without planning well in advance since Covid. I have been keeping an eye on August weekends just thinking that when school gets back in, it won't be so busy. A few weeks ago, it was basically showing no vacancies. Checked this week looking at later in August to see if it was getting any better and we might be able to snag some last minute accommodations then if we wanted to, and there are actually a lot of vacancies for this weekend. Maybe that's nothing to do with the economy and more to do with people realizing that doing those weekend trips when school is in is too much or having other conflicts come up, but maybe it's just that people are finally tapping out on debt and having to cut back. Credit card debt is growing at a healthy clip and delinquincies on car notes and credit cards are increasing. Maybe people were hoping that gas and food prices would moderate and give them some more breathing room and they would get bigger than usual raises to at least come close to inflation, and they wouldn't have to adjust their consumption and now are at the point where they just have to because the debt runup is starting to scare them.
I have been of the position that a lot of job postings are basically phantom job postings (they'll take a unicorn but can't make enough on the position to cover the wage required) and that we're going to see a slow down and job losses. But somebody told me that Mississippi is ending its CARES related rental assistance soon because apparently employers are still begging for workers enough that the state is still looking for ways to reduce the amount the government competes with employers. So maybe we're going to have a bastardized 70's, where things get worse for the middle class but nobody has to go without jobs and entry level and lower level jobs get raises that keep up with inflation. Not sure how that will translate into GDP or human misery.
Gas prices have fallen for 49 consecutive days.
Crude fell to a price seen only before Russia invaded Ukraine.
Average gas price is $.92 lower than mid-June.
https://www.thestreet.com/investing...9-next-week?puc=yahoo&cm_ven=YAHOO&yptr=yahoo
Just some related news. If you blamed Biden for gas prices shooting up, praise him for gas prices dropping. If you dont want to praise him for something he didnt do, dont blame him for something he didnt do.
This is pretty simple, but I doubt it will be received well here.
Crude fell to a price seen only before Russia invaded Ukraine.
Average gas price is $.92 lower than mid-June.
https://www.thestreet.com/investing...9-next-week?puc=yahoo&cm_ven=YAHOO&yptr=yahoo
Just some related news. If you blamed Biden for gas prices shooting up, praise him for gas prices dropping. If you dont want to praise him for something he didnt do, dont blame him for something he didnt do.
This is pretty simple, but I doubt it will be received well here.
Thanks. Maybe it's coming our way this fall, but the growth has been so robust here it's just not in the table yet.
Lots of hiring freezes taking place too. I have a feeling big construction layoffs are coming later this fall as well. Homebuilders are going to build way fewer houses in 2023. That alone will make a huge dent in employment.
Lots of hiring freezes taking place too. I have a feeling big construction layoffs are coming later this fall as well. Homebuilders are going to build way fewer houses in 2023. That alone will make a huge dent in employment.
I'll leave this here. I ship all over the US daily from my company. I spoke to my FedEx rep back in late April. Asked him how their shipments are doing month to month. He said record year and sky's the limit.
I asked this due to what my bankers told me years ago. They said if you want to know how the economy is doing, just ask freight companies. They slow-we slow. So he was all ***** and giggles, until he revisited my office two days back. Month over month-FedEx down 10% on nationwide shipping June to July. Said they are scrambling and concerned. Also, we normally get one to two calls weekly from a cold calling freight broker. On Monday, we had 15. These calls were from companies all over the US looking for freight to haul. I hope you're seeing the picture. We're so close to the cliff as a nation and doesn't appear that we're not afraid of heights. But that Schumer Bill will fix all of this ****!!!
I asked this due to what my bankers told me years ago. They said if you want to know how the economy is doing, just ask freight companies. They slow-we slow. So he was all ***** and giggles, until he revisited my office two days back. Month over month-FedEx down 10% on nationwide shipping June to July. Said they are scrambling and concerned. Also, we normally get one to two calls weekly from a cold calling freight broker. On Monday, we had 15. These calls were from companies all over the US looking for freight to haul. I hope you're seeing the picture. We're so close to the cliff as a nation and doesn't appear that we're not afraid of heights. But that Schumer Bill will fix all of this ****!!!
I will admit I don’t really keep up with employment or unemployment at the macro level. However, I can see, and my eyes are plenty of hiring signs damn near everywhere.
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