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(CNN)   Monthly jobs report unexpectedly good for workers - the stock market will be punished accordingly   (cnn.com) divider line
45
    More: Interesting, Unemployment, Employment, Interest rate, Economy, Chicago Mercantile Exchange, Stock market, Layoff, Central bank  
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410 clicks; posted to Business » on 03 Feb 2023 at 11:20 AM (6 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



45 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
bronskrat
2023-02-03 11:33:29 AM  
Quality of jobs might be something to consider.
 
Karma Chameleon
2023-02-03 11:44:09 AM  
This is the weirdest recession ever
 
Wireless Joe
2023-02-03 11:47:46 AM  
NoBoDy WaNtS tO wOrK AnYmOrE! turned out to be more like businesses don't want to have to bother with paying employees anymore.
 
Bith Set Me Up
2023-02-03 12:03:48 PM  
America's Unemployment Problem
Youtube ZUbiGS7_oqM
 
jake3988 [OhFark]
2023-02-03 12:17:59 PM  

Karma Chameleon: This is the weirdest recession ever


Well considering it ISN'T one.

We DID have one last year and barely anyone noticed (only reason I know is because the parties were fighting over the definition like a bunch of idiots).  We had one.  Recessions are contractions in the economy in 2 consecutive quarters.  That's the definition.

But just like now, when you have near record-low unemployment and millions of job openings (last I saw, 10 MILLION)... kinda hard to notice.  Recessions tend to hurt because of higher unemployment which... we don't have.

We're pivoting out of the pandemic whether Fark wants to admit it's over or not so a lot of stuff fueled by the pandemic (like tech) are returning back to Earth a bit, but other things that slowed down during the pandemic are still recovering and more than cancelling that out.

/Yeah, the stock market is tanking, which normally happens in a recession, but it's not tanking because the economy is bad.  It's tanking because interest rates are going up.  No need to throw your money in something risky (that's also tanking and not returning anything) when you can throw your money into CDs and get a guaranteed government-backed 5%.
//Though I still recommend not trying to time the market.  The market tend to jump or tank quickly and if you miss it shooting up, you're SOL to bank big gains until the next big recession.
 
Muta
2023-02-03 12:18:24 PM  
Zandi is a putz.

So Zandi says

"There is no indication this labor market is going to give up and start suffering job losses anytime soon. Businesses just do not want to lay off workers," Zandi said. Companies are likely staffing up, he noted, since their number-one problem after any slowdown "will be finding and retaining workers."

So despite some high profile layoffs, in general, businesses aren't really firing and really still hiring.

despite the blockbuster January number, Zandi said he is concerned the total number of jobs may be overstated - predicting the labor market is not quite "500K strong - it's probably 250K strong."

BUT DON'T TRUST THE NUMBERS!!

"It's just so boom-like, so out-of-bounds, that it doesn't seem credible to me," Zandi said. "This winter has been warm, allowing for more jobs in construction, retail, leisure and hospitality."

But yeah, there is reason to trust the numbers.

"You get one of these out-of-bounds jobs reports every year or so. This is one of those reports. I just don't put any weight on it," Zandi added.

FAKE REPORT!


This is bad news for Biden

Fark user imageView Full Size


Lowest since '69, nice.
 
Autoerotic Defenestration
2023-02-03 12:31:06 PM  
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HotWingConspiracy
2023-02-03 12:36:28 PM  
Why would Joe Biden do this?

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pacified
2023-02-03 1:03:33 PM  
Dark Brandon with another win.
 
make me some tea [TotalFark] [OhFark]
2023-02-03 1:11:49 PM  
Fark user imageView Full Size


Fark user imageView Full Size
 
SpocksEars [TotalFark]
2023-02-03 1:13:05 PM  

Autoerotic Defenestration: [Fark user image 568x440]


THIS.
And as a Gen X-er, I Officially approve of this reference.
 
make me some tea [TotalFark] [OhFark]
2023-02-03 1:13:40 PM  

make me some tea: [Fark user image 431x477]

[Fark user image 535x193]


Fark user imageView Full Size
 
Rapmaster2000 [TotalFark]
2023-02-03 1:18:15 PM  

Muta: Lowest since '69, nice.


