Jobless Claims Drop to 326,000, Beating Expectations

[CFM]

1 minute ago, Rigid1 said:

Yeah, I didn't get why he said "above expectations" the expectation was 500k so not even close. Over a 150k jobs were lost last month in education..Geez, I wonder why that happened?? Maybe Joe's awesome mandate to be vaccinated?? 

So people like AFJ take the headline and run to start dozens of threads a day to spread their lies. Lololololol

[Zambroski]

Just now, CFM said:

So people like AFJ take the headline and run to start dozens of threads a day to spread their lies. Lololololol

"A lie told once is a lie.  A lie told a thousand times is the truth!"

-:Goebbels

[CFM]

He also says Antifa is an idea.

Our borders are closed.

I’ll unite both sides of the isle.

Illegal immigrant issue from previous admins.

Kamsla is best for the VP job

Gasoline price was increasing anyway.

Blah blah blah blah

Gas is at 7 yr high. Btw: Cali is over $5 fucking dollars a gallon. Holy  schit !

Edited October 8, 2021 by CFM

[franks pond]

[XCR1250]

 

 

September jobs report: Economy adds back disappointing 194,000 jobs, unemployment rate falls to 4.8%

U.S. employers unexpectedly hired at a slower pace in September than in August, with labor supply shortages and virus-related impacts still exerting considerable pressure on the economic recovery.

The Labor Department released its September jobs report Friday morning. Here were the main metrics from the report, compared to consensus estimates compiled by Bloomberg:

• Change in non-farm payrolls, September: +194,000 vs. +500,000 expected and a revised +366,000 in August

• Unemployment rate: 4.8% vs. 5.1% expected, 5.2% in August 

• Average hourly earnings, month-over-month: 0.6% vs. 0.4% expected and a revised 0.4% in August 

• Average hourly earnings, year-over-year: 4.6% vs. 4.6% expected and a revised 4.0% in August 

Non-farm payrolls were expected to pick up from August's much weaker-than-expected print, when renewed fears over the coronavirus deterred more workers from reentering the labor market. Friday's report did come alongside upward revision to each of the last two payrolls reports, with August payrolls revised up by 131,000 to reach 366,000, and July's payrolls revised up by 38,000 to 1.091 million. 

The September showed a ninth consecutive month of net payroll gains in the U.S. economy, albeit at a much slower-than-expected rate. And even after months of growth, total employment has yet to return to pre-pandemic levels. The civilian labor force was still down by about 3.1 million individuals compared to February 2020 as of September.

The biggest drag to the headline payrolls figure for September came from the government, with public-sector payrolls dropping by a net 123,000. Local government education jobs specifically fell by 144,000, and state government education roles declined by 17,000. 

"Most back-to-school hiring typically occurs in September. Hiring this September was lower than usual, resulting in a decline after seasonal adjustment," the Labor Department wrote in its report on Friday. "Recent employment changes are challenging to interpret, as pandemic-related staffing fluctuations in public and private education have distorted the normal seasonal hiring and layoff patterns."

Other sectors included in the report were more robust for September. Leisure and hospitality employment, which includes restaurant workers and other high-contact areas especially exposed to coronavirus-related impacts, increased by 74,000 last month, or nearly double the gain from August. And retail trade and transportation and warehousing jobs each rose by around 50,000 each. 

Even given the disappointing overall pace of hiring, September's unemployment rate improved much more than expected, or to 4.8% versus the 5.2% in August. However, that came alongside an unexpected drop in the labor force participation rate, which ticked down to 61.6% from August's 61.7%. 

“Today’s report has the unemployment rate down to 4.8%, a significant improvement from when I took office and a sign that our recovery is moving forward, even in the face of the COVID-19 pandemic,” President Joe Biden said in public remarks Friday afternoon. “Working Americans are seeing their paychecks go up as well.”

And in terms of average hourly earnings, economists were looking to see a strong print on wage growth, especially on a year-over-year basis. Wage gains have come as employers hiked wages and incentives to compete for workers to fill widespread vacancies and meet elevated demand. Average hourly earnings rose at a faster pace in September and, at 4.6%, reached their quickest rate since February. 

 

Wage growth also unexpectedly accelerated on a month-over-month basis, reflecting in part a slower return of service-sector workers on the lower end of the wage scale. Average hourly earnings rose 0.6% on a month-over-month basis, compared to the 0.4% rate posted in August. 

