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U.S. payrolls surged by 261,000 in October, better than expected as hiring remains strong

RedFishBlueFish said:
The distinction you are making here is pretty weak in my opinion. People who own mutual funds, index funds, ETFs, etc. in their 401Ks are participating in the stock market. They own "baskets of stocks" rather than individual stocks. It's a bit nitpicky to say they don't own stocks.
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MY point is IF it is not in an IRA or pension fund most working people do NOT own stock.
most people I know right now don't make enough money to buy stocks,
In this area a lot of people have to work two jobs or both spouses are working just to get by
IF they are not in a union that has a pension fund or work for a place that has a IRA or 401 they are not buying stock
Have a nice day
 
Threegoofs said:
I’ve been told that this economy is a disaster and has been since Jan 21,2021.

Weird how the numbers never support that.
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If you really want to hear that more go to twitter. There are so many people there that say our economy is the worst in the history of the world.

And it's not just Bots or random folks. It's famous Republican politicians and famous Republican people.
 
poweRob said:
This horrific recession just keep dragging on. /s

www.cnbc.com

U.S. payrolls surged by 261,000 in October, better than expected as hiring remains strong

Nonfarm payrolls were expected to increase by 205,000 in October, according to Dow Jones estimates.
www.cnbc.com www.cnbc.com

Job growth was stronger than expected in October despite Federal Reserve interest rate increases aimed at slowing what is still a relatively strong labor market.

Nonfarm payrolls grew by 261,000 for the month while the unemployment rate moved higher to 3.7%, the Labor Department reported Friday. Those payroll numbers were better than the Dow Jones estimate for 205,000 more jobs, but worse than the 3.5% estimate for the unemployment rate.
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Outstanding news on this Friday! I wonder why @Conservative didn't start this thread.
 
RedFishBlueFish said:
Correct. OP is a month behind.

The U.S. added 263,000 jobs in November, higher than the expected 200,000 and lower than the upwardly revised October jobs gain of 284,000. The unemployment rate remained at 3.7%. Wages grew 5.1% year over year, up from 4.7% last month.
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Even better!
 
Carjosse said:
Why wait, sure Conservative will be along shortly to tell us how this is worst thing to ever happen to the American economy.
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No- what he’ll say is they’re all Trump jobs and we are just adding them because Trumps economy cratered in 2020 because of a pAndemic that wasn’t a pandemic.
 
Actual Republicans are getting jobs or raises while they fight everything, like the infrastructure bill or the chips bill, that Ds pass. And they yell and scream that we have a sane executive branch again.


Maybe they would rather live off unemployment or something.
 
RedFishBlueFish said:
An article in Barron's agrees with you. https://www.barrons.com/livecoverage/stock-market-today-120222dd?mod=article_inline

"Wages grew 5.1% year over year, up from 4.7% last month.

Relatedly, one of the problems in markets on Friday is that the wage number was too high. The jobs add was higher-than-forecast, but it was still roughly half of August’s jobs gain. Higher wages, a result of an absence of available workers, incentivize companies to lift prices in order to protect their profits, keeping overall inflation elevated.

"The freakout in the markets, both bonds and stocks, is being driven by the upside surprise in wages,” wrote Peter Boockvar, chief investment officer at Bleakley Advisory Group."

Barron's also points out that the higher jobs numbers supports the Fed keeping rates higher for longer.

""The better-than-expected jobs report is good news for the American worker, and bad news, at least short-term, for risk assets as it supports a hawkish monetary policy by the US Federal Reserve,” wrote Tim Holland, chief investment officer at Orion Advisor Solutions.'
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Funny how it's always labor prices driving up retail costs, not CEO's pay or other management pay.

What a joke, when I worked for Goldman they were the largest employer in the world and the average salary for all their workers was over $600k a year, but of course that was really skewed by the fact that the top paid 10% of the companies workers made 90% of that money.

Cut off the top 10% of workers pay and you'll really see what is driving price increase as it relates to "labor" costs.
 
nvflash said:
Funny how it's always labor prices driving up retail costs, not CEO's pay or other management pay.

What a joke, when I worked for Goldman they were the largest employer in the world and the average salary for all their workers was over $600k a year, but of course that was really skewed by the fact that the top paid 10% of the companies workers made 90% of that money.

