US adds 353K jobs in January, soaring past expectations

The U.S. economy added 353,000 jobs in January, and the unemployment rate clocked in at 3.7 percent, according to new data released Friday by the Labor Department.

The January jobs report far exceeded the gain of 185,000 jobs and a 3.8 percent unemployment rate expected by economists polled by the Wall Street Journal.
https://thehill.com/business/4442991-us-jobs-report-january-2024-unemployment/​

Wow!

Now, this is just ONE indicator, of course. But it IS an indicator that the economy is now... not just out of danger from a recession, on the brink of which Trump left the country, but that come election year, people are going to be doing very well.

From an electoral point of view, another piece of bad news for Republicans. Don't bother trying to explain it away with the usual nonsense about "job participation" or "Covid" or... any of that. As I said, it's just ONE indicator. Job growth will be higher than expected in some months, and lower than expected in others. But the point is that there ARE jobs.

A much much more significant number is consumer satisfaction. That too is improving. Inflation, which is pretty much now under control, and will continue to improve.

A few months ago, Republicans thought the economy was their winning issue. Watch them run away from the topic. The only issue they have left is the Southern Border. So it's no wonder they OPPOSE Biden's bill. Because they know (and have publicly admitted) that it would SOLVE the problem. Leaving them with nothing to run on but AI generated pictures of Taylor Swift.

 

Mhm, and now look closer. The near entirety of which were unfilled, low paying jobs labor still leftover from the COVID labor displacement. The primary reason they're being filled at an increased rated is due to the mass elimination of millions of higher paying jobs over the last few years, none of which are coming back. We've got educated programmers making sandwiches and running curbside orders.

Give OP credit; he correctly acknowledged this is just one indicator, even if if the assessment was wildly off. Looking at other income related metrics such as debt to spending we can see a more clear picture of the troubled position the economy is in. But disregard OP's misunderstanding of inflation being under control - it isn't. I can put a bandaid over your bullet hole and call it "under control" ...but is it really?

But lets grant the premise that 350k jobs were actually added, ignoring the fact that millions more had been lost, and instead treating this as an actual gain. Do tell me how many months we'd need to keep up this pace to give every one of the 4.5+ million illegal invaders that have entered into labor force (because we they ALL just want to work) a job? Yea... gl with that.

But on the bright side this fluff is surely to do well for my retail ER runup calls and contribute nicely to the summer short season thereafter. So I'm happy. The rich really do get richer.

 

You looked closer and came up with that understanding? Sounds more like you didn't look at all.

U.S. economy added 353,000 jobs in January, much better than expected
https://www.cnbc.com/2024/02/02/us-...obs-in-january-much-better-than-expected.html
Nonfarm payrolls expanded by 353,000 for the month, much better than the Dow Jones estimate for 185,000, the Labor Department’s Bureau of Labor Statistics reported Friday. The unemployment rate held at 3.7%, against the estimate for 3.8%.

Wage growth also showed strength, as average hourly earnings increased 0.6%, double the monthly estimate. On a year-over-year basis, wages jumped 4.5%, well above the 4.1% forecast. The wage gains came amid a decline in average hours worked, down to 34.1, or 0.2 hour lower.

Job growth was widespread on the month, led by professional and business services with 74,000. Other significant contributors included health care (70,000), retail trade (45,000), government (36,000), social assistance (30,000) and manufacturing (23,000).

 

It's been like this for 3 years....

And if the figures are good, it's because the market expects Trump to be elected in 8 months' time.....

There's hope.

Trump will be bankrupt before the end of the year.

 

If you want to erroneously associate a sector class with a wage bracket you're free to do so. The political media sure wishes you would.

 

Ha he probably will be too. And being an honest capitalist, I'm happy to see anyone who cheats the system so egregiously go down.

 

The true irony of the argument from the "capitalists" that complain about low-wage jobs is, when they are confronted with groups that band together and ask for higher wages that is when they turn their face the other way and complain about that hurting the economy.
Cannot have it both ways.
Low-wage jobs vs. High-income jobs, which do you want?
Seems they hate working class standing up for their rights.

 

When one is ignorant of the reasons why a particular job only demands low wage compensation then one surely cannot then understand why artificially increasing the compensation is harmful. To some people money is just this infinite thing to be had on demand.

 

Quite obvious you didn't understand the context of the post.

 

Oh by all means; lay it out for us then.

 

Then why are so many complaining about no jobs and getting fired?

 

Should be easy to point to where you came up with your conclusion of jobs being low paying...

 

Mostly happening in tech industry due to rapid expansion during COVID and taking advantage of low to non-existent interest rates.

 

The previous months were also better than reported.

 

ER's from the companies doing the hiring.

 

YOU look closer. Read the entire OP. Not just the title.

 

Please define "low paying job". Here in Florida, that was $8 an hour when Trump was President (and don't even try to use Covid as an excuse. That's how it was BEFORE the pandemic). Today it's about $15 an hour.

 

You'll need to figure that out on your own. You'll never know if you don't read the OP.

HINT: The news in the title is only used as a means to introduce the REAL topic of the thread.

 

He doesn't know what he is talking about and neither do you. Did either of you think you were the first people on the internet to speak on something you don't fully understand and then upon confrontation make vague allusions to a grander point that doesn't even exist?

Side note, did you see CNN change its headline on this news? Initially it was a 3 column span WALL STREET REACTS TO GANGBUSTERS JOBS REPORT. But they took that down after checking the tickers LoL.

 

Who are you talking about? Who is "he"?

Read the OP if you want to be taken seriously! Or don't if you were just expecting to debate some imaginary "he", but didn't actually have anything to contribute that would be worth the while of any serious poster.

 

link?

 

https://www.sec.gov/edgar/search-and-access

 

Oh no! That contradicts EVERYTHING you said! Oh well... try to do better next time...

 

Do you know how to find an ER? Do you know how to read one?

 

It doesn't matter, RW media will continue claiming that the economy is terrible, actually the worst ever, until November. Unfortunately, too many people are taking them as gospel. Then, if they manage to get Trump re-elected in November by using this propaganda, all of a sudden the economy will be the best ever again, and everyone will be winning beyond their wildest dreams.