I remember summer.  Me and the guys from school had a band and we tried real hard.  Jimmy quit, Joey got Covid.
 
Alwysadydrmr [TotalFark]
2023-02-03 1:20:44 PM  

Muta: Zandi is a putz.

So Zandi says

"There is no indication this labor market is going to give up and start suffering job losses anytime soon. Businesses just do not want to lay off workers," Zandi said.


Anecdote for this. My mom is a sonographer. Her department has had trouble finding workers since pre-covid, despite there being numerous sonography schools in the area. The department is about to start renovation on their lab, which means appts will be severely reduced for a few months. Instead of furloughing the current staff and risking them finding jobs elsewhere, they're going to assign busy work so everyone keeps their hours and will be more likely to stay. Which is a very good thing.
 
OptionC [TotalFark]
2023-02-03 1:49:52 PM  

make me some tea: make me some tea: [Fark user image 431x477]

[Fark user image 535x193]

[Fark user image 727x495]


Well, yeah, they are going to be lower wage jobs.  Unemployment was already super low so it's not like there was some huge contingent of highly skilled workers sitting on the sidelines - those people already had jobs.  To the extent that there is job growth at this point it is going to be hiring people who were either completely out of the workforce or would be on the margins of employability in more normal circumstances.
 
Autoerotic Defenestration
2023-02-03 1:50:31 PM  

SpocksEars: Autoerotic Defenestration: [Fark user image 568x440]

THIS.
And as a Gen X-er, I Officially approve of this reference.


Fark user imageView Full Size
 
tobcc
2023-02-03 1:53:12 PM  
I work in IT, Database Administrator.  Today I got 5 cold calls about jobs.  It slowed down for a few months but it looks like, at least the profession im in, is still in desperate need of workers.   When I started you could get hired with no skills or education if you showed a knack for it.   Now its just poaching employees with high skill levels rather than bringing someone into the profession and teaching them.
 
CCNP
2023-02-03 2:00:55 PM  

Wireless Joe: NoBoDy WaNtS tO wOrK AnYmOrE! turned out to be more like businesses don't want to have to bother with paying employees anymore.


Which is why corporations are demanding that more low wage immigrants be imported.
https://www.cnn.com/2022/01/11/economy/chamber-of-commerce-inflation/index.html

The CEO's agree that this is the most profitable solution to worker shortages.
https://www.cnbc.com/2021/10/15/dominos-ceo-us-needs-more-immigration-to-address-worker-shortages.html

And anybody who has a problem with this is obviously a racist.

1.bp.blogspot.comView Full Size
 
make me some tea [TotalFark] [OhFark]
2023-02-03 2:16:15 PM  

OptionC: make me some tea: make me some tea: [Fark user image 431x477]

[Fark user image 535x193]

[Fark user image 727x495]

Well, yeah, they are going to be lower wage jobs.  Unemployment was already super low so it's not like there was some huge contingent of highly skilled workers sitting on the sidelines - those people already had jobs.  To the extent that there is job growth at this point it is going to be hiring people who were either completely out of the workforce or would be on the margins of employability in more normal circumstances.


I dunno about anywhere else but I've noticed that restaurant service has gotten better around here lately, they seemed to be staffed up finally.
 
Bith Set Me Up
2023-02-03 2:19:18 PM  

Karma Chameleon: This is the weirdest recession ever


"The financial crises of the past two decades, and our failure to predict them, have wreaked havoc on more than just the global economy. The bursting of the dot-com bubble in 2000, the Enron scandal and the global financial crisis of 2008 have led to a loss of faith in economics itself.

