Astonishingly bad jobs numbers come out in horrible news for the Biden administration

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"Astonishingly"? only if you are a total mooron. lol.

hurricanes and boeing strike. Unemployment rate remains at very low levels, the jobs market is fine.

Ignore that top line [job additions], look at that 4.1%, and just get on with it," Joe Brusuelas, chief economist for RSM, told Yahoo Finance. He added, "This is all noise."
Economists warned ahead of Friday's release that recent hurricanes and a strike by Boeing (BA) workers weigh on the labor market data for October. The BLS confirmed that was the case in Friday's release.

"It is likely that payroll employment estimates in some industries were affected by the hurricanes," the BLS wrote in the release. "However, it is not possible to quantify the net effect on the over-the-month change in national employment, hours, or earnings estimates because the establishment survey is not designed to isolate effects from extreme weather events. There was no discernible effect on the national unemployment rate from the household survey."

 
pjmret said:
"Astonishingly"? only if you are a total mooron. lol.

hurricanes and boeing strike. Unemployment rate remains at very low levels, the jobs market is fine.

Ignore that top line [job additions], look at that 4.1%, and just get on with it," Joe Brusuelas, chief economist for RSM, told Yahoo Finance. He added, "This is all noise."
Economists warned ahead of Friday's release that recent hurricanes and a strike by Boeing (BA) workers weigh on the labor market data for October. The BLS confirmed that was the case in Friday's release.

"It is likely that payroll employment estimates in some industries were affected by the hurricanes," the BLS wrote in the release. "However, it is not possible to quantify the net effect on the over-the-month change in national employment, hours, or earnings estimates because the establishment survey is not designed to isolate effects from extreme weather events. There was no discernible effect on the national unemployment rate from the household survey."

Click to expand...
Of course. Democrats always come up with excuses to blame others or circumstances beyond control for the bad numbers reflecting the dismal conditions of the economy on their watch.
 
mark francis said:
Of course. Democrats always come up with excuses to blame others or circumstances beyond control for the bad numbers reflecting the dismal conditions of the economy on their watch.
Click to expand...
uh, its economists saying this, because its...true. lol.

“The big one-off shocks that struck the economy in October make it impossible to know whether the job market was changing direction in the month,’’ Bill Adams, chief economist at Comerica Bank


“The pace of job creation was skewed by the devastating effects of Hurricane Milton and Helene, then distorted further by obstacles presented by major employee strikes where manufacturing took a hit,” said Eric Roberts, CEO at Fiera Capital



maybe you were too stupid to notice the hurricanes, but anyone with an iq over 50 did :)

well your posts prove you are astonishingly stupid, so that makes sense :)
 
pjmret said:
uh, its economists saying this, because its...true. lol.

“The big one-off shocks that struck the economy in October make it impossible to know whether the job market was changing direction in the month,’’ Bill Adams, chief economist at Comerica Bank


“The pace of job creation was skewed by the devastating effects of Hurricane Milton and Helene, then distorted further by obstacles presented by major employee strikes where manufacturing took a hit,” said Eric Roberts, CEO at Fiera Capital



maybe you were too stupid to notice the hurricanes, but anyone with an iq over 50 did :)

well your posts prove you are astonishingly stupid, so that makes sense :)
Click to expand...
Hurricanes did not drive the US into its current massive debt and deficit in the last 3 years.
 
mark francis said:
Hurricanes did not drive the US into its current massive debt and deficit in the last 3 years.
Click to expand...
its amusing how when I make you look stupid about the subject of this thread, you immediately try to deflect to something completely different.

i am just amused, but somewhat perplexed, about why you insist on making yourself look this stupid. but...carry on! lol
 
pjmret said:
its amusing how when I make you look stupid about the subject of this thread, you immediately try to deflect to something completely different.

i am just amused, but somewhat perplexed, about why you insist on making yourself look this stupid. but...carry on! lol
Click to expand...
You are right, horrible Bidenomics news has nothing to do with hurricanes.
 
mark francis said:
www.theepochtimes.com

US Economy Adds Just 12,000 Jobs in October

The figure came in a month that included a strike and hurricanes. The unemployment rate held steady at 4.1 percent.
www.theepochtimes.com www.theepochtimes.com

Last month, there were just 12,000 new jobs, below the consensus estimate of 113,000. This represented the smallest monthly employment gain since December 2020.
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How shocking. That'll have a profound effect on the elections.

You really know how grab defeat from the jaws of victory.
 
pjmret said:
"Astonishingly"? only if you are a total mooron. lol.

hurricanes and boeing strike. Unemployment rate remains at very low levels, the jobs market is fine.

Ignore that top line [job additions], look at that 4.1%, and just get on with it," Joe Brusuelas, chief economist for RSM, told Yahoo Finance. He added, "This is all noise."
Economists warned ahead of Friday's release that recent hurricanes and a strike by Boeing (BA) workers weigh on the labor market data for October. The BLS confirmed that was the case in Friday's release.

