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Offline CC27

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BumRushDaShow (99,118 posts)


Employers added 528,000 jobs in July, as the hot labor market powers on

Source: Washington Post

The hot labor market continued to show rapid growth in July, with employers adding 528,000 jobs, despite fears of a recession.

The unemployment rate edged down to 3.5 percent, according to the Bureau of Labor Statistics. In July, the labor market continued to show stunning growth that afforded workers historic wage gains and more leverage at their jobs.
Share with The Post: What's one way you've felt the impact of inflation?

The labor market has shown little signs of cooling off, proving to be a pillar of strength for an economy facing strong head winds. Other indicators, especially inflation at 40-year highs and six months of negative economic growth paint a less rosy picture. The financial markets have lost trillions of dollars in value this year, and one measure of consumer sentiment hit a record low in June.

A slowdown in job growth would have indicated that the Fed's interest rate hikes are achieving their intended goal of cooling down the labor market. As the Fed continues to raise rates, and borrowing becomes more expensive for households and companies, workers will probably have less leverage in the job market than they did earlier this year. Also, higher interest rates could lead to a wave layoffs.

Read more: https://www.washingtonpost.com/business/2022/08/05/jobs-report-july-2022/


No paywall link

This was definitely a surprise.

Stand by for DU's economy analysts to offer the deep data dives!

https://www.democraticunderground.com/10142951997

DUmb economy analysts??? The same people who get involved in Link Card scams??  :whatever:


Offline CollectivismMustDie

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Re: Employers added 528,000 jobs in July, as the hot labor market powers o
« Reply #1 on: August 05, 2022, 08:16:50 AM »
"Job growth" shouldn't include jobs that were lost due to dem lockdown policies that have or are being filled again.

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Offline BannedFromDU

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Re: Employers added 528,000 jobs in July, as the hot labor market powers o
« Reply #2 on: August 05, 2022, 08:34:18 AM »
"Job growth" shouldn't include jobs that were lost due to dem lockdown policies that have or are being filled again.


From the report:

Quote
Total nonfarm payroll employment rose by 528,000 in July, and the unemployment rate
edged down to 3.5 percent, the U.S. Bureau of Labor Statistics reported today. Job
growth was widespread, led by gains in leisure and hospitality, professional and
business services, and health care. Both total nonfarm employment and the unemployment
rate have returned to their February 2020 pre-pandemic levels.



Because I am interested in actual facts, not political interpretations of government data, here is what these stats mean:

  • Gig work, which is what people do when they are not employed in a salaried position, is definitely on the increase;
  • "Leisure and hospitality" means exactly what you think it means;
  • Healthcare is more likely to mean hourly-paid butt-wipers and floor-sweepers rather than, say, LPNs or neurosurgeons

It's great that jobs are back after the pandemic that Democrats are still trying to foist upon us, but job gains of late are exactly of the variety that
liberals claim are not even good jobs.

The only silver lining, other than having marginally more people employed to clean hotel rooms, is that a lot of people who doggedly sucked at the Covid-money teat
have realized that they must rejoin the economy.

Meanwhile the real (eg, shadowstats) unemployment rate is still about 25%, and for you lurking DUmmies, that includes in the numerator people like YOU, who, despite your laziness and lack of job skills, are included.

Also note that you cannot have this both ways, so in exchange for these "sterling" employment numbers, you will get another 50-75bps increase in the prime rate.
I am sorry. There is no other, better way it could have gone.

Offline 67 Rover

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Re: Employers added 528,000 jobs in July, as the hot labor market powers o
« Reply #3 on: August 05, 2022, 08:57:13 AM »
DUmb economy analysts??? The same people who get involved in Link Card scams??  :whatever:

Also the same people that budget in late fees.  ::)
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Offline FiddyBeowulf

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Re: Employers added 528,000 jobs in July, as the hot labor market powers o
« Reply #4 on: August 05, 2022, 12:59:28 PM »
How many of those new jobs were 2nd jobs.
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