But these crises and scandals do not mean that the science of economics is inherently unreliable. Most of them occurred because we ignored what we knew.

Perhaps most obviously, we deputized - and continue to deputize - the wrong people as authorities. For instance, many assume that the real experts on the subject of money are those who have a lot of it. But the opinions of wealthy tycoons are often dissociated from scientific evidence, out of touch with reality and all too plainly wrong. Amassing wealth as an individual is not the same thing as building and sustaining broad economic growth across nations. Often, making a private fortune is a matter of luck. 'Fortuna' is the Latin word for luck, after all."

http://www.latimes.com/opinion/op-ed/la-oe-ioannidis-economics-is-a-science-20171114-story.html
 
dericwater
2023-02-03 2:45:17 PM  

Bith Set Me Up: [iFrame https://www.youtube.com/embed/ZUbiGS7_oqM?autoplay=1&widget_referrer=https%3A%2F%2Fwww.fark.com&start=0&enablejsapi=1&origin=https%3A%2F%2Fwww.fark.com&widgetid=1]


That's all great and true about unemployment numbers. But we're talking about employment numbers here: people who are now getting a wage, having a paycheck sent to them via ADP or PayChex or however it's done. That number is 517,000 more than last month, net of the tens of thousands that were dropped by Meta and Amazon and Google and Netflix and so on.
 
edmo [TotalFark] [OhFark]
2023-02-03 2:52:01 PM  
That Biden guy can't even recession correctly. What a loser.
 
HempHead
2023-02-03 2:57:28 PM  

make me some tea: OptionC: make me some tea: make me some tea: [Fark user image 431x477]

[Fark user image 535x193]

[Fark user image 727x495]

Well, yeah, they are going to be lower wage jobs.  Unemployment was already super low so it's not like there was some huge contingent of highly skilled workers sitting on the sidelines - those people already had jobs.  To the extent that there is job growth at this point it is going to be hiring people who were either completely out of the workforce or would be on the margins of employability in more normal circumstances.

I dunno about anywhere else but I've noticed that restaurant service has gotten better around here lately, they seemed to be staffed up finally.


Finally raised the wages?
 
Rapmaster2000 [TotalFark]
2023-02-03 3:06:21 PM  

Bith Set Me Up: Karma Chameleon: This is the weirdest recession ever

"The financial crises of the past two decades, and our failure to predict them, have wreaked havoc on more than just the global economy. The bursting of the dot-com bubble in 2000, the Enron scandal and the global financial crisis of 2008 have led to a loss of faith in economics itself.

But these crises and scandals do not mean that the science of economics is inherently unreliable. Most of them occurred because we ignored what we knew.

Perhaps most obviously, we deputized - and continue to deputize - the wrong people as authorities. For instance, many assume that the real experts on the subject of money are those who have a lot of it. But the opinions of wealthy tycoons are often dissociated from scientific evidence, out of touch with reality and all too plainly wrong. Amassing wealth as an individual is not the same thing as building and sustaining broad economic growth across nations. Often, making a private fortune is a matter of luck. 'Fortuna' is the Latin word for luck, after all."

http://www.latimes.com/opinion/op-ed/la-oe-ioannidis-economics-is-a-science-20171114-story.html


Deja vu.  I feel like I've seen that posted 15 times.
 
erik-k [OhFark]
2023-02-03 3:34:24 PM  

Autoerotic Defenestration: [Fark user image image 568x440]


Long covid is estimated to have permanently debilitated between 1 and 2 million Americans. The damage only gets worse with every infection.

(99% of those who were sick with PACS at 1yr were still sick after 2yr. Nearly all of those who were still debilitated several years after SARS are still sick 20 years later. There is almost no way to overstate how farking bad you do NOT want to roll these dice.)
 
HotWingConspiracy
2023-02-03 3:36:40 PM  

CCNP: Wireless Joe: NoBoDy WaNtS tO wOrK AnYmOrE! turned out to be more like businesses don't want to have to bother with paying employees anymore.

