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Economy added 431,000 jobs in March despite worries over slowing economy

NuffSaid

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"Nonfarm payrolls expanded by 431,000 for the month, while the unemployment rate was 3.6%, the Bureau of Labor Statistics reported Friday. Economists surveyed by Dow Jones had been looking for 490,000 on payrolls and 3.7% for the jobless level."

Seems like US fell a bit short of what was hoped. Anything positive in job growth is always a good thing, especially with rising inflation and consumer pricing.

"Revisions from prior months also were strong. January’s total rose 23,000 to 504,000, while February was revised up to 750,000 compared to the initial count of 678,000. For the first quarter, job growth totaled 1.685 million, an average of nearly 562,000."

Glad to see that January's and February's total jobs were revised up.
 

tres borrachos

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"Nonfarm payrolls expanded by 431,000 for the month, while the unemployment rate was 3.6%, the Bureau of Labor Statistics reported Friday. Economists surveyed by Dow Jones had been looking for 490,000 on payrolls and 3.7% for the jobless level."

Seems like US fell a bit short of what was hoped. Anything positive in job growth is always a good thing, especially with rising inflation and consumer pricing.

"Revisions from prior months also were strong. January’s total rose 23,000 to 504,000, while February was revised up to 750,000 compared to the initial count of 678,000. For the first quarter, job growth totaled 1.685 million, an average of nearly 562,000."

Glad to see that January's total jobs were revised up.

3.6%? That is excellent news on a Friday morning. America should be happy as hell today - that is an outstanding unemployment rate.
 

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"Nonfarm payrolls expanded by 431,000 for the month, while the unemployment rate was 3.6%, the Bureau of Labor Statistics reported Friday. Economists surveyed by Dow Jones had been looking for 490,000 on payrolls and 3.7% for the jobless level."

Seems like US fell a bit short of what was hoped. Anything positive in job growth is always a good thing, especially with rising inflation and consumer pricing.

"Revisions from prior months also were strong. January’s total rose 23,000 to 504,000, while February was revised up to 750,000 compared to the initial count of 678,000. For the first quarter, job growth totaled 1.685 million, an average of nearly 562,000."

Glad to see that January's and February's total jobs were revised up.
Good news!!

Are we back to what we had pre-pandemic yet?
 

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That is an amazing number of job growth.

The US population only grows by 100.000 to 200.000 a month, and only recently too.

Between March 2020 and mid-2021, the US population only grew by 30.000 a month.

So, job growth is ca. 2-3x the rate of population growth as a whole !

And: the number of employed is now at 158.5 million, just 0.4 million below the all-time record in February 2020 before Covid hit.

In raw numbers, employment in the US could reach a new record already next month, adjusted for 2 million more Americans since Covid started, it would need to reach about 160 million for a new record.

But this should also happen later this year.

Too bad Americans are only noticing inflation, but not how well the job market itself is progressing …

LNS12000000_237356_1648818661025.gif

LNS12000000_238190_1648818704161.gif
 

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"Nonfarm payrolls expanded by 431,000 for the month, while the unemployment rate was 3.6%, the Bureau of Labor Statistics reported Friday. Economists surveyed by Dow Jones had been looking for 490,000 on payrolls and 3.7% for the jobless level."

Seems like US fell a bit short of what was hoped. Anything positive in job growth is always a good thing, especially with rising inflation and consumer pricing.

"Revisions from prior months also were strong. January’s total rose 23,000 to 504,000, while February was revised up to 750,000 compared to the initial count of 678,000. For the first quarter, job growth totaled 1.685 million, an average of nearly 562,000."

Glad to see that January's and February's total jobs were revised up.
Nearly back to pre-pandemic levels.
fredgraph.png
 

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Nearly back to pre-pandemic levels.
fredgraph.png

My chart above is more accurate, because it also includes farm jobs.

The pre-Covid record was 158.9 million, now it is 158.5 million.

Only 400k short, which is one good month or maybe 2 weaker months.

