Quote:The US economy added fewer jobs than expected in July, while the unemployment rate unexpectedly rose to 4.3%, furthering signs of a slowdown in the labor market.

Data from the Bureau of Labor Statistics released Friday showed the labor market added 114,000 nonfarm payroll jobs in July, fewer additions than the 175,000 expected by economists.

Meanwhile, the unemployment rose to 4.3%, up from 4.1% June. July's job additions came in lower than the 179,000 jobs added in June.

https://finance.yahoo.com/news/july-jobs...19766.html

JITTERS

This had to happen, it just took waaay to long to get here. This Unemployment uptick is about 9-12 months over due.

Now the Fed has what it needs to lower rates, frankly I am surprised it did not happen the other day. I really do believe they were waiting for maximum political impact by holding out until September.

Similar to the mistake of keeping rates too low, too long, they have kept rates too high too long and now rate cuts will take a lot of time to stop increases to the unemployment rate.

You all think expensive stuff hurts, losing your job hurts A LOT more.

250k were on temporary layoff due to Hurricane Beryl, so that's why the unemployment rate increased.

Regardless, these numbers will be revised downward and the trend is not good.

I wonder if this recession will be called a recession or not like the last one? Stock bubble is starting to crack as the 10 yr yield decreases and gold heads towards $3,000. Get ready for EVERYTHING that uses gold to go up in price. And don't enjoy gas prices where they are currently as the Middle East heats up, because the first thing Israel will strike will be Iran's oil.

Consider all the people working 2-3 jobs to scrape by financially. They might as well be unemployed as well. Bidenomics is doing wonders for America. Keep voting blue, you fools.

(08-02-2024 08:53 AM)UABFAN23 Wrote:  Consider all the people working 2-3 jobs to scrape by financially. They might as well be unemployed as well. Bidenomics is doing wonders for America. Keep voting blue, you fools.

Out of curiosity, do you happen to have any statistics on how many are working more than one job and how it has grown over the last 3.5 years? I know a few, but they also worked multiple jobs under Trump and Obama as well. I'm curious as to how much it has grown thanks to inflation.

(08-02-2024 08:55 AM)mlb Wrote:  

(08-02-2024 08:53 AM)UABFAN23 Wrote:  Consider all the people working 2-3 jobs to scrape by financially. They might as well be unemployed as well. Bidenomics is doing wonders for America. Keep voting blue, you fools.

Out of curiosity, do you happen to have any statistics on how many are working more than one job and how it has grown over the last 3.5 years? I know a few, but they also worked multiple jobs under Trump and Obama as well. I'm curious as to how much it has grown thanks to inflation.

https://x.com/realejantoni/status/181936...jJ1vR_BcHw

https://x.com/realejantoni/status/181936...jJ1vR_BcHw

https://x.com/realejantoni/status/181936...jJ1vR_BcHw

Three good charts that illustrate the underlying problems. Most of the job gains are part time work. The highest sectors gaining are government and healthcare (heavily subsidized by the government).

The trend of average hours worked per week is trending down, close to where we were during the pandemic.


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https://twitter.com/SenWarren/status/181...8338192784

CODE PINK

(08-02-2024 09:00 AM)WalkThePlank Wrote:  

(08-02-2024 08:55 AM)mlb Wrote:  

(08-02-2024 08:53 AM)UABFAN23 Wrote:  Consider all the people working 2-3 jobs to scrape by financially. They might as well be unemployed as well. Bidenomics is doing wonders for America. Keep voting blue, you fools.

Out of curiosity, do you happen to have any statistics on how many are working more than one job and how it has grown over the last 3.5 years? I know a few, but they also worked multiple jobs under Trump and Obama as well. I'm curious as to how much it has grown thanks to inflation.

Three good charts that illustrate the underlying problems. Most of the job gains are part time work. The highest sectors gaining are government and healthcare (heavily subsidized by the government).

The trend of average hours worked per week is trending down, close to where we were during the pandemic.


Sent from my iPhone using Tapatalk

(08-02-2024 09:00 AM)WalkThePlank Wrote:  

(08-02-2024 08:55 AM)mlb Wrote:  

(08-02-2024 08:53 AM)UABFAN23 Wrote:  Consider all the people working 2-3 jobs to scrape by financially. They might as well be unemployed as well. Bidenomics is doing wonders for America. Keep voting blue, you fools.

