Unemployment rate down to 3.7% vs. expected 3.9%; Biden PRAISED for soft landing

[LeftistGent]

Total nonfarm payroll employment increased by 199,000 in November, and the unemployment rate edged down to 3.7 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care and government. Employment also increased in manufacturing, reflecting the return of workers from a strike. Employment in retail trade declined."

https://www.bls.gov/news.release/empsit.nr0.htm

Honestly giving hats off to Biden here. He worked with the fed, let them raise rates appropriately (unlike Trump who cried about a 25 basis point increase), and did his part with Congress reaching across the aisle. Yes he's old, we get it, but you can't argue with results. I'd rather have an old president than a lunatic who cries about 25 basis point rate hikes.

[DeshaunWatson]

We need to keep raising rates.

[paulpfiction]

Biden - massive inflation, threatens to send American troops to die in Ukraine (thank God the adults are in charge)
Trump - no wars and peace treaties, great economy before world wide pandemic (Lunatic)

[tripod29]

Sending money to Ukraine and Israel is clearly working. So we need to send MORE!

[Dan_S]

You realize low unemployment numbers are actually antithesis to the Fed's goal of raising rates, yes? It's a signal that the Fed needs to raise rates more, because interest rate hikes should theoretically depress the economy.

The fact that it's still somehow going down should tell you that the unemployment numbers are actually BS.

[GuineaDago585]

This is fkin infuriating. We need a recession now to get Trump back.

The only good news is inflation is already baked in so people won’t perceive the relatively good economic figures as they normally would. Everyone is broke because of rising prices and interest rates.

[Stizzel]

Nothing like getting a second job to pay the bills while being told the economy couldn't be better

[LeftistGent]

You realize low unemployment numbers are actually antithesis to the Fed's goal of raising rates, yes? It's a signal that the Fed needs to raise rates more, because interest rate hikes should theoretically depress the economy.

Obviously yes, but most thought interest rates at this level would decimate the economy. This hasn't happened.

[rampagefc77]

https://www.bls.gov/news.release/empsit.nr0.htm

Honestly giving hats off to Biden here. He worked with the fed, let them raise rates appropriately (unlike Trump who cried about a 25 basis point increase), and did his part with Congress reaching across the aisle. Yes he's old, we get it, but you can't argue with results. I'd rather have an old president than a lunatic who cries about 25 basis point rate hikes.

The main issue is that we kept rates near zero under our bans to give to illusion that the economy wasn’t a dumpster fire. We were set up for disaster, but trumps policies brought the economy back to life. The fed immediately starting raising rates to stifle growth, during a time when China was manipulating their currency, etc. so trumps gripes were well founded. The rates needed to rise, but not at the rate that the fed insisted.

[AlfBundy]

Who cares about the unemployment rate when everyone's poor?

[EvanStroud]

Everyone working 2nd and 3rd jobs to keep the lights on probably helps those numbers

[John L]

This is fkin infuriating. We need a recession now to get Trump back.

The only good news is inflation is already baked in so people won’t perceive the relatively good economic figures as they normally would. Everyone is broke because of rising prices and interest rates.

This brah wants an even chitter economy and more financial hardship for Americans just because he wants to see his precious tweet from the oval office again lmao

[LeftistGent]

The main issue is that we kept rates near zero under our bans to give to illusion that the economy wasn’t a dumpster fire. We were set up for disaster, but trumps policies brought the economy back to life. The fed immediately starting raising rates to stifle growth, during a time when China was manipulating their currency, etc. so trumps gripes were well founded. The rates needed to rise, but not at the rate that the fed insisted.

The economy was already getting back on track before Trump. The issue is that he kept his foot on the gas with unnecessary policy that stimulated the economy at a time where it wasn't needed. The fed was forced to step in at that point.

The problem with Trump is that he only cares about himself and his own legacy. He doesn't give a sh*t about doing the right thing. This is why I've been praising Biden recently - he accepted what needed to be done despite the impact it could have on his legacy. This is ZERO chance Trump would have reacted positively to this like Biden has.