160 million jobs later this year would also make up for population growth in the US since Covid started.

Since Biden was sworn in, the US labour market added 8 million jobs !
 

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We're almost back to all time US employment numbers and the democrats sit on their hands and don't talk about it.

For the love of God, can somebody kick their ass and take them to Madison Avenue?
 

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We're almost back to all time US employment numbers and the democrats sit on their hands and don't talk about it.

For the love of God, can somebody kick their ass and take them to Madison Avenue?

The messaging on the job market is always tough and hard to sell to voters, because even if people get it that the economy and labour market are doing well … they still think they don’t have enough in their pockets.

If Democrats could step up their messaging, it could lead to a smaller loss in November - but inflation outweighs everything and Dems will lose big time.
 

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The messaging on the job market is always tough and hard to sell to voters, because even if people get it that the economy and labour market are doing well … they still think they don’t have enough in their pockets.

If Democrats could step up their messaging, it could lead to a smaller loss in November - but inflation outweighs everything and Dems will lose big time.
if TFG can convince millions that he is better than Lincoln and Washington as he totally ****s up our response to a pandemic then that proves it's simply in the messaging.
 

tres borrachos

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Not bad, given stagnant population growth and a huge wave of Boomer retirements.

I'm at the tail end of the boomers (1962). I can't tell you how many of my friends have retired in the last few years. I can't wait until I do.

Boomers have left the employment market in pretty predictable numbers.
 

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if TFG can convince millions that he is better than Lincoln and Washington as he totally ****s up our response to a pandemic then that proves it's simply in the messaging.
The difference is that people get upset when they see gas prices and food prices going up, and items in stores are not as plentiful as before.
No amount of sugar coating is going to help calm those feelings.
 

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The difference is that people get upset when they see gas prices and food prices going up, and items in stores are not as plentiful as before.
No amount of sugar coating is going to help calm those feelings.
no doubt. that's why the messaging is critical.

as i see it, there is no messaging about accomplishments at all (while TFG is STILL bragging about how he's the greatest of the great and STILL has dedicated followers).


it's all in the messaging.
 

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"Nonfarm payrolls expanded by 431,000 for the month, while the unemployment rate was 3.6%, the Bureau of Labor Statistics reported Friday. Economists surveyed by Dow Jones had been looking for 490,000 on payrolls and 3.7% for the jobless level."

Seems like US fell a bit short of what was hoped. Anything positive in job growth is always a good thing, especially with rising inflation and consumer pricing.

"Revisions from prior months also were strong. January’s total rose 23,000 to 504,000, while February was revised up to 750,000 compared to the initial count of 678,000. For the first quarter, job growth totaled 1.685 million, an average of nearly 562,000."

Glad to see that January's and February's total jobs were revised up.
That's a pretty good report, and it's great to see things continue moving in the right direction. We continue to move closer to reaching the pre-pandemic labor participation rate and are also seeing some industries now surpassing the pre-pandemic rate. Some of the stand outs and areas of improvement that stood out to me from the report are listed below.

Good news:
  • The number of persons not in the labor force who currently want a job increased by 382,000 to 5.7 million in March, following a decrease of a similar magnitude in the prior month. This measure is above its February 2020 level of 5.0 million. These individuals were not counted as unemployed because they were not actively looking for work during the4 weeks preceding the survey or were unavailable to take a job.
  • In March, 2.5 million persons reported that they had been unable to work because their employer closed or lost business due to the pandemic--that is, they did not work at all or worked fewer hours at some point in the 4 weeks preceding the survey due to the pandemic. This measure is down from 4.2 million in the previous month. Among those who reported in March that they were unable to work because of pandemic-related closures or lost business, 15.4 percent received at least some pay from their employer for the hours not worked, down from 20.3 percent in February.
  • Employment in professional and business services is 723,000 higher than in February 2020.
  • Retail trade employment is 278,000 above its level in February 2020.
  • Employment in transportation and warehousing is 608,000 higher than in February 2020.
Room for improvement:
  • The labor force participation rate, at 62.4 percent, changed little in March. The employment-population ratio increased by 0.2 percentage point to 60.1 percent. Both measures remain below their February 2020 values (63.4 percent and 61.2 percent, respectively).
  • The number of persons employed part time for economic reasons was about unchanged at 4.2 million in March and is little different from its February 2020 level. These individuals, who would have preferred full-time employment, were working part time because their hours had been reduced or they were unable to find full-time jobs.
  • Employment in leisure and hospitality is down by 1.5 million, or 8.7 percent, since February 2020.
  • Since February 2020, manufacturing employment is down by 128,000, or 1.0 percent.
Source
 

