The American economy gained 142,000 jobs last month. We need 90,000 new jobs just to keep up with population growth, which means that net job growth clocked in at 52,000 jobs. The headline unemployment rate ticked down to 4.2%.
Employment numbers for the previous two months were revised downward, so we've now had three consecutive months of very meager job growth.
Average hourly earnings jumped 4.9% at an annualized rate while weekly earnings rose 8.6%. Average weekly earnings grew a stunning 15% in the financial sector. These are very strong numbers, especially considering that recent inflation readings have been under 1%.
Generally speaking, this jobs report shouldn't sway the Fed from going ahead with its rate cut this month. But the earnings growth might give it pause.
“Average weekly earnings grew a stunning 15% in the financial sector.”
How long is it until we hear more about how a recession is imminent or inflation is out of control from these fucks making out like bandits under “disasterous” Bidenomics?
dammit, i really want platinum fixtures on my yachts but after the disaster of bidenomics i can only afford gold, like i'm some trump-grade nobody
Gold: $2516.85/oz
Platinum: $927.00/oz.
in that case, thank god my catalytic converter only uses platinum 😉
While I wish the numbers were better, at least the unemployment rate went down. I was worried it would keep rising until we were in recession. I'd like to make 2 points.
1.) I little while ago someone posted the link to the Working-Age Population, 15 to 64 Years US
https://fred.stlouisfed.org/series/LFWA64TTUSM647S
Basically, the working age population first rose above 208 million in January 2023. Now, more than a year and a half later, it is still 208 million and change. (At one point it was over 209 million, but the number has gone up and down.) You can't get big job growth numbers without an increase in people 15 to 64.
I checked in at http://www.calculatedriskblog.com where the charts are really good. He always posts the Employment-Population Ratio, 25 to 54 years and the Participation Rate, 25 to 54 years. That is my go to number on overall economic health:
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgg5ifK7sCAeT2lewXnz0KHvEHjDp7jV6MTf0Sh9Mj6EuaOEpPEM4CD7QKbwrRnFPRh1fHF-R_W-oKpmAZbiBnYktCdRTuWk-VhuiiKIUzJz_0u1wLig_699Sd8k-A1Zar7372H4M9vcrrDxFgj9CEQHnjLvmryqJ5mova7T2j2tqiL3Kmt1seo/s1064/EmployPop2554Aug2024.PNG
Basically, prime age workers are working at a rate not seen since before 9/11. That could change, but for the moment things look pretty good.
2.) I listened to Why Is This Happening? with Cris Hayes podcast this week. The September 3rd podcast was titled The Biden Miracle with Jay Turner. It talks about the Inflation Reduction Act and unlike many of the people on line, this guy actually found out what the act was and was not doing. Basically, it is doing a lot.
All that investment in factories that Kevin and Krugman and others have mentioned is very real. Unfortunately many of the factories are still being built, but they are real and should produce a good economy next year. I wanted to mention this because on this blog there are some commenters that claim the numbers don't really mean we are building lots of factories. Or insist it is all data centers that employ few people. No. Factories really are being built and Biden's signature act really is a big part of why they are.
I almost skipped the podcast. Glad I didn't.
Go out and buy some junk!