339,000 new jobs? (unemployed, illegal, health care, high school)

[TMSRetired]

Originally Posted by InformedConsent

339,000 new jobs in May, but the unemployment rate rose from 3.4% to 3.7%, and wages (up only 4.3%) failed to keep up with inflation.

Welcome to a race to the bottom (standard of living in the US).

Wages chasing inflation is not good to end inflation. It only causes inflation to last and/or even increase.

[InformedConsent]

Originally Posted by TMSRetired

Wages chasing inflation is not good to end inflation. It only causes inflation to last and/or even increase.

You think it's good for wage earners to keep falling further behind?

[TMSRetired]

Originally Posted by InformedConsent

You think it's good for wage earners to keep falling further behind?

It's called tightening your belt until inflation gets under control.

Go read about the high inflation of the 70-80's.

Inflation numbers come out monthly. Do you expect employers to give monthly raises ?
And with raises come price increases to maintain revenue targets.

[Variable]

Originally Posted by Hemlock140

There are over 4,000 major universities in the USA, and each of those averages 6,000 graduates each year. That means another 24 million young people are looking for their first real job every summer. That's 2 million a month on average, though most graduate in June. The number 339,000 new jobs would not be nearly enough to go around. Then there are the high school graduates that don't go to college, looking for jobs. There have always been and will always be unemployed people.

At the same time, the baby boomers are retiring. Baby boomers are a large group and their retirements are a huge reason for so many job openings. Older gen-x are also starting to retire.

This is the natural churn of the employment life cycle...retirement of older works and new young workers joining the workforce to start their careers.

[detachable arm]

Originally Posted by InformedConsent

You think it's good for wage earners to keep falling further behind?

No it isn’t, but a conservative would say they need to pull themselves up by their bootstraps.

[Camaro5]

Well as they say, there are lies, damn lies, and statistics. I have a feeling these job numbers are a combination of all three.

[BeerGeek40]

339,000 new jobs and I'll bet you 300,000 of them were fast food. lol

[InformedConsent]

Originally Posted by TMSRetired

It's called tightening your belt until inflation gets under control.

Except that's NOT what's happening. Americans' credit card debt up 17%, YOY.

https://www.cbsnews.com/news/credit-...-us-data-2023/

[TMSRetired]

In addition to adding 339K new jobs, 400K lost their jobs.

https://www.bls.gov/news.release/empsit.nr0.htm

[TMSRetired]

Originally Posted by InformedConsent

Except that's NOT what's happening. Americans' credit card debt up 17%, YOY.

https://www.cbsnews.com/news/credit-...-us-data-2023/

I realize that. Generations after the boomers have never experience high inflation though...only recessions.

The prime rate just increased and across the board and CC interest rates are going up as well as mortgages.
I just got an email that my CC rate is going up because of the increase in prime rate.

The economy is contracting...which is exactly what the Federal Reserve wants so that inflation will come down.