Job growth totals 114,000 in July, much less than expected, as unemployment rate rises to 4.3%

[trophy33]

• Nonfarm payrolls grew by just 114,000 in July, below the downwardly revised 179,000 in June and the Dow Jones estimate for 185,000.
• The unemployment rate edged higher to 4.3%, its highest since October 2021, triggering an economic rule on recessions.
• Health care again led, adding 55,000 to payrolls. Other notable gainers included construction (25,000), government (17,000), and transportation and warehousing (14,000).
• Average hourly earnings increased 0.2% for the month and 3.6% from a year ago. Both figures were below respective forecasts for 0.3% and 3.7%.

https://www.cnbc.com/2024/08/02/job-growth-totals-114000-in-july-much-less-than-expected-as-unemployment-rate-rises-to-4point3percent.html

 

[Laodicean60]

Yep, we are heading for a recession or in one, and unemployment and housing are lagging indicators. No, it's not Biden's fault.

 

[trophy33]

Yep, we are heading for a recession or in one, and unemployment and housing are lagging indicators. No, it's not Biden's fault.

Economic recessions are a natural part of the economic cycle, so I would not blame any one person for that.

However, politicians may influence how serious a recession will be, for example by trying to push it away with "free money", for political reasons.

 

[Laodicean60]

Economic recessions are a natural part of the economic cycle, so I would not blame any one person for that.

However, politicians may influence how serious a recession will be, for example by trying to push it away with "money printing", for political reasons.

Agreed, before Covid the yield curve started to invert signaling an economic downturn. Now that stimulus has been flushed out of the system the economy continuing the downward path to equilibrium.

 

[trophy33]

Agreed, before Covid the yield curve started to invert signaling an economic downturn. Now that stimulus has been flushed out of the system the economy continuing the downward path to equilibrium.

The 10-2 years yield curve is inverted for more than 2 years now. I do not know whether it has ever been inverted for so long, in the past.

 

[Richard T]

Yep, we are heading for a recession or in one, and unemployment and housing are lagging indicators. No, it's not Biden's fault.

So much for the soft landing. Stagflation is still possible too.

 

[Vambram]

US economy created 818,000 fewer jobs than previously reported

The Labor Department released payroll data that provided a look at job creation in the year through March, which is much weaker than previously believed.

www.foxbusiness.com

Here's more evidence that Bidenomics ain't even close to being as successful that Democratic Party leaders want people to believe.

 

[Vambram]

Former Home Depot CEO on Fed officials warning over jobs data: 'About time' the government 'got honest'

Former Home Depot CEO and Chairman Bob Nardelli said that the jobs report numbers will be "quietly adjusted" a few weeks or months after being released.

www.foxbusiness.com

 

[iluvatar5150]

Former Home Depot CEO on Fed officials warning over jobs data: 'About time' the government 'got honest'

Former Home Depot CEO and Chairman Bob Nardelli said that the jobs report numbers will be "quietly adjusted" a few weeks or months after being released.

www.foxbusiness.com

Every jobs report is “quietly adjusted” after the fact.

 

[Vambram]

Every jobs report is “quietly adjusted” after the fact.

It should not be that way, my brother. Those "quietly adjusted" reports add on up to very significant numbers in my opinion. Please read the article in post #7

 

[iluvatar5150]

It should not be that way, my brother. Those "quietly adjusted" reports add on up to very significant numbers in my opinion. Please read the article in post #7

I read it. I’m aware. But these revisions are just part of the process of making the numbers more accurate. If you want to argue that we should just wait longer to release v1 so as to minimize the delta between v1 and v2, okay fine.

 

[Nithavela]

Everyone's searching but nobody is hiring. That's how the current job markets can be summed up.