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Started By
Message
Payrolls increase by nearly 1.8 million, topping expectations.
Posted on 8/7/20 at 8:15 am
Posted on 8/7/20 at 8:15 am
quote:
Nonfarm payrolls increased 1.763 million for the month. The unemployment rate fell to 10.2% from its previous 11.1%, also better than the estimates from economists surveyed by Dow Jones. An alternative measure that includes discouraged workers and the undermployed holding parttime jobs for economic reasons fell from 18% to 16.5%.
LINK
8
Posted on 8/7/20 at 8:17 am to GumboPot
Good news
What’s especially interesting is that employment in retail and food is just about where it was a year ago
What’s especially interesting is that employment in retail and food is just about where it was a year ago
Posted on 8/7/20 at 8:18 am to GumboPot
I just love how the left keeps harping on how Trump has wrecked our economy. They wouldn't know a wreck if they were hit head-on.
Posted on 8/7/20 at 8:19 am to GumboPot
Posted on 8/7/20 at 8:20 am to GumboPot
see how much of a jump we get in August with the bonus Fed UE running out.....
Posted on 8/7/20 at 8:21 am to cajunangelle
lol
Posted on 8/7/20 at 8:24 am to cajunangelle
I laughed at CNN's headline versus the first sentence of their article.
Posted on 8/7/20 at 8:27 am to GumboPot
Does this factor in the number of people who were previously in the work force but will no longer be in it? For example, workers in their 60s who decide to retire, or two income families in which one spouse will not return to work in order to stay home with the kids or work from home in some way.
Edit: specifically talking about the unemployment rate.
Edit: specifically talking about the unemployment rate.
This post was edited on 8/7/20 at 8:28 am
Posted on 8/7/20 at 8:33 am to cajunangelle
quote:
CNN's version
CNBC's version
CNN shows a chart that states "Unemployment claims surged due to coronavirus" and the chart of unemployment claims is decreasing since the initial surge back in April. Man they really want to hold on to the doom and gloom and cover up the improving economy.
Posted on 8/7/20 at 8:36 am to BurlesonCountyAg
quote:
Does this factor in the number of people who were previously in the work force but will no longer be in it? For example, workers in their 60s who decide to retire, or two income families in which one spouse will not return to work in order to stay home with the kids or work from home in some way.
Last time I looked this up and IIRC the unemployment rate is based on those that are employed plus those looking for work. People retired are not counted as participants in the workforce.
Posted on 8/7/20 at 8:55 am to GumboPot
Next month should be great too with school starting. Maybe even better if unemployment benefits get cut.
Posted on 8/7/20 at 8:59 am to Homesick Tiger
Trump has saved this economy from utter destruction amidst chaotic, uncertain, and crippling crisis, all thanks to china.
He deserves re-election and to be lauded as one of the greatest American Presidents.
He deserves re-election and to be lauded as one of the greatest American Presidents.
Posted on 8/7/20 at 9:24 am to GumboPot
quote:
Last time I looked this up and IIRC the unemployment rate is based on those that are employed plus those looking for work. People retired are not counted as participants in the workforce.
Yes I think you are correct. I think what I'm trying to say is there might be a vast amount of workers who were previously employed who will not be rejoining the work force, but are not part of the calculation yet. Many are in the process of transitioning out, for example boomers who decide the health risks are too great and they can simply collect social security and spend time with grand kids. Or a spouse whose job is still up in the air along with kids school situation, and will likely not rejoin. These folks would not be counted as having left the workforce. But I suspect there are many, many workers in this exact scenario right now.
Posted on 8/7/20 at 9:28 am to BurlesonCountyAg
I see our point. This should weigh on the side of improving the unemployment number going forward.
Posted on 8/7/20 at 9:28 am to SlidellCajun
quote:
Good news
This is great news for Trump. It’s always easier to hit the campaign trail when you can brag about how the unemployment rate has doubled since you took office.
This post was edited on 8/7/20 at 9:29 am
Posted on 8/7/20 at 9:31 am to Steadmans Cheddar
quote:He can brag about the best economic numbers in a long, long time prior to the "China virus" that has destroyed the world's economy.
This is great news for Trump. It’s always easier to hit the campaign trail when you can brag about how the unemployment rate has doubled since you took office.
He can then brag about the drop in unemployment over the past few months due to his work to strengthen the underlying supports over the past few years.
Posted on 8/7/20 at 9:39 am to BurlesonCountyAg
quote:
For example, workers in their 60s who decide to retire, or two income families in which one spouse will not return to work in order to stay home with the kids or work from home in some way.
Those numbers would not adversely affect the unemployment figures. The DOL actually has a separate number where they attempt to quantify the number of people who "left the workforce". I do not know how they quantify those figures, but it is separate from the unemployment rate which is a comparison of those employed to those not working seeking employment....Some how there is an underemployed component of the equation, but not sure how that is calculated either.
Posted on 8/7/20 at 9:42 am to BurlesonCountyAg
There probably are a lot that fit this description that are also just collecting the unemployment money until it runs out (most states pay up to 26 weeks). If that is the case, we won't see that adjustment until the 4th quarter. Depending on when they started collecting.
Posted on 8/7/20 at 9:47 am to GumboPot
The front page CNN headline is, literally:
It's just insane that this is the message being presented from the report.
quote:
US jobs recovery takes a massive hit as millions are still unemployed
It's just insane that this is the message being presented from the report.
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