Cut off the top 10% of workers pay and you'll really see what is driving price increase as it relates to "labor" costs.
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Barron's is a conservative publication, much like the WSJ. They are on the side of corporate profits, not the workers.
 
RedFishBlueFish said:
Barron's is a conservative publication, much like the WSJ. They are on the side of corporate profits, not the workers.
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Sadly who is on the workers side?

We have not the funds to buy government favors, so we can not get the funds to buy government favors.

There are no necessary evils in government. Its evils exist only in its abuses. If it would confine itself to equal protection, and, as Heaven does its rains, shower its favors alike on the high and the low, the rich and the poor, it would be an unqualified blessing.
 
nvflash said:
Sadly who is on the workers side?

We have not the funds to buy government favors, so we can not get the funds to buy government favors.

There are no necessary evils in government. Its evils exist only in its abuses. If it would confine itself to equal protection, and, as Heaven does its rains, shower its favors alike on the high and the low, the rich and the poor, it would be an unqualified blessing.
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The unions are on the workers side. Unfortunately the pendulum has swung way too far for too long on the corporation side. We, the United States, have given corporations way too much power at the detriment to the worker. It has gone on for so long and is so severe, that changing the momentum has become extremely difficult.
 
RedFishBlueFish said:
The unions are on the workers side. Unfortunately the pendulum has swung way too far for too long on the corporation side. We, the United States, have given corporations way too much power at the detriment to the worker. It has gone on for so long and is so severe, that changing the momentum has become extremely difficult.
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Yea, you can see on the left, I'm in a union.

Sadly we can see by things that happened today it's very difficult to get a fair shake when government undercuts your negotiating power.
 
nvflash said:
Yea, you can see on the left, I'm in a union.

Sadly we can see by things that happened today it's very difficult to get a fair shake when government undercuts your negotiating power.
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This is the path Reagan built.
 
heard this summary while driving home this evening
was surprised to learn that retail employment was down modestly; did not expect that at the holiday. might be an indicator of the brittleness of store front retail
also, transportation employment was somewhat down; that does not reconcile with my very limited personal perspective
but the kickers were that temp employment is on the wane ... stated to be a potential barometer of future economic conditions
large numbers continued to quit the workforce. not surprising given this being the baby boomer retirement era
 
justabubba said:
heard this summary while driving home this evening
was surprised to learn that retail employment was down modestly; did not expect that at the holiday. might be an indicator of the brittleness of store front retail
also, transportation employment was somewhat down; that does not reconcile with my very limited personal perspective
but the kickers were that temp employment is on the wane ... stated to be a potential barometer of future economic conditions
large numbers continued to quit the workforce. not surprising given this being the baby boomer retirement era
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Your boomer point is spot on.. I'm a boomer.. Retired 10 years ago.. But since the pandemic I know at least 10-12 boomer family and friends who after the pandemic just never went back to work... They had enough and just retired...
 
SenorXm/Sirius said:
Your boomer point is spot on.. I'm a boomer.. Retired 10 years ago.. But since the pandemic I know at least 10-12 boomer family and friends who after the pandemic just never went back to work... They had enough and just retired...
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pretty easy to get used to not going into work
 
justabubba said:
pretty easy to get used to not going into work
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Oh I know.. After I retired I was sure I'd go back to work, at least part-time... But after a while I said F'it... I no longer wanted to answer to a boss or an alarm clock... I stayed retired...
 
SenorXm/Sirius said:
Your boomer point is spot on.. I'm a boomer.. Retired 10 years ago.. But since the pandemic I know at least 10-12 boomer family and friends who after the pandemic just never went back to work... They had enough and just retired...
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Ron Johnson and the republicans working hard to "coax" you back to work there sir...

www.alternet.org

Ron Johnson backs plan to 'coax' retirees back to work

Republican Sen. Ron Johnson this week endorsed a proposal to "coax" seniors out of retirement to address so-called worker shortages, drawing backlash from his Democratic opponent and other critics who noted the GOP lawmaker's long history of attacking Social Security."There are a number of...
www.alternet.org www.alternet.org
 
Payrolls up? Gas prices down? Time to talk about hunter's laptop...
 
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