[Abzu]

In our current global economic environment, lower unemployment is a bad thing because it means that rate cuts could be further out and rates can stay higher for longer, that means mortgage rates stay high and markets top out until the economy starts showing signs of stress and/or inflation goes below 2%, if inflation goes below 2% with the economy never showing signs of stress then you can say we have had a soft landing.

We need to keep raising rates.

I don't think so.

The fed could have stopped raising rates in 2022 and still KO inflation but instead, they officially triggered economic reversal in Nov of 2022 when they did an additional .75 hike, what we need is for the government to stop spending, for the fed to cut rates and for China to reopen... or a supply side president.

I think Elon Musk is a fraud but to the R/P, Elon Musk is the savior, I agree that he says very smart things on occasion but I don't think that this is all original thought, he pays smart people for their knowledge and he has friends of great resources who feed him information. Anyway, to the point, Elon said the fed would be making a mistake if the raise rates by .75 in Nov of 2022, he said we had more deflation than inflation at that time and he even said that the fed should start cutting rates by .25 immediately or they amplify the risk of severe recession, I agree with him, his high IQ employees and his resourceful, billionaire friends lol.

[~Hades~]

lol at thinking that increasing interest rates results in more hiring. thats the essence of bidenomics lmao

[~Hades~]

We need to keep raising rates.

having the highest interest rates in 20-30 years is not a good thing

[LeftistGent]

lol at thinking that increasing interest rates results in more hiring. thats the essence of bidenomics lmao

Literally no one is saying this. It's the fact that, despite steep rate hikes, the economy has been incredibly resilient under Biden.

[Abzu]

Elon Musk accuses Fed of 'looking in the rearview mirror' with rate hikes



Elon Musk issued a stern warning this week to the Federal Reserve as it embarks on one of the most aggressive campaigns in decades to crush out-of-control inflation.

The U.S. central bank, he said, is raising interest rates too high, too quickly – even though the Tesla CEO believes the economy has entered a period of deflation.

"There's more deflation than inflation," Musk said on Wednesday during Tesla's third-quarter earnings call. "I'm going to make this point over and over again to the Fed, and the Fed is not listening because they're looking at the rearview mirror instead of looking out the front windshield."

The wealthiest man(LOL) in the world first expressed concern in September that the Fed risks deflation with its rapid rate hikes, and called on policymakers to cut rates by 25 basis points.

Instead, the Fed voted to lift the benchmark federal funds rate by 75 basis points, the third straight hike of that magnitude. Officials have shown no signs of slowing down, with the Fed's benchmark currently in a target range of 3% to 3.25% – near restrictive territories.

Policymakers are widely expected to approve a fourth straight 75-basis-point hike when they next meet in early November.

In a troubling development, however, the Fed's rate hikes have thus far failed to tame inflation: The government reported last week that the consumer price index soared 8.2% in September from the previous year, faster than expected. Even more concerning, core prices – which exclude more volatile measurements of food and gas – jumped 6.6%, the fastest since 1982.

That indicates the Fed will have to continue charting its aggressive course, raising the odds that it will crush consumer demand and cause unemployment to rise.

Musk is just the latest CEO to sound the alarm over the deteriorating U.S. economy. JPMorgan CEO Jamie Dimon, Amazon founder Jeff Bezos and Goldman Sachs CEO David Solomon have all expressed concern that the U.S. is headed for a recession as a result of higher interest rates.
https://www.foxbusiness.com/economy/...ror-rate-hikes

[Retoaded]

If they don't cut rates soon we'll be in a recession during the next election.

[~Hades~]

Literally no one is saying this. It's the fact that, despite steep rate hikes, the economy has been incredibly resilient under Biden.

are you high on drugs again? your post talks about unemployment number decreasing(AKA HIRING) and the fed raising rates(AKA HIGHER INTEREST RATES)

[ymer]

Keep drinking the kool-aid.

