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US Created 818,000 Fewer Jobs Than Reported, Case for Fed Interest-rate Cut
The government's revised estimate of employment growth showed the economy gained about 2.1 million jobs from April 2023 to March 2024. Originally the increase in employment during that span was put at 2.9 million.
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gracieamazed
Joined 2011/10/25Visited 2024/10/07
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... The lower number of new job created gives further impetus for the Federal Reserve to cut interest rates in September as widely expected. The central bank is required under the law to keep inflation low and employment high. ...
Yup.
The economy still looks like it is chugging along, albeit at a slower rate, which is what the Fed has been trying to do with the higher interest rates.
On finance TV networks, I'm seeing talking heads espousing from one rate cut in September to up to five rate cuts, one at each of the next five Fed meetings.
#1 | Posted by LampLighter at 2024-08-21 11:51 AM | Reply | Funny: 2 | Newsworthy 1
Ok, so what's the unemployment rate today vs. Jan.1 2021?
I'll wait.
#2 | Posted by LegallyYourDead at 2024-08-21 12:53 PM | Reply
Sure, let's have a 3rd thread on this.
#3 | Posted by REDIAL at 2024-08-21 01:12 PM | Reply | Newsworthy 2
MAGATS have the sads.
TOO ------- BAD, YOU ------- LOSERS
#4 | Posted by LegallyYourDead at 2024-08-21 01:17 PM | Reply
#2 | POSTED BY LEGALLYYOURDEAD AT 2024-08-21 12:53 PM | REPLY
So you want the compare today's numbers with those that were affected by the COVID shutdown....Brilliant, I say brilliant -- not really ; )
#5 | Posted by MSgt at 2024-08-21 01:47 PM | Reply | Newsworthy 1
Real numbers will be published after the election.
#6 | Posted by visitor_ at 2024-08-21 02:38 PM | Reply | Newsworthy 1
Wow. That's a big miss. At the same time, I'll wager the CPI and GDP numbers are more accurate. That said, the US economy has scarcely missed the extra jobs. That the Fed has room to move is a good thing. There is still a concern about the growth in household debt, which certainly provided a clue about the true growth in jobs. An unemployment rate that starts with a 4' is still very good ...
#7 | Posted by catdog at 2024-08-21 02:48 PM | Reply
#6 | POSTED BY VISITOR_
This is a real good gotcha! You should definitely run with it.
Hiring: Three years and five months into Biden's term, the U.S. economy has created 15.6 million jobs. That compares with job losses totaling 12.6 million for Trump.
National debt: Biden has so far added $4.3 trillion to the national debt, while Trump approved twice as much during his full term in office ($8.4 trillion).
Growth: Since Biden took office, the U.S. economy has grown 8.4% when adjusted for inflation, versus a 6.5% growth rate for the same time period under Trump, though the economy was growing at a similar speed to Biden's before the pandemic.
Stocks: Overall, the S&P 500 stock index has risen 42.1% since Biden took office, compared with a 33.6% increase over the same time period for Trump, but stocks rose at a faster pace under the second and third year in Trump's term than they did in Biden's. Yup.
"Facts are stubborn things."
#8 | Posted by donnerboy at 2024-08-21 02:54 PM | Reply
Trump's plan to hand the wealthiest of Americans another trillion dollars tax cut should fix this.
Right Retadlicans?
#9 | Posted by ClownShack at 2024-08-21 03:13 PM | Reply
So you want the compare today's numbers with those that were affected by the COVID shutdown...
#5 | Posted by MSGT
Why not? The wingnuts here on the DR do it all the time when they need to cherry-pick data for one of their stupid arguments...
#10 | Posted by chuffy at 2024-08-21 03:14 PM | Reply
Those statistics, even if they were close to accurate, are not the strong endorsement of Biden/Harris you believe them to be.
#11 | Posted by visitor_ at 2024-08-21 03:22 PM | Reply | Newsworthy 1
Re 11
They were accurate when they were posted (subject to revision!)
Your big "gotcha of the day" is not the savior of Grumpy Trumpy that you want it to be.
#12 | Posted by donnerboy at 2024-08-21 03:30 PM | Reply
This isn't over with by any means of the word. The actual numbers won't be seen until after the first of the year.
This is what cooking the books looks like.
#13 | Posted by lfthndthrds at 2024-08-21 05:25 PM | Reply
"This isn't over with by any means of the word."
Oh noes! It's not over yet!
"This is what cooking the books looks like."
There is no evidence that the "books" were cooked.
But as we know you republicans don't actually need any evidence to spread your lies with so I expect to hear a lot about it.
Have you contacted Gym Jordan yet? He is a professional at weaponizing maga lies. Without evidence.
#14 | Posted by donnerboy at 2024-08-21 05:51 PM | Reply
The economy is great under Biden, but Kamala is going to fix it, day one.
#15 | Posted by lfthndthrds at 2024-08-21 06:09 PM | Reply
#15
I truly hope you truly believe that Trump cutting corporate taxes for highly prosperous industries and individuals is the best thing for the middle class because those people will lower their prices for you... because if not, you'd be crazy.
#16 | Posted by Corky at 2024-08-21 06:17 PM | Reply
#15 | Posted by lfthndthrds
America was totally awesome under trump, then it switched to a total disaster the day biden took over.
#17 | Posted by SpeakSoftly at 2024-08-21 06:40 PM | Reply
The economy didn't tank for a year or so under disastrous policies blue states hid behind. No one made anyone shut down. Blue governors took that upon themselves.
#18 | Posted by lfthndthrds at 2024-08-21 06:46 PM | Reply
'Blue Govs' have to pay for all those Red State Freeloaders!
It's not easy being Blue.
#19 | Posted by Corky at 2024-08-21 06:51 PM | Reply
Bravo Democrats, Bravo!