"It is likely that payroll employment estimates in some industries were affected by the hurricanes," the BLS wrote in the release. "However, it is not possible to quantify the net effect on the over-the-month change in national employment, hours, or earnings estimates because the establishment survey is not designed to isolate effects from extreme weather events. There was no discernible effect on the national unemployment rate from the household survey."

Click to expand...
More weasel excuses
 
pjmret said:
of course I didn't say that. lol.

low unemployment
high gdp
high stock market

only a mooron like you would think that is "horrible"

hahahah

www.theatlantic.com

The U.S. Economy Reaches Superstar Status

No, really.
www.theatlantic.com www.theatlantic.com

you must love looking stupid
Click to expand...
bipr.jhu.edu

BIPR

The Bologna Institute for Policy Research
bipr.jhu.edu bipr.jhu.edu


US Economy is Headed for Recession

Converging global and domestic factors will cause the United States economy to experience a recession within the next 18 months. The looming economic crisis foretells a weakening of the domestic market and will become a prominent focus of the 2024 US election debates.

Analysis

The US economy will be simultaneously impacted by several factors: over-expenditures and dwindling funds in the aftermath of the COVID-19 pandemic, vulnerability of big firms, surge in oil and energy prices, and an inverted yield curve.

Covid-19 Effects and Inflation

The inflation spike that the US experiences can be traced back to the COVID-19 pandemic. In 2020, the US decided to print 3.3 trillion USD, an estimated one fifth of the money in circulation. This method, known as quantitative easing (QE), encouraged borrowing, and provided liquidity to the financial systems. The Federal Open Market Committee (FOMC) decided on two interest rate cuts, returning the federal funds rate to a range of 0%-0.25%. This stimulated consumption but lowered the value of the dollar, leading to inflation. In June 2022, the US experienced a 41-year record high inflation rate of 9.1%. Inflation rates have since dropped considerably, however, consumers continue to struggle, with a 3.7% Consumer Price Index increase from September 2022 to September 2023. This is due largely to diminishing household incomes and issues in supply-chains. The inflow of cash has also led to market volatility. The stimulus money that citizens received during the crisis has mostly run out, with reports showing that the least privileged 80% of Americans have less cash on hand than prior to the pandemic.

Among younger Americans, credit-card delinquency rates have increased continuously since the end of 2021, showing a lack of available funds. Additionally, debt rates in Q3 of 2023 surged by almost 5% compared to the previous quarter, indicating that banks are taking on too many risky loans. Student loan payments have also resumed after 3.5 years, potentially cutting into the growth rate by 0.2 to 0.3% in the fourth quarter of 2023.

Big Firm Turmoil and Layoffs

Many companies are initiating layoffs as they shift to AI-powered work, which will temporarily lead to a significant increase in unemployment until the work sector adapts and finds new ways to employ people. Job loss will contribute to lower consumer spending and an overall slowdown of the economy.

Tech companies alone have cut 253,000 jobs in 2023. Simultaneously, big companies have experienced a decline in economic activity, which obstructs their hiring processes, leading many consulting firms like McKinsey, Bain & Company, and BCG to delay start dates for new hires. In addition to domestic unemployment, the US is affected by stagnant economies around the globe. China, US' third largest trading partner, is also experiencing a significant economic downturn, stemming largely from its property crisis, with youth unemployment sitting at 21%. China's economy will have reverberating effects in the US labor market. Many American corporations, like Amazon and Starbucks, are threatened by unreliable Chinese manufacturing and supply chains.

Companies will experience turbulence due to domestic and international economic instability, which will be further exacerbated as half of the large and mid-sized banks in the US begin implementing stricter requirements for commercial loans.

Energy Price Spikes

Oil prices also indicate a coming recession. A barrel of oil has risen to 95 USD in October 2023, up 25 USD since Summer 2023. The price is projected to increase even further.

The sanctions that followed Russia's full-scale invasion of Ukraine will continue to increase crude oil prices. To replace Russian sources, the West turned toward Saudi Arabia for oil. However, Saudi Arabia and the Organization of the Petroleum Exporting Countries (OPEC) agreed to a 1.66 million barrels-per-day decrease in production until the end of 2024. Saudi Arabia and Russia additionally agreed to cut another one million barrels-per-day of production and 300,000 barrels-per-day of exports until the end of 2023, keeping rates of global oil production below global oil consumption. After Canada, the US gets most of its oil imports from OPEC and the Persian Gulf countries. The pressure on crude oil prices will persist, with the Brent spot price estimated to average 93 USD per barrel in 2024.

Inverted Yield Curve

Inverted treasury yield curves have predicted the last five recessions. The US is currently experiencing another inverted yield curve. This means that investors taking out loans pay more for short-term loans than long-term ones. When investors put more faith in short-term loans, they convey a lack of confidence in long-term yields. Additionally, the Federal Reserve Bank has hiked rates to 5.25% since early 2022. The effects of the hike on the economy will be seen in 2024.

Conclusion

The post-Covid economic backlash, in conjunction with faltering external economies and global conflict will directly impact US domestic interests, foreshadowing an emerging recession in the next 18 months with implications for consumers and investors both in the US and abroad.
 
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