Jobs report SMASHES expectations (gachase GTFIH) (everybody else STAY OUT) (dead Srs)

[TaeBoNinja]

Just look at some of the responses in this thread and realize how pointless it is to debate/argue this stuff. The fact that anyone can claim our economy is doing good blows my mind.

Pretty much. Even liberal economists say this is bad, but the Lefties in here are just clueless.

[NYPat]

Just look at some of the responses in this thread and realize how pointless it is to debate/argue this stuff. The fact that anyone can claim our economy is doing good blows my mind.

Not everyone views the world through orange tinted glasses.

[gachase21]

Obviously not my area of expertise but there's no reason to act like what I posted isn't relevant to what you posted.

Idk, maybe you just know more than the people at the Economic Policy Institute where the stats I posted came from (not trying to be a dick, you're a good poster).

I’ll give you a left perspective to understand it deeper.


This is a former Obama economic policy person - and Harvard Econ professor

He’s one of the lefties I posted above sensationalizing the negatives about this report.

Often also cited with king lefty Econ Krugman - who also thinks this is bad - see above

Now sometime Krugman and Furman disagree - and it’s fun to watch their arguments, but that’s another subject.


This is a lefty economic research group

https://www.piie.com/



Read this post in early November by Furman


https://www.piie.com/blogs/realtime-...mpen-inflation



Now this was before todays report- hence after reading it you can understand his freak out I posted in post # 7




Edit- originally quoted wrong person

[Dave22reborn]

So in a nutshell, everyone has jobs and wages are very close to keeping up with inflation.

Weird how folks want to spin these as negatives when inflation has been falling the last few months.

Can you imagine what the spin would be if we lost tons of jobs and wages were flat? Conservatives would lose their minds.

Just lol at trying to make this great jobs report a negative.

If everything is so amazing, why are something like 50% of 30 year olds living at home?

[Dave22reborn]

58% of young adults are still living at home, impacting their parents’ path to retirement

https://news.prudential.com/58-young...retirement.htm

Winning!!!!!

[NYPat]

I’ll give you a left perspective to understand it deeper.


This is a former Obama economic policy person - and Harvard Econ professor

He’s one of the lefties I posted above sensationalizing the negatives about this report.

Often also cited with king lefty Econ Krugman - who also thinks this is bad - see above

Now sometime Krugman and Furman disagree - and it’s fun to watch their arguments, but that’s another subject.


This is a lefty economic research group

https://www.piie.com/



Read this post in early November by Furman


https://www.piie.com/blogs/realtime-...mpen-inflation



Now this was before todays report- hence after reading it you can understand his freak out I posted in post # 7




Edit- originally quoted wrong person

Ok I get why this would be bad but my issue was with the general statement that wages are the primary driver of inflation, when corporate profit is actually 54% of inflation.

[ghostfacedup]

we are screwed.

[Dan_S]

Just look at some of the responses in this thread and realize how pointless it is to debate/argue this stuff. The fact that anyone can claim our economy is doing good blows my mind.

It's just more partisan nonsense. Apparently we can't discuss anything without it becoming a left vs right thing.

The reality is that any "better than expected" economic news means the Fed has to become more hawkish to drive inflation down. And they'll do that with more aggressive interest rate hikes. Which then leads to layoffs and a worsening economy.

Once you understand that the Fed beats inflation by beating down the economy, things make a lot more sense.

[Phil9]

If everything is so amazing, why are something like 50% of 30 year olds living at home?

What % of them were living at home when Trump was claiming we had the greatest economy EVER?

[LeftistGent]

If I have to explain to you, the relationship between wages and PCE core inflation- you have a lot of learning to do before you can even enter the conversation.


This is a concept university agreed-upon- wages are the main driver for core- service cost next

Unless you suddenly don’t believe every single major lefty economist, and other economist.


Based on your link, I’m not sure you actually even understand what I’m talking about.

I'd be interested on you expanding on this. There has been significant debate about this topic.

It’s not a causal relationship, it’s a correlative one. So, just because wages are correlated with PCE means that we need to reduce wages to reduce PCE? Something seems off here.

