Good News? September 2020 Monthly Jobs Report

This thread is going to get no traffic today due to all the rest of the stuff going on, but here’s the report:

So 661,000 jobs added. Good. Unemployment rate down to 7.9%. Good. Some not so good things, job growth is down to only 44% of what it was last month. If it stays at this rate or drops(which is more likely) it’s going to take a long long long time to get back to where we were in February. Not good, wage growth almost non existent. I don’t really care about this one, but labor participation is down again too. Down two percentages points since February and that’s not good. So overall I think this is a very meh report. In any normal time 661,000 job gains would be amazing. But not right now.

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They were expecting slightly higher.

I would rate 661,000 as a 4 on a 1-10 scale.

Allan

Yes good news.

Somewhere I seen that wage did go up .4 percent.

Just by the numbers it taken Obama 4 years to get back rate of 7.9 after the great recession. It taken Trump 4 months after the great pandemic which had nearly 15 percent.

On side note CNN lied. It claim there never been rate this high going into election. In 2012 it was higher when Obama was reelected. Over 8 percent.

No. CNN is correct. It was 7.8% when Obama was reelected.

Trump’s is higher. Please don’t call them liars.

On another note. More Americans getting their jobs back is good, but the drastic change in the number of people got them back this month compared to the previous two months is very very very worrisome. Not to mention that the employment drop was almost entirely due to people leaving the work force. People who gave up looking was up a lot. I’ll take the 661K because it’s people getting back to work, but these are not created jobs, they’re jobs people are going back to. To compare it to the Great Recession seems disingenuous. That was a total breakdown at almost all levels of the economy. Not a “we should be able to open up in a few months” kind of thing. It is going to take years to get back to where we were. Especially if this trend continues. It’ll be a different economy and a certain part of the workforce are going to bear the brunt of it.

Wrong as usual.

Allan

Did my comment offend you? I was going off of memory.

As for Obama…lot of people never did recover because it take years and years to get back what was lost.

Wow…defense of CNN is strong here.

You called them liars going off your memory. Which was wrong. Just want to make that clear. People throw “liar” around a lot. CNN did it’s job and checked the facts.

Yeah OK…it was still 8 percent when Obama was sworn in the second time.

Yeah, OK…and you were wrong. But felt very confident in your claim. Make any other claims like that here that you think you’re right about?

And side note: Wages went up .04%. Which is statistically meaningless. That’s 4/100 of 1%. But BLS isn’t even calculating wage growth as a whole right now because they don’t know how to do it in the pandemic. It’s really weird because there is always a year on year wage growth section and they have not included that at all since COVID and they specifically say how the numbers are too problematic right now. Which for a department made up of statisticians must drive them crazy.

Hey…I do better then most libs using google.

Is it not a fact using the link that was provided by a forum lib that unemployment was 8 percent on Jan 2013? Yes or no?

During the middle of a pandemic? Magnificent.