Advertisement

Drudge Retort: The Other Side of the News
Friday, November 04, 2022

  • Nonfarm payrolls grew by 261,000 in October, better than the estimate for 205,000.
  • The unemployment rate moved higher to 3.7%, while a broader jobless measure also increased, to 6.8%.
  • Big job gainers by industry included health care, professional and technical services, and leisure and hospitality.
  • Average hourly earnings rose 0.4% for the month and were up 4.7% from a year ago.

More

Comments

Admin's note: Participants in this discussion must follow the site's moderation policy. Profanity will be filtered. Abusive conduct is not allowed.

September's jobs number was revised higher, to 315,000, an increase of 52,000 from the original estimate. August's number moved lower by 23,000 to 292,000.

The Fed is on a campaign of rate hikes aimed in part at cooling a labor market where there are still nearly two jobs for every available unemployed worker. Even with the reduced pace, job growth has been well ahead of its pre-pandemic level, in which monthly payroll growth averaged 164,000 in 2019.

#1 | Posted by YAV at 2022-11-04 09:12 AM | Reply

Heading into the holiday shopping season, retail posted only a modest gain of 7,200 jobs. Wholesale trade added 15,000, while transportation and warehousing was up 8,000.

The unemployment rate rose 0.2 percentage point even though the labor force participation rate declined by one-tenth of a point to 62.2%.

September's jobs number was revised higher, to 315,000, an increase of 52,000 from the original estimate.

The economy remains strong even as the Fed continues to try to fight inflation by forcing American workers out of jobs instead of realizing that the major driver of domestic inflation continues to be profit-grabbing by corporations.

And as unemployment inevitably rises due to the Feds actions, watch as Republicans turn on a dime and start blaming Biden and Democrats for causing said unemployment to climb. It's as sure as the sun rising in the East.

#2 | Posted by tonyroma at 2022-11-04 09:16 AM | Reply | Newsworthy 1

Republicans still continue to bash Biden by pretendin the job numbers aren't what they are but their voters are too dumb to figure out the aaaaaaaaaaaagQP lies about everything akk the time.

#3 | Posted by danni at 2022-11-04 09:28 AM | Reply

are still nearly two jobs for every available unemployed worker.

But many of those jobs are low wage retail and hospitality. I was at a restaurant where one waitress was covering twenty tables at dinner time. The cook and the owner were helping her serve tables when the ---- at the next table started yelling at her for taking too long to take her order. The poor waitress looked defeated. I leaned back over to the ---- and told her to fk off and that she was the single biggest unaware person on the planet.

I made sure the waitress got a 25% tip on my dinner.

Boazo would have told her to get a better job and left nothing because well people like him suck.

#4 | Posted by Nixon at 2022-11-04 09:31 AM | Reply

There are 1.8 job openings for every person that's unemployed right now.

#5 | Posted by LegallyYourDead at 2022-11-04 09:38 AM | Reply

According to these numbers, there were 158.5 million employed workers in March 2022... and 158.6 million in October 2022 an increase of just 150K.

During a period in which the number of payrolls reportedly increased by 2.5 million! Household survey indicates fulltime jobs getting demolished, part time increased by same amount.


The economy remains strong even as the Fed continues to try to fight inflation by forcing American workers out of jobs instead of realizing that the major driver of domestic inflation continues to be profit-grabbing by corporations.

FANG finaincials indicate otherwise.

Layoffs announced in the last day:

- Lyft 13% of workers
- Opendoor 18%
- Stripe 14%
- Chime 12%
- Morgan Stanley (% unknown)

layoffs.fyi

Finally interest payments on US Gov $31 trillion in US debt is about to exceed what the US Gov spends on the Defense Department.

We are entering a debt death spiral.
Interest on the debt will double if they leave rates above 4% for about 3 years.

All of the debt maturing rolls over at higher rates.

These aren't good signs, its not a good economy. Not all Bidens fault, but lets not spin it the other way either.

#6 | Posted by oneironaut at 2022-11-04 11:29 AM | Reply

IAMRUNT misses his bankruptcy-prone hero's 15% unemployment rate.

#7 | Posted by reinheitsgebot at 2022-11-04 11:32 AM | Reply

Comments are closed for this entry.

Home | Breaking News | Comments | User Blogs | Stats | Back Page | RSS Feed | RSS Spec | DMCA Compliance | Privacy | Copyright 2023 World Readable

Drudge Retort