I don't think it's as simple as some linear relationship between two non-discreet variables. Wages haven’t been following the natural curve (i.e. coupled to productivity) since 1979, so PCE is following what exactly? Some arbitrary increase in wages decided by corporations?

[jtaylor2010]

Not everyone views the world through orange tinted glasses.

Haven’t given Trump any meaningful thought in almost 2 years. Sorry bro, try again….

[frankdtank20]

It's just more partisan nonsense. Apparently we can't discuss anything without it becoming a left vs right thing.

The reality is that any "better than expected" economic news means the Fed has to become more hawkish to drive inflation down. And they'll do that with more aggressive interest rate hikes. Which then leads to layoffs and a worsening economy.

Once you understand that the Fed beats inflation by beating down the economy, things make a lot more sense.

I'd have thought everyone knew this by now. Do people think the Feds are raising interest rates for schits and giggles? Interest rates going up doesn't just hurt the housing market, even though that gets all the headlines. But unfortunately the rising rates are necessary. The Fed created the problems with near 0% rates for over a decade, so they have to undue their protracted mistake.

[frankdtank20]

Although I’m a fan of how well Trump’s tax plan has kept our economic recovery and job market intact - the couple excessive policies Biden has done that exacerbated inflation causes us to need to make a slow pivot to normalcy to prevent a hard painful thud.


What this report is showing is the results of policy carelessness that will more than likely result in a hard thud.

The recent policies were intended to do the reverse- so this report is a direct slap in the face of the administration’s intentions.


Why even all the lefty economist this morning are calling it bad.


Personally, I’m still overall optimist about our near-term future.

I'm an optimist for the future too. I know we'll have a recession in 2023, but it may end up being shorter than I was predicting a few months ago. You know that old expression "when the US sneezes the rest of the world catches a cold." It doesn't work the other way around, so I'm grateful to live in the US.

[Jasonw1178]

This again. What a smoke show. Low unemployment thanks to nobody looking for jobs as labor participation the lowest it's been in a long time. I'm sure a lot of people are getting holliday jobs so yeah it's going to jump. Wages jump, but not as high as inflation. It's like you can jump 3ft but the wall is 4ft high. You work on it and manage to be able to jump 4ft and you come to jump the fence and it's now 6ft high. Did you get closer to jumping the fence? Right now is a time where most companies are raising prices to match cost of living so half of that is moot at best.

I'm just playing the role of Captain Obvious stating the obvious. Of course it would be worst if unemployment spiked and wages fell, but that's really not the issue right now. We have some serious issues right now and this administration doesn't have a clue.

[Phil9]

Strange how it’s unemployment rate when a Republican is president and participation rate when a Democrat is president. 😂

[EctoCanuck]

Democrats ate just better at handling the economy long-term.

Even Trump admits the economy does better under the Democrats...

[gachase21]

Strange how it’s unemployment rate when a Republican is president and participation rate when a Democrat is president. ������

It’s all confusing - and this is always the best simple measure








And then this

[OPGenesis]

.

Yea, it's called the establishment and household survey's all this info is generated from deviate from one another to the point where all the data seems very politicized.

[nutsy54]

So in a nutshell, everyone has jobs and wages are very close to keeping up with inflation.

"Everyone has jobs"... yet Americans supposedly can't pay their own student loans?

"Close to keeping up with inflation"? Over the past 12 months, average hourly earnings have increased by 5.1% which was also above the 4.6% expected.
5.1% annual income increase, chasing 7.7% annual inflation... Close
https://www.bls.gov/news.release/cpi.nr0.htm

[nutsy54]

Jobs report SMASHES expectations (gachase GTFIH) (everybody else STAY OUT) (dead Srs)

Such "smashing" results...

[OPGenesis]

Such "smashing" results...

[img]https://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2022-12-02_05-31-49.jpg[/mg]

Anymore hot takes, boomer?

[nutsy54]

Even Trump admits the economy does better under the Democrats...

18 year old video, you're desperate as usual

Biden
- 50-year record high inflation
- Record high gas prices
- Unemployment claims steadily increasing since September
- Doing better!

[nutsy54]

Anymore hot takes, boomer?

Are you drunk? What does that question even mean?

[OPGenesis]

Are you drunk? What does that question even mean?

Yup, definitely a boomer.

Move along now.