The more people think things are going great and he longer they keep kicking the can down the road, the deeper the recession will be. I'm literally sitting on piles of cash right now.

[Seatard]

Horrible news OP! The end is near, any day now, $9 gas, $40 steaks, housing crash, deeeeeep recession, millions of dead vaxxers, Civil WW3, 4, and 5, only Trump can save us.

[kcadrenalin]

[LeftistGent]

are you high on drugs again? your post talks about unemployment number decreasing(AKA HIRING) and the fed raising rates(AKA HIGHER INTEREST RATES)

You drinking again? Unemployment down DESPITE rates being hiked significantly. Now explain to me why you think low unemployment is continuing to occur despite aggressive fed action. Don't hurt yourself.

[benedetto27]

High interest rates means small businesses and the middle class gets screwed. Only large corporations can manage. Small businesses and middle class people wanting to own a home get locked into perpetual debt slavery to keep afloat, which benefits big banks.

OP loves large corporations screwing over small businesses and the middle class. All he ever posts is slobbering over neolib policies that benefit oligarchy and large multi-national corporations that hate, and I mean hate middle class Americans having any kind of autonomy.

[DeshaunWatson]

This brah wants an even chitter economy and more financial hardship for Americans just because he wants to see his precious tweet from the oval office again lmao

I love when people have no idea how economics work. Just tells me you’re a democrat.


People have to suffer before this gets better. The people who have prepared like myself and many others, are waiting to pick up the pieces of the low IQ who over leveraged.

[6gorillion]

Economy is not doing good, unemployment rate is double that fake statistic.

They no long count the long term unemployed and those who have given up.

Mass lay offs every single day.

[AlfBundy]

What is Biden doing specifically to create private sector jobs?

[Abzu]

Terminal fed funds rate will be 5.25-5.50 to 5.50-5.75, the fed will then pause, rate cuts follow and continue into 2024.

I still haven't seen anyone post the catalyst to get this market moving down.

I don't think most of you guys are going to make it this year but that's ok.

Lol.

Posted that in Jan of this year.

I've predicted where the fed should take rates for a soft landing, where they are actually going to take them, when they will cut rates and where they will cut them to. I've made so many spot on economic predictions on this forum that you literally could have gotten rich by following my posts. Called the correction in Sep 2021 to the day, called the crash in 2022, called the boom in 2023 and I have already said what would happen in 2024(though adjustments must be made do the fed starting skipping every other meeting instead of raising until terminal).



I think a lot of folks missed out on some of the content I provide because I'm also very inflammatory and I'm willing to call out anyone.

I do that on purpose online and offline because I know what I am offering is special and I want to know you deserve it.

Think about like tax loopholes, they are available to all but utilized by few, this allows the cream to rise to the top.



I'm only saying this now because I won't be here much longer and I want to allow more people the chance to expand their base of knowledge.

This is actually true but red dillys could come in late Jan



Lol, don't let the little green elf fool ya... Santa is a Blood lol.

Posted that in Dec 2021 just prior to the crash lol

No wonder folks didn't listen lol

I'm an ******* lol

[Retoaded]

Lol.

Posted that in Jan of this year.

I've predicted where the fed should take rates for a soft landing, where they are actually going to take them, when they will cut rates and where they will cut them to. I've made so many spot on economic predictions on this forum that you literally could have gotten rich by following my posts. Called the correction in Sep 2021 to the day, called the crash in 2022, called the boom in 2023 and I have already said what would happen in 2024(though adjustments must be made do the fed starting skipping every other meeting instead of raising until terminal).



I think a lot of folks missed out on some of the content I provide because I'm also very inflammatory and I'm willing to call out anyone.

I do that on purpose online and offline because I know what I am offering is special and I want to know you deserve it.

Think about like tax loopholes, they are available to all but utilized by few, this allows the cream to rise to the top.



I'm only saying this now because I won't be here much longer and I want to allow more people the chance to expand their base of knowledge.

you think they are done at 5.5? when do you think cuts start next year?