October Jobs Report... Good News?

WuWei · 2024-11-02T15:08:30.557Z

Private Sector Shrank By 28,000, Worst Since 2020, While Government Jobs Rose 40,000

Good news?

Breitbart – 1 Nov 24

Private Sector Shrank By 28,000, Worst Since 2020, While Government Jobs Rose...

The last time the private sector as a whole shed jobs was April of 2020. | Economy

FreeAndClear · 2024-11-02T15:47:15.208Z

Not good news. What i don’t understand is how does a strike effect labor numbers

Ben_Natuf · 2024-11-02T15:56:32.492Z

I’d be concerned about the downward revision of about 100K jobs for the previous two months.

Impenitent · 2024-11-02T15:58:01.807Z

downward revision after all those early votes were cast

FreeAndClear · 2024-11-02T16:00:01.623Z

Each or total? Wasn’t last month like 240k

Ben_Natuf · 2024-11-02T16:06:35.276Z

total was 112K for both months.

this ain’t looking good either

368,000 fewer people reported holding jobs and the labor force contracting by 220,000. Full-time employment declined by 164,000, while part-timers fell by 227,000.

CNBC – 1 Nov 24

U.S. economy added just 12,000 jobs in October, impacted by hurricanes,...

Nonfarm payrolls were expected to increase by 100,000 in October, according to the Dow Jones consensus estimate.

WuWei · 2024-11-02T17:39:26.588Z

Does it?

WuWei · 2024-11-02T17:40:00.284Z

Kamalanomila

conan · 2024-11-02T17:42:34.730Z

FreeAndClear:

Not good news. What i don’t understand is how does a strike effect labor numbers

I often wonder that myself. Technically they’re still employed.

But again what do I know.

FreeAndClear · 2024-11-02T17:47:58.023Z

WuWei:

Does it?

I really don’t know. I don’t understand why it’s brought up in discussions the labor market

conan · 2024-11-02T17:51:41.040Z

I also know they try to blame it on hurricanes…not sure I’m buying that. Maybe temporary in effected area but afterwards clean up and rebuild create more jobs.

WuWei · 2024-11-02T18:52:19.417Z

FreeAndClear:

WuWei:

Does it?

I really don’t know. I don’t understand why it’s brought up in discussions the labor market

I don’t think it does. As @conan said, they aren’t unemployed.

conan · 2024-11-02T18:58:09.530Z

According to AI

image1096×220 12.9 KB

Ben_Natuf · 2024-11-03T00:53:37.616Z

“If the striking workers earned pay for any part of the reference period, even one hour, they are counted as employed,” Cody Parkinson, an economist at the BLS, told CNN. “Striking workers are reflected as a subtraction from the employment level in the first monthly estimate when they are not working in the reference pay period. They are added back only when they return to work.”

when did the strike start?

CNN – 8 Oct 23

A lot of workers are out on strike right now. Here’s how that looks in the...

From actors to autoworkers, more than 450,000 workers have participated in 312 strikes in the United States this year, according to Cornell University’s Labor Action Tracker.

and just for accuracy, the original story is wrong, there are not 44K striking workers, there’s 33K

conan · 2024-11-03T02:05:22.770Z

Ben_Natuf:

there’s 33K

I checked it, yep.

But and there is a but in this. Most of the time they get back pay for being on strike as being part of agreement.

So where they even unemployed?

Ben_Natuf · 2024-11-03T02:06:09.028Z

no, and we should not count them as such