Which is why corporations are demanding that more low wage immigrants be imported.
https://www.cnn.com/2022/01/11/economy/chamber-of-commerce-inflation/index.html

The CEO's agree that this is the most profitable solution to worker shortages.
https://www.cnbc.com/2021/10/15/dominos-ceo-us-needs-more-immigration-to-address-worker-shortages.html

And anybody who has a problem with this is obviously a racist.

[1.bp.blogspot.com image 600x300]


So the takeaway here is that despite our "open border" and supposed millions of immigrants walking on over it, there's still not enough bodies. I guess the GOP are just wrong on this.
 
Jim_Tressel's_O-Face
2023-02-03 3:51:57 PM  

erik-k: Long covid is estimated to have permanently debilitated between 1 and 2 million Americans.


Is this by using the CDC study that was basically a poll of self-reporting symptoms?
 
Dave The Slushy
2023-02-03 3:57:35 PM  

Wireless Joe: NoBoDy WaNtS tO wOrK AnYmOrE! turned out to be more like businesses don't want to have to bother with paying employees anymore.


Also don't want to invest in sufficient CAPEX to automate the work. Basically all modern captains of industry are a pack of Trump type toddlers who fire people when they don't get a new Ferrari every quarter out of spite.
 
SpocksEars [TotalFark]
2023-02-03 4:09:42 PM  

Autoerotic Defenestration: SpocksEars: Autoerotic Defenestration: [Fark user image 568x440]

THIS.
And as a Gen X-er, I Officially approve of this reference.

[Fark user image 500x500]


Even better *takes long vape drag* I'm logged in at work, and I'm still coming over to the couch to watch gummi bears with the rest of my people.
 
Scorpitron is reduced to a thin red paste
2023-02-03 4:14:41 PM  
I just find it kind of astounding that we have the Fed and various Jamie Dimon types along with the business press and their class of executives struggling to cause a recession one one hand. On the other hand, we have the actual economy humming along (kind of weirdly and not well, mind).

How is it not a bigger thing that the top slice is trying to wreck average lives for their own purposes?
 
erik-k [OhFark]
2023-02-03 4:19:15 PM  

Scorpitron is reduced to a thin red paste: I just find it kind of astounding that we have the Fed and various Jamie Dimon types along with the business press and their class of executives struggling to cause a recession one one hand. On the other hand, we have the actual economy humming along (kind of weirdly and not well, mind).

How is it not a bigger thing that the top slice is trying to wreck average lives for their own purposes?


I'm sure the media, 95% of which is owned by one of five conglomerates owned by the ultra rich, will get RIGHT on that.
 
Bith Set Me Up
2023-02-03 4:19:20 PM  

Scorpitron is reduced to a thin red paste: I just find it kind of astounding that we have the Fed and various Jamie Dimon types along with the business press and their class of executives struggling to cause a recession one one hand. On the other hand, we have the actual economy humming along (kind of weirdly and not well, mind).

How is it not a bigger thing that the top slice is trying to wreck average lives for their own purposes?


They didn't get so much as a slap on the wrist after tanking the economy in 2008. Why wouldn't they pull the same shiat again?

And as I pointed out ITT, the social sciences have been wrongly belittled to the point where arguing out of ignorance is seen as equally sound. Thus, people are led to think that those who lucked their way into wealth, such as Trump and Musk, are allegedly more informed about economics than actual economists.
 
fat_free [TotalFark]
2023-02-03 4:27:00 PM  
Fark user imageView Full Size
 
Jim_Tressel's_O-Face
2023-02-03 4:51:25 PM  

Scorpitron is reduced to a thin red paste: I just find it kind of astounding that we have the Fed and various Jamie Dimon types along with the business press and their class of executives struggling to cause a recession one one hand. On the other hand, we have the actual economy humming along (kind of weirdly and not well, mind).

