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Very strong economy continues, blowout new jobs report number:
"Non-farm payrolls: +517,000 vs. +188,000 expected
Unemployment rate: 3.4% vs. 3.6% expected
Average hourly earnings, month-over-month: +0.3% vs +0.3% expected
Average hourly earnings, year-over-year: +4.4% vs. +4.3% expected
Friday's shock numbers mark a sharp jump from the prior month, which saw payrolls rise by an upwardly revised 260,000. The unemployment rate slipped back down to 3.4% in January, the lowest since 1969.
January's figures come just as the employment picture began to show some signs of moderation, with monthly data on a downtrend in recent months before last month's outlier report."
Well, Boomers are retiring in large numbers, leaving behind open positions, and Gen-z/Millennials aren't terribly interested in actual work, so there you have it.
UI represents just the people receiving unemployment funds that are actively searching for a job.
It doesn't reflect the overall labor participation rate (still below pre-pandemic levels) and it doesn't represent the under-employed (which is large with all the gig economy jobs). You can get hired on as an independent contractor to deliver groceries, amazon packages or weed in a matter of a day or two?
The reality is, the American consumer is hurting bad right now. Real wages have been in decline for a couple years. They're even tapping into their 401ks to make ends meet right now.
I don't believe anything this totally corrupt regime says. They have 0 cred with me. They lie at every turn. See the "Biden lies" thread as proof.
I assume everything they say/report is the polar opposite of the truth.
We have a corrupt political regime, telling a corrupt media what to report....& they want me to believe it? No way Jose. I reject their propaganda.
The data is collected the same way now as it was with Trump.
If you question all information that you don't like that doesn't make this administration suspect. It means you are creating a mythical world of conspiracies.
Many liberals did the same when Trump was in office.
Yup --- between boomers retiring, people choosing not towrk we have a low participation rate.
People aren't on unemployment , there are jobs available if you NEED a job.....
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