More than double the jobs created than expected.
The economy may be in Recession but it doesn't look like any recession I've ever seen.
There are many things that make today's NEW world so much different that we can't go by the OLD rules.
a couple random thoughts here...
these are still jobs that are coming back after a shutdown. Never before had a society shut down an economy like weve seen the last couple years. when things open up, then all those people thrown out of work come back to work.
this has Nothing to do with any good policies coming out of the WH, but we all know that biden will take credit.
another random thought... the most important thing to look at... are wages going up faster than inflation? or is inflation going up faster than wages? that is more important (as a long term trend) than a specific jobs number, or the unemployment rate.
as a long term trend... from the early 1800's, until the mide 1900's, when we tried to stick to a gold standard, and we had less govt involvement in the economy, wages grew faster than inflation for over 100 years.
from the early 70's onward, inflation has grown faster than wages (except for a couple years under trump).
this is something that influences both jobs and inflation...
the pause in student loans means that young people have more money to spend than what they may have otherwise. that extra spending helps to fuel inflation. it helps fuel demand.
one easy thing biden would do to trim inflation, is to get rid of this pause on the student loan payments.
A complete nit pick, but these are not "unemployment numbers", they are "employment numbers".
And Bear, essentially correct. We still remain below pre-pandemic participation rate. It actually dropped a tic in this report.
We are in a place where the Fed feels we need to slow down the recovery. Bizarre fiscal policy as we are not seeing overheated demand as a source of inflation. It's supply side inflation, not demand.
And finally, as I suspect the numbers will show, decreased fuel price will show dramatic decrease in inflation.
And our benevolent President will take credit.
A good analogy?
"Once I stopped punching you in the face, your face stopped hurting so much, right? You're welcome"
And his fans will cheer with gap mouthed approval.
1. Every rational player out there knows the office of the president has virtually nothing to do with the economy. It has been common knowledge for my entire life. They don't deserve blame for a weak economy, although they are held accountable by political opposition and voters alike. They don't deserve credit for a strong economy and of course they claim it. It is true for both parties and always has been so.
2. The fact missed in this thread, and many of the comments I agreed with, is that the number came in way higher than expected. That means participants are "offsides" so to speak.
The confluence of a shrinking economy and high employment numbers is remarkable.
Every rational player out there knows the office of the president has virtually nothing to do with the economy. It has been common knowledge for my entire life. They don't deserve blame for a weak economy, although they are held accountable by political opposition and voters alike. They don't deserve credit for a strong economy and of course they claim it. It is true for both parties and always has been so.
Thanks for the morning laugh JOJ. BTW, every rational player knows just how wrong you are and can itemize point by point as to why and how, but the fact that you can even make the above statement renders any effort along those lines pointless.
I will concur that a president can't make a strong economy, but he sure can screw one up. A strong economy is the result of the government getting out of the way and allowing the people who know what they are doing to do what they know. IOW, the exact opposite of the sum of Biden et. als' efforts.
But go ahead and rush out to buy one of those EV's this admin is pretty much forcing manufacturers to produce. When the battery blows up, you or your survivors will be part of the inevitable class action suit that will bankrupt a few manufacturers and/or insurance companies. That is assuming our "green energy" grid can supply enough energy to charge the battery.
The future looks swell, doesn't it? :-)
I find your posts amusing too Tim. At least you didn't call me a communist. I suppose that's a step in the right direction.
I've never thought of you as a communist and sincerely doubt I've used that term in reference to you. If I have, I misspoke.
You are a rare breed, a unique individual. A principled liberal capitalist who supports some socialist ideas. I surprise myself with how often I agree with you, but as you've said, those are the shortest of exchanges.
I guess I would boil myself down as follows.
I believe that the allocation of everything should be done in a free market fashion except for the following:
Policing/military, food, shelter, education and a basic level of healthcare.
I think education should be only for preK to 12th grade but I am open to support for college tuition for low income students who demonstrate academic excellence. (not free for all comers)
Healthcare at a basic level does not mean 2 million dollars for treating a patient requiring extensive surgeries etc. Above my pay grade to determine what "basic" healthcare means.
Those are reasonable points to consider/debate
Not saying yea or nay just saying a reasonable place to start. Ya get some of these idiots with agendas who start off with demands from the stratosphere. That approach immediately breeds conflict and contempt . Sheeeesh!
Sure sounds reasonable to me!
I'm also in agreement with those who are pointing out that it's about jobs coming back. There is no "new growth in jobs". Still plenty of companies looking for bodies to fill positions that were let off during the plandemic. Government numbers lie like a cheap Indian rug.