#20 | Posted by Bluewaffles at 2024-08-21 07:03 PM | Reply
#15 | POSTED BY LFTHNDTHRDS
lol. I thought we were talking about "cooking the books"?
And now we are talking about Kamala promising to fix problems still lingering from a global pandemic?
What happened to the scandal that somehow Biden's BLS has munched up a prediction of an estimate of payroll figures that won't officially be released until next year?
Focus man!
We need to investigate the investigators of this and impeach someone immediately! If not sooner!
#21 | Posted by donnerboy at 2024-08-21 07:12 PM | Reply
Let's check the bankruptcy-prone orange pedo's numbers.
abcnews.go.com
Ouch!
#22 | Posted by reinheitsgebot at 2024-08-21 07:12 PM | Reply
For 20 straight weeks, the number of Americans who have lost their jobs and filed for unemployment insurance has topped 1 million.
This unprecedented streak of weekly jobless claims has shattered all historical records.
Is adderall a performance enhancing drug?
#23 | Posted by reinheitsgebot at 2024-08-21 07:16 PM | Reply
#18 | Posted by lfthndthrds
The economy didn't tank by any measure. Unless you sold your stocks like a sucker because trump told you biden would crash the economy. Did you?
#24 | Posted by SpeakSoftly at 2024-08-21 07:24 PM | Reply
"The economy didn't tank by any measure. "
Yup. Only a Bible salesman could have any luck convincing low information Americans that the best and most powerful economy in the world is "tanked".
#25 | Posted by donnerboy at 2024-08-21 07:41 PM | Reply
It is if you're broke and millions are. Reality is subjective on this subject.
The well off in urban areas see no problem and for them that's true
The poor and struggling in rural and exurban areas have a different view.
Trump is playing to the lower blue collar worker in the rust belt and over much of the upper south.
These traditionally democratic areas are not thriving.
The Dems need to find a way to help them. They aren't a lost cause.
Just sick of being told it's all Fine.... For normal people...that they're somehow to blame for their own problems.
Not a way to Win Elections.
#26 | Posted by Effeteposer at 2024-08-21 09:15 PM | Reply
The economy didn't tank by any measure. #24 | POSTED BY SPEAKSOFTLY
I don't think it did either, but whats Oprah talking about here?
Oprah Winfrey: "When a house is on fire, we don't ask about the homeowner's race or religion. We don't wonder who their partner is or how they voted. No, we just try to do the best we can to save them. And if the place happens to belong to a childless cat lady " well, we try to get that cat out too."
#27 | Posted by oneironaut at 2024-08-21 11:22 PM | Reply
"but whats Oprah talking about here?"
Really?!?
One guy wants to control women, men, and everyone in between.
The other believes Americans should determine their own destiny.
Where are you?
#28 | Posted by Danforth at 2024-08-21 11:26 PM | Reply | Newsworthy 1
It's hard for the Russian troll to give accurate economic assements of rural and urban America if the only thing it knows is the inside of their Moscow troll farm.
#29 | Posted by AlternateFacts at 2024-08-22 02:05 AM | Reply
I'm an American in Virginia, Doofus.
Not everything matches your delusions.
Sometimes things aren't what you think.
#30 | Posted by Effeteposer at 2024-08-22 03:38 AM | Reply
#30 | POSTED BY EFFETEPOSER
Have you read any of your own posts?
That's most of the time for you.
Apparently.
#31 | Posted by donnerboy at 2024-08-22 11:12 AM | Reply
Back at ya.
That being said. I do respect you as a person based on your posting history.
You are civil,if caustic most of the time.
#32 | Posted by Effeteposer at 2024-08-22 11:37 AM | Reply
"You are civil,if caustic most of the time."
It's the Marine in me. I have little patience with the rampant ignorance that's ailing us these days. "Those who forget history are doomed to repeat it." -George Santayana
"If you don't know how you got here you cannot understand where "here" is much less where we are going.". -donnerboy
#33 | Posted by donnerboy at 2024-08-22 12:00 PM | Reply
Funny how frequently the last few years that the employment numbers are quietly lowered after the fact [this time it made the news more that usual], showing that the were initially inflated to bolster claims that the economy is doing fine.
Fact is that the administration knows that the vast majority of Americans pay no attention to business news, and they will only know the initial claim by the dem administration.
#34 | Posted by MSgt at 2024-08-22 12:15 PM | Reply
Funny how frequently the last few years that the employment numbers are quietly lowered after the fact [this time it made the news more that usual],
Funny how it's ALWAYS been that way. And yes this time was a little unusual.
The first number is (always) an estimate of an unofficial prediction of a number that will officially be released sometime next year.
But I think you MAGAts should really run with this one. Maybe you have really got the goods on Joe and the "Biden Crime Family" this time! You only have 5 months to impeach Joe so you best be getting that Lying Gym Jordan to impeaching!
#35 | Posted by donnerboy at 2024-08-22 12:30 PM | Reply
Big Dog brings receipts.
In particular, Clinton pointed to the record of job creation since the end of the Cold War under both Republican and Democratic presidents.
"You're going to have a hard time believing this, but so help me, I triple-checked it," Clinton said in the speech. "Since the end of the Cold War in 1989, America has created about 51 million new jobs. I swear I checked this three times. Even I couldn't believe it. What's the score? Democrats 50, Republicans one."
www.rawstory.com
#36 | Posted by reinheitsgebot at 2024-08-22 05:07 PM | Reply | Newsworthy 1
#34
Funny how you're still a ------- idiot.
#37 | Posted by LegallyYourDead at 2024-08-22 05:13 PM | Reply
Yellow meat for spaztic dogs.
#38 | Posted by Angrydad at 2024-08-22 07:13 PM | Reply
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