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Room for improvement:
  • Employment in leisure and hospitality is down by 1.5 million, or 8.7 percent, since February 2020.
Source

That is good news for summer, because summer looks mostly Covid free and therefore people will vacation a lot again.

This will also push the labour force participation rate higher by 1% over the next half year, or +2 million jobs.

The US will then reach a new all time high in jobs, not just in raw numbers but also in percentage terms of the total population (labour force participation rate).
 

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That is an amazing number of job growth.

The US population only grows by 100.000 to 200.000 a month, and only recently too.

Between March 2020 and mid-2021, the US population only grew by 30.000 a month.

So, job growth is ca. 2-3x the rate of population growth as a whole !

And: the number of employed is now at 158.5 million, just 0.4 million below the all-time record in February 2020 before Covid hit.

In raw numbers, employment in the US could reach a new record already next month, adjusted for 2 million more Americans since Covid started, it would need to reach about 160 million for a new record.

But this should also happen later this year.

Too bad Americans are only noticing inflation, but not how well the job market itself is progressing …

LNS12000000_237356_1648818661025.gif

LNS12000000_238190_1648818704161.gif
I mean, what is with the pop growth comparisons? These people are going BACK to work, after a pandemic where the government had spent trillions keeping them home ...
I mean I am glad people are going back to work but touting this is wrongheaded in the middle of inflation unseen in decades.
 

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The difference is that people get upset when they see gas prices and food prices going up, and items in stores are not as plentiful as before.
No amount of sugar coating is going to help calm those feelings.
Isn't that what this post is though?
Sugar coating.

Yes, people are going back to work, and yes that is a good thing. But they were off work due, in some not so small part, to the government paying them to be
 

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I mean, what is with the pop growth comparisons? These people are going BACK to work, after a pandemic where the government had spent trillions keeping them home ...
I mean I am glad people are going back to work but touting this is wrongheaded in the middle of inflation unseen in decades.

Because the US population is not the same right now as it was in February 2020.

It was 331.3 million then, and 333.3 million now.

An increase of 2 million in 2 years.

That is not a lot, and yes, people are primarily going back to work. But because the population has grown by 2 million in the last 2 years (some are children, some old people), the employment level must be about 1.5 million higher now than the all time record of 158.9 million in February 2020 to achieve a NEW all time record.

That is what I want to point out.

If employment reaches 160 million+ in the coming months, all the Covid-layoffs have been compensated and „Trump’s“ employment record is broken and history.
 

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"Nonfarm payrolls expanded by 431,000 for the month, while the unemployment rate was 3.6%, the Bureau of Labor Statistics reported Friday. Economists surveyed by Dow Jones had been looking for 490,000 on payrolls and 3.7% for the jobless level."

Seems like US fell a bit short of what was hoped. Anything positive in job growth is always a good thing, especially with rising inflation and consumer pricing.

"Revisions from prior months also were strong. January’s total rose 23,000 to 504,000, while February was revised up to 750,000 compared to the initial count of 678,000. For the first quarter, job growth totaled 1.685 million, an average of nearly 562,000."

Glad to see that January's and February's total jobs were revised up.
Finally getting back to pre pandemic Trump employment numbers. About time!
 
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