Out of curiosity, do you happen to have any statistics on how many are working more than one job and how it has grown over the last 3.5 years? I know a few, but they also worked multiple jobs under Trump and Obama as well. I'm curious as to how much it has grown thanks to inflation.

https://x.com/realejantoni/status/181936...jJ1vR_BcHw

https://x.com/realejantoni/status/181936...jJ1vR_BcHw

https://x.com/realejantoni/status/181936...jJ1vR_BcHw

Three good charts that illustrate the underlying problems. Most of the job gains are part time work. The highest sectors gaining are government and healthcare (heavily subsidized by the government).

The trend of average hours worked per week is trending down, close to where we were during the pandemic.

Thanks for the info. I'd love to know more about the "grants" that the government is giving to hospitals to hire people. I've never heard of that program.

In general the reimbursements my employer gets from Medicare and Medicaid comes nowhere close to actually paying the costs to treat the patient. I haven't seen a number in a few years, but last time I saw it for every $100 we got from Medicare/Medicaid it cost us $117 to treat the patient. Private insurance actually is subsidizing the government covered patients.

Numbers out.

Officialy in a Recession.

Thanks filth

So how much has public assistance increased? It certainly seems as though allowing more than twelve million people to walk across the border would affect unemployment in some measurable way.

Warren can just stfu. She's a moron always using hindsight to make ridiculous statements. The Fed's rate increases are now starting to show what they were intended to do. It's always tricky to know when to start tapering. As for me, I'm going to lock in some funds in a longer term CD before those rate cuts happen.

(08-02-2024 09:39 AM)VA49er Wrote:  As for me, I'm going to lock in some funds in a longer term CD before those rate cuts happen.

I haven't looked since last December, but at that point the banks were pricing in rate cuts so long term CD's didn't have as good of return as short term. I'd suspect they are still that way.

(08-02-2024 08:23 AM)WalkThePlank Wrote:  250k were on temporary layoff due to Hurricane Beryl, so that's why the unemployment rate increased.

Regardless, these numbers will be revised downward and the trend is not good.

Not according to the BLS.

Quote:Hurricane Beryl made landfall on the central coast of Texas on July 8, 2024, during the reference periods for both the household and establishment surveys. Hurricane Beryl had no discernible effect on the national employment and unemployment data for July, and the response rates for the two surveys were within normal ranges. For information on how unusually severe weather can affect employment and hours estimates, see the Frequently Asked Questions section of this news release.

https://www.bls.gov/news.release/pdf/empsit.pdf

(08-02-2024 09:42 AM)mlb Wrote:  

(08-02-2024 09:39 AM)VA49er Wrote:  As for me, I'm going to lock in some funds in a longer term CD before those rate cuts happen.

I haven't looked since last December, but at that point the banks were pricing in rate cuts so long term CD's didn't have as good of return as short term. I'd suspect they are still that way.

Yeah, I've seen that. However, part of me would rather take a 13 month at 4.25% than a 6 month at 5%.

I’m pretty close to saying, put a stop on immigration altogether for the next 5-10 years.

(08-02-2024 09:42 AM)mlb Wrote:  

(08-02-2024 09:39 AM)VA49er Wrote:  As for me, I'm going to lock in some funds in a longer term CD before those rate cuts happen.

I haven't looked since last December, but at that point the banks were pricing in rate cuts so long term CD's didn't have as good of return as short term. I'd suspect they are still that way.

That had little to nothing to do with rate cut projections.... CDs are mostly based on yield curve which has been and still over very much inverted for a record number of consecutive months (since April 2022). Officially when the 2 year treasury yield is higher than the 10 year yield, that is considered an inverted curve. Banks live on spread and price CDs off of a spread over what they can invest their liquid funds at.

At the start of 2024 a 6 month Treasury had a yield of 5.24% and a 5 year Treasury had a yield of 3.93%. As of yesterday the 6 was 5.08% and the 10 was 3.99% - it hasn't tightened much.

There is still a ton of value in short term CDs over longer ones. The question is which one breaks? Long going up, or short coming down.

The correct strategy today should be to lock in 3, 6 , and 9 month CDs. Until the spread gets within about 40 basis points, you should not lock in the long and take the advantage of the short. Even if everything crashes, the 5 year rate will only drop a fraction of the short - and certainly not before all three of your short CDs come due to roll over.

DOW is getting hammered. Off 700 plus

(08-02-2024 09:28 AM)green Wrote:  

https://twitter.com/SenWarren/status/181...8338192784

CODE PINK

No b*tch, you and Biden* and Harris made the serious mistake of spending trillions. That caused inflation. (We told you it would.) Jerome's problem is that he didnt immediately raise interest rates when you went on a spending spree.

FAFO