Federal Reserve

For market participants, the September jobs report serves as a key indicator for the timing of a monetary policy move by the Federal Reserve. 

Fed officials have suggested the economy had already met the central bank's goals for inflation, and that the only hurdle still left to clear was in the labor market. Last month, Fed Chair Jerome Powell suggested an at least decent September jobs report would be enough to suggest the economy had improved to the point of no longer needing the Fed's extraordinary monetary policy support.

"It wouldn't take a knockout, great, super strong employment report," Federal Reserve Chair Jerome Powell said during his latest post-FOMC meeting press conference in September. "It would take a reasonably good employment report for me to feel like that test is met."

The Fed has already signaled it expects to begin tapering its crisis-era asset purchase program by year-end, or slowing the pace of purchases of mortgage-backed securities and Treasuries from its current rate of $120 billion per month.

"The disappointing 194,000 gain in non-farm payrolls in September probably still counts as 'decent' enough for the Fed to begin tapering its asset purchases next month," Andrew Hunter, senior U.S. economist for Capital Economics, wrote in a note Friday morning. "But alongside signs that activity growth is slowing sharply, at the same time as worsening labor shortages are putting serious upward pressure on wage growth, it looks set to leave Fed officials in an uncomfortable position over the coming months."

Heading into Friday's report, other employment-related indicators had pointed to a firming labor market. ADP's private payrolls report on Wednesday showed a better-than-expected 568,000 jobs came back in the private sector last month. Both the Institute for Supply Management's manufacturing and service sector employment indexes held in expansionary territory in September, and weekly unemployment claims dropped to a pandemic-era low at the start of the month.

—

Emily McCormick

[CFM]

Shoukd we ket AFJ in on a secret ?

Okay, AFJ, when people remove themself from the workforce unemployment gies down. So say a few hundred thou to a few mill do this, what happens ? 

[ActionfigureJoe]

Help wanted signs up everywhere. Never has there been stronger hiring. 

[CFM]

We understand that as we can all see the signs. Did you read snd understand what I wrote above ?

Why can’t you see what’s happening ? I Blinders. I get it. Sane as Biden admin and that’s why they are failing badly. 

[ActionfigureJoe]

2 minutes ago, CFM said:

We understand that as we can all see the signs. Did you read snd understand what I wrote above ?

Why can’t you see what’s happening ? I Blinders. I get it. Sane as Biden admin and that’s why they are failing badly. 

full employment. running out of applicants.Medicine is bringing nurses in from Eastern Europe to fill the gaps. 

[ArcticCrusher]

8 hours ago, Crnr2Crnr said:

Winter is coming, not as nice to sit outside getting paid to do nothing.

I didn't get a chance to look at the report yet but one snippet I briefly heard on CNBC this morning while packing lunch was that are/were a LOT of people under 30 not working.

So, they are not contributing to the economy, tax base and SSI, etc. for what reasons?

Let's go Brandon.  You seriously can't  be this dumb.

 

 CNBC?  

[CFM]

[racer254]

On 10/8/2021 at 6:19 PM, ActionfigureJoe said:

full employment. running out of applicants.Medicine is bringing nurses in from Eastern Europe to fill the gaps. 

Wow, do you have any brain cells left or did darwinism take them all.

[Ez ryder]

On 10/8/2021 at 9:56 AM, ActionfigureJoe said:

Local printing company is on the verge of closing down. Lots of work and no employees. The downside of joe’s full employment. 

No the down side of the new never ending monthly child tax credit even if you don't have a job among money many other awful programs and state and fed givenment decisions.  But you already knew this just attempting more spin 

[racer254]

17 minutes ago, Ez ryder said:

No the down side of the new never ending monthly child tax credit even if you don't have a job among money many other awful programs and state and fed givenment decisions.  But you already knew this just attempting more spin 

Yep,

This includes people who don't typically file a return, but during 2020 successfully registered for Economic Impact Payments using the IRS Non-Filers tool or in 2021 successfully used the Non-filer Sign-up Tool for Advance CTC, also on IRS.gov.

[Snake]

This is why I have zero interactions with the OP.... waste of time and intellect.

You folks have at it...

[Cold War]

What is not getting reported on is what do you think all these people are doing while they are not working?

Charity work?
being good parents? 
 

wanna talk about the hospitals being needlessly over run.  Fat , unhealthy, full blown alcoholic, drug addicted young people. Who require medical treatment are starting to show up in droves.