US Adds 517,000 Jobs In January

[Economy 52,842]

https://www.axios.com/2023/02/03/us-economy-january-jobs-report-2023

 

The North American economy remains on fire and more defiant to rising rates than what was expected by economists

 

The US added an estimated 517,000 jobs in January well over double what was expected.

 

Meanwhile the unemployment rate fell to 3.4%

 

Some stocks fell as a stronger jobs report increases the odds of more interest rate hikes by the feds

[4th Time Around 5,059]

Great to hear but we all know this is FAKE NEWS because the annoying orange told us so.

[AsleepOnTheCeiling 6,940]

It's so sad that this is objectively a good thing to have less unemployed. But subjectively, I know this will excuse them raising interest rates and continued inflation. 

[Economy 52,842]

19 minutes ago, TortureMeOnReplay said:

It's so sad that this is objectively a good thing to have less unemployed. But subjectively, I know this will excuse them raising interest rates and continued inflation. 

U make it sound like it's some kind of conspiracy

 

Interest rates are not even high. They just feel high for young ppls perspective cuz we went thru an unprecedented 13-14 years of near 0 interest rates ever since 2008 all the way up to mid 2022

 

Ppl under a certain age who never experienced any different grew up to think rates like that was the norm

 

Edit: as a side note, I think the reason unemployment now is so low even as rates rise to restrict economy and also inflation as well (excluding impacts of war and global warming on food) is because of ageing retiring population

 

When ppl leave the workforce and retire they do not contribute to supply but they still spend to live (even if they cut back) resulting in a net positive impact on demand vs supply.

 

It's a time where savings are being drained and increasing money in circulation...

 

When a higher percentage of people are young and saving for the future... They try to save more than they earn (saving for retirement if at all possible, their kids education etc). The result is they add more to supply than demand and some of the money leaves circulation to not be spent on supply but is instead withheld in savings. This makes inflation lower but unemployment rate also higher

[AsleepOnTheCeiling 6,940]

1 hour ago, Economy said:

U make it sound like it's some kind of conspiracy

 

Interest rates are not even high. They just feel high for young ppls perspective cuz we went thru an unprecedented 13-14 years of near 0 interest rates ever since 2008 all the way up to mid 2022

 

Ppl under a certain age who never experienced any different grew up to think rates like that was the norm

 

Edit: as a side note, I think the reason unemployment now is so low even as rates rise to restrict economy and also inflation as well (excluding impacts of war and global warming on food) is because of ageing retiring population

 

When ppl leave the workforce and retire they do not contribute to supply but they still spend to live (even if they cut back) resulting in a net positive impact on demand vs supply.

 

It's a time where savings are being drained and increasing money in circulation...

 

When a higher percentage of people are young and saving for the future... They try to save more than they earn (saving for retirement if at all possible, their kids education etc). The result is they add more to supply than demand and some of the money leaves circulation to not be spent on supply but is instead withheld in savings. This makes inflation lower but unemployment rate also higher

Yeah I think complaining about how many are unemployed and then saying we need to raise interest rates to force layoffs and attrition is a conspiracy. Squeezing the poor and middle class while the upper class thrives is shameful. I've said before that there isn't a supply chain issue and I stand by that. There needs to be reform to how money is lended to individuals vs companies and also how prices can be raised. 

[pachinko 10,753]

Where were these jobs at? 

[Economy 52,842]

30 minutes ago, TortureMeOnReplay said:

Yeah I think complaining about how many are unemployed and then saying we need to raise interest rates to force layoffs and attrition is a conspiracy. Squeezing the poor and middle class while the upper class thrives is shameful. I've said before that there isn't a supply chain issue and I stand by that. There needs to be reform to how money is lended to individuals vs companies and also how prices can be raised. 

I agree with that, but that's a totally different issue to interest rates an monetary policy

 

The middle class being squeezed has more to do with the ultrawealthy not paying fair share of taxes, long term issues like global warming that are gonna keep increasing cost of food, overall greed, and just the fact that capitalism fundamentally pushes for every last dime of income to be spent

 

Interest rates tho are not the problem

 

Also supply chains got all kinds of issues. Not sure how ur concluding there's no issue there. Just Chinas non stop lockdowns alone being the 2nd largest economy and so involved in all kinds of products ripples thru all kinds of things

[Shipper 13,114]

Im currently looking for a new job. This is good news 

Someone hire me pls.

[Economy 52,842]

14 minutes ago, pachinko said:

Where were these jobs at? 

The article didn't break down industry and types. Probably cuz the data just came out and everyone wants to be the first to report it, regardless of whether the information is complete yet or not

[Economy 52,842]

14 minutes ago, pachinko said:

Where were these jobs at? 

The article didn't break down industry and types. Probably cuz the data just came out and everyone wants to be the first to report it, regardless of whether the information is complete yet or not

[Ladle Ghoulash 52,579]

"Here's how this is bad for Biden" - Incoming NYT op ed