Sunday, October 06, 2024

Jobs Report Is Stellar

Normally, this would not be big enough news for us to write a weekend item. However, we had an item yesterday noting that people with advance information were saying the newest jobs report would be so-so. Maybe these people were working from a phony version of the report, like the phony forecast of orange juice futures in the movie Trading Places. In any event, the actual report was fantastic.

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How was it fantastic? In pretty much every way possible. The U.S. economy was expected to add about 140,000 jobs in September, and it looks to have added something more like 254,000. Further, the July and August numbers were revised upward, by 72,000 jobs. Unemployment is thus lower than expected, at 4.1%, which is effectively full employment. And the stock market surged yesterday in response to all of this.

It is possible this will put a little wind in the sails of Kamala Harris. At very least, if the October jobs report is not so good, then it should be a wash. We tend to think that anyone who says, "Sure, the September report was great, but the October one wasn't, so I just can't vote for Kamala Harris" was never going to vote for her anyhow. (Z)

#1 | Posted by Hans at 2024-10-05 12:01 PM

The media, according to CBS' CEO, makes a lot more money if Trump is running well... he said that this, 'may not be good for America, but it's great for CBS!".

#2 | Posted by Corky at 2024-10-05 01:37 PM

keep this here.

when it gets revised lower I want to read what you two brother duckers have to say about the new number

#3 | Posted by shrimptacodan at 2024-10-05 04:48 PM

"when it gets revised lower I want to read ... "

Must suck to have to pray for bad news and for others to suffer just to make yourself feel better about your own deplorable behavior.

#4 | Posted by donnerboy at 2024-10-06 01:51 PM

'Nothing compares': Unemployment filings top 1 million for 20th straight week

abcnews.go.com

The bankruptcy-prone orange pedo's performance was anything but stellar.

#5 | Posted by reinheitsgebot at 2024-10-06 01:57 PM

repeat thread / repeat post

U.S. Added 254,000 Jobs in September Exceeding Expectations

Behind Today's Stunning Jobs Report: A Record Surge In Government Workers

While government workers soared by the most on record, private workers rose by just 133K, a far more believable number, and one which however would indicate that the recent labor market malaise continues.

What is odd is that while September traditionally sees a huge jump in not seasonally adjusted government workers (as teachers go back to school), the BLS has traditionally smoothed over this jump using seasonal adjustments.

Curiously, it wasn't just the Household survey that tracked an unprecedented increase in government workers: if one takes the Establishment survey unadjusted print (source Table B1 from the jobs report), one sees the exact same thing. Here, the number of not seasonally adjusted government workers soared by 918K (from 22.541 million to 23.459 million), while the number of not seasonally adjusted private sector workers plunged by 458K!

Posted by commnotes at 2024-10-04 03:59 PM | Reply

#6 | Posted by commnotes at 2024-10-06 02:06 PM

One final point: the BLS may have done everything it could to put lipstick on the jobs market (with data which will inevitably be revised lower after the election), but it forgot to change on data set: the number of people who need more than one job to make ends meet, just hit a new all time high as well.

#7 | Posted by commnotes at 2024-10-06 02:10 PM

Daddysfist, your child-raping hero put up insane numbers.

abcnews.go.com

#8 | Posted by reinheitsgebot at 2024-10-06 02:10 PM

"when it gets revised lower I want to read what you two brother duckers have to say about the new number" - #3 | Posted by shrimptacodan at 2024-10-05 04:48 PM

Ah, but by then the election will be over.

#9 | Posted by Hans at 2024-10-06 02:15 PM

"(with data which will inevitably be revised lower after the election)" - #3 | Posted by commnotes at 2024-10-05 04:48 PM

As you point out, by then the election will be over.

#10 | Posted by Hans at 2024-10-06 02:18 PM

Posted by commnotes at 2024-10-04 03:59 PM | Reply

#6 | Posted by commnotes at 2024-10-06 02:06 PM |

You still peddling the same lies I destroyed 2 days ago?

Total nonfarm payroll employment increased by 254,000 in September, higher than the average monthly gain of 203,000 over the prior 12 months. In September, employment continued to trend up in food services and drinking places, health care, government, social assistance, and construction. (See table B-1.)

Employment in food services and drinking places rose by 69,000 in September, well above the average monthly gain of 14,000 over the prior 12 months.

Health care added 45,000 jobs in September, below the average monthly gain of 57,000 over the prior 12 months. Over the month, employment rose in home health care services (+13,000), hospitals (+12,000), and nursing and residential care facilities (+9,000).

Employment in government continued its upward trend in September (+31,000). Government had an average monthly gain of 45,000 jobs over the prior 12 months. Over the month, employment continued to trend up in local government (+16,000) and state government (+13,000).

Employment in social assistance increased by 27,000 in September, primarily in individual and
family services (+21,000). Over the prior 12 months, social assistance had added an average of
21,000 jobs per month.

Construction employment continued to trend up in September (+25,000), similar to the average
monthly gain over the prior 12 months (+19,000). Over the month, nonresidential specialty
trade contractors added 17,000 jobs.

Employment showed little change over the month in other major industries, including mining,
quarrying, and oil and gas extraction; manufacturing; wholesale trade; retail trade;
transportation and warehousing; information; financial activities; professional and business
services; and other services.

www.bls.gov

Commondolt is a complete LIE. Look at the numbers released by the BLS above and they're nothing like what this new gaslighter claims.

Why do you people have to lie incessantly when the truth is readily available?

Posted by tonyroma at 2024-10-04 04:15 PM |

#11 | Posted by tonyroma at 2024-10-06 02:49 PM

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