How is it not a bigger thing that the top slice is trying to wreck average lives for their own purposes?


I'm impressed that if there's one thing the left and right can agree on is that the Fed should do nothing but money printer go brrr.
 
Bruscar
2023-02-03 5:46:17 PM  
As a person who endured long-term under-employment or unemployment for decades, the fact that the joblessness rate fell causes the stock market to wobble sincerely ticks me off. Those farkers KNOW they profit by our suffering.
 
links136
2023-02-03 5:51:55 PM  
I like how some 15k a year backbreaking job that will ending up costing a fortune in future healthcare costs due the backbreaking labor, is considered equally a job as is being hired for 100-150k to do whatever.

Not that there's anything wrong with having to do the first, more there's no pressure to actually create well paying jobs by looking at unemployment.
 
rubi_con_man
2023-02-03 6:05:26 PM  
Just remember what the "real" unemployment is :

Look at all those people - the elderly! the children! the disabled! WHY ARE THEY NOT WORKING?

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Bruscar
2023-02-03 6:12:45 PM  

HotWingConspiracy: CCNP: Wireless Joe: NoBoDy WaNtS tO wOrK AnYmOrE! turned out to be more like businesses don't want to have to bother with paying employees anymore.

Which is why corporations are demanding that more low wage immigrants be imported.
https://www.cnn.com/2022/01/11/economy/chamber-of-commerce-inflation/index.html

The CEO's agree that this is the most profitable solution to worker shortages.
https://www.cnbc.com/2021/10/15/dominos-ceo-us-needs-more-immigration-to-address-worker-shortages.html

And anybody who has a problem with this is obviously a racist.

[1.bp.blogspot.com image 600x300]

So the takeaway here is that despite our "open border" and supposed millions of immigrants walking on over it, there's still not enough bodies. I guess the GOP are just wrong on this.


He's just espousing a not particularly subtle version of "You better watch out for that other guy. He's going to take your only cookie!"
 
KarmicDisaster [TotalFark] [OhFark]
2023-02-03 7:11:16 PM  
Knock it off Biden!
 
hammettman
2023-02-03 7:31:31 PM  
This is what happens when congress passes Biden's $1.2T, that's a "T," dollar infrastructure bill that actually creates jobs, not tax cuts.  Would've even been bigger, but, sometimes Manchin comes knocking.

Still, recent poll shows Trump beating Biden in a hypothetical matchup presidential election poll.

USA deserves the dumpster fires rioting in the streets it is going to get.
 
squegeebooo
2023-02-03 8:08:04 PM  
It really feels like:

republican administration: News talks up how amazing it's going to be, it comes out just 'ok', then 1-2 months later it's quietly adjusted from 'ok' to 'bad'.
democratic administration: News talks about how bad it's going to be, it comes out 'ok' or 'good', news talks about why isn't it 'amazing' instead.
 
guilt by association
2023-02-03 8:16:40 PM  
Federal sector definitely needs people. In the past month, I've been messaged a half dozen times about cleared opportunities, and my resume isn't posted anywhere.
 
I hereby demand that I be given a Fark account [TotalFark] [OhFark]
2023-02-03 10:00:49 PM  

make me some tea: make me some tea: [Fark user image 431x477]

[Fark user image 535x193]

[Fark user image image 727x495]


Most of all jobs are lower wage jobs.

So why is it unusual that most of the new jobs are lower wage jobs?
 
Alaskan Yoda [BareFark]
2023-02-03 11:17:52 PM  

bronskrat: Quality of jobs might be something to consider.


If it doesn't make dollars within the next quarter it doesn't make sense.
 
morg
2023-02-04 9:11:25 AM  
The US job market blew past expectations, adding an astonishing 517,000 jobs in January. America's unemployment rate fell to 3.4% in January, the lowest since before the 1969 moon landing.


fake news
 
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