Sorry, normally this thread gets started earlier. Here’s the report:
We’re in crazy COVID-19 times so it’s kinda hard to interpret some of this data and what it means for the economy. But, unemployment down to 8.4%. Good. 1.4 million jobs “created”. Yeah, that one is hard to evaluate. 238,000 of those jobs are temp government census jobs. But more people are getting back to work. That’s good. Labor participation 61.7. I don’t actually care about this one, but it’s up. Still down quite a bit from earlier in the year, and I don’t know if we even get back to what it was before. And again, I will say that low sixties labor participation is fine for an industrialized nation.
Wages. Wages gets screwy as hell. Up 18 cents but that’s after down 11 cents last month. I’ll just quote the report here because no one knows what the hell is going on:
“The large employment fluctuations over the past several months–especially in industries with
lower-paid workers–complicate the analysis of recent trends in average hourly earnings.”
I think the meat of the report is where the job growth is and where it was. The nation is just trying to claw back right now, and in all honesty, that’s going to take at least a couple years. But actual industry breakdwon: Manufacturing down over 700,000 since February. Financial services down 191,000 since February. “Other Services” which is a weird category, down 531,000 since February. Education and health services…down 1.5 million since February. Leisure and hospitality…down 2.5 million since February. Professional services…down 1.5 million since February. Retail…down 655,000 since February. I actually thought that number would be higher. Government down 831,000 since February. That’s with all the temp census takers. These are crazy numbers. Really hard to analyze.
So…overall…more people hired which is good. Wages suck. Participation is fine. But there is just a gigantic drop that will take at least a couple years to come back to. So…Good News???
It’s good news, for sure, but millions of people are still out of work, and 800k-1 mil people still go on employment every week. Hopefully this keeps up and all the people that lost their jobs get them back.
I am fine with the report, but I just have to be a realist. This is going to be a slow ass recovery. The gains we’re seeing now are part of the stuff that is finally opening back up. There’s a huge section that is not going to open back up. I’m guessing we’ll be around 7% around election day. And it’s going to take months and months and months to get that down to normal after the election. Regardless of who is president.
for the foreseeable future, likely. people may actually be discovering they like those services better than going to crowded restaurants where other people intrude on your privacy and ability to relax,
sports will come back, but it will be downsized as many fans “take a knee” themselves. I for one, and I’m a huge baseball and football fan, will not be going to or watching any games until these pampered millionaires stand the ■■■■ up.
But…about the actual jobs report…anyone have thoughts? To stimulate(giggity) discussion I was surprised at how low the retail drop has been since February. But that totatlly fits with how the economy was transitioning even before COVID. I should have thought of that.