US added 216,000 jobs in December, blowing past expectations 1st L of the year for Maga Militants.

[DrexlersFade]

The U.S. added 216,000 jobs and the unemployment rate held steady at 3.7 percent in December, according to new data released Friday by the Bureau of Labor Statistics, closing the books on a year of remarkable economic resilience.

The jobs report bookends a surprisingly strong year that largely defied earlier fears that interest rate hikes intended to bring down inflation would trigger a recession and drive more people out of work.


The December jobs gain beat expectations from economists, who projected the US to add roughly 170,000 jobs last month, according to consensus estimates.

December also extended the longest stretch the unemployment rate has been below 4 percent since the mid-1960s.

Private sector earnings were also up 0.4 percent, according to the report. The average hourly wage has increased 4.1 percent over the past year, outstripping inflation, which clocked in at 3.1 percent in November.

Even so, there were significant downward revisions of past jobs gains. November’s intitally reported gain of 150,000 was revised down to 105,000, and an October gain of 199,000 jobs was revised down to 173,000.

“Overall, solid headline numbers, but some of the dynamics under the hood are more worrying,” wrote Martha Gimbel, a research scholar at Yale Law School who recently left the White House Council of Economic Advisers, on X, the platform formerly known as Twitter. She pointed to the downward revisions as part of this.

The first jobs report of 2024 comes as President Biden attempts to sway public opinon on the economy with less than a year to make this pitch for another term. Despite the strength of the labor market, Biden has struggled to sell voters on the his handling of the economy after two years of high inflation.

But the Biden camp will no doubt be pleased with the continued resiliency of the labor market in the face of high interest rates.

“With a total of 2.7 million new jobs created, 2023 was a year that beat economic expectations by every metric,” said House Budget Committee Ranking Member Brendan Boyle (D-Pa.).

“Wages and consumer confidence are up, the economy is growing, and in 2024, President Biden and Democrats will keep working to lower costs and get working families more breathing room.”

While the latest jobs numbers could help boost President Biden’s economic pitch as he heads into the 2024 reelection, they may give the Federal Reserve pause as they consider when and how to cut interest rates.

MSN

www.msn.com

 

[Bumblebreh]

@ Maga militant

 

[Phitz]

Govt, Healthcare, Liesure and hospitality jobs

Last month, federal, state and local governments led the payroll increases with 52,000. Leisure and hospitality added 40,000; health care, 38,000; social assistance, 21,000; retail, 17,000 and construction, 17,000

What fields are hiring the most right now?​

The scope of U.S. job gains is narrowing. Industries less sensitive to high rates and the economy's ups and downs – such as government, health care, and leisure and hospitality – have accounted for the lion’s share of U.S. job growth lately, Oxford Economics says.

What is the labor force participation rate?​

The share of adults working or looking fell to 62.5% from 62.8%, the biggest decline in nearly three years. A smaller supply of workers could push up wages more sharply and make the Fed’s job of wrestling down inflation more challenging.

 

[Mandarin Duck]

"There's more jobs for them to pay for shyt that cost too much anyway. Why are they not pleased?

 

[Giselle]

The U.S. added 216,000 jobs and the unemployment rate held steady at 3.7 percent in December, according to new data released Friday by the Bureau of Labor Statistics, closing the books on a year of remarkable economic resilience.

The jobs report bookends a surprisingly strong year that largely defied earlier fears that interest rate hikes intended to bring down inflation would trigger a recession and drive more people out of work.


The December jobs gain beat expectations from economists, who projected the US to add roughly 170,000 jobs last month, according to consensus estimates.

December also extended the longest stretch the unemployment rate has been below 4 percent since the mid-1960s.

Private sector earnings were also up 0.4 percent, according to the report. The average hourly wage has increased 4.1 percent over the past year, outstripping inflation, which clocked in at 3.1 percent in November.

Even so, there were significant downward revisions of past jobs gains. November’s intitally reported gain of 150,000 was revised down to 105,000, and an October gain of 199,000 jobs was revised down to 173,000.

“Overall, solid headline numbers, but some of the dynamics under the hood are more worrying,” wrote Martha Gimbel, a research scholar at Yale Law School who recently left the White House Council of Economic Advisers, on X, the platform formerly known as Twitter. She pointed to the downward revisions as part of this.

The first jobs report of 2024 comes as President Biden attempts to sway public opinon on the economy with less than a year to make this pitch for another term. Despite the strength of the labor market, Biden has struggled to sell voters on the his handling of the economy after two years of high inflation.

But the Biden camp will no doubt be pleased with the continued resiliency of the labor market in the face of high interest rates.

“With a total of 2.7 million new jobs created, 2023 was a year that beat economic expectations by every metric,” said House Budget Committee Ranking Member Brendan Boyle (D-Pa.).

“Wages and consumer confidence are up, the economy is growing, and in 2024, President Biden and Democrats will keep working to lower costs and get working families more breathing room.”

While the latest jobs numbers could help boost President Biden’s economic pitch as he heads into the 2024 reelection, they may give the Federal Reserve pause as they consider when and how to cut interest rates.

MSN

www.msn.com

What are they counting? The job postings? Because that means absolutely nothing coming from someone who has worked in hr. Many jobs post shxt but aren’t actually hiring.

The government is a lie & the people living it are telling the truth. The number of folks on govt aid/medical aid will be a little bit more honest.

 

[Dameon Farrow]

2nd L coming. Fines for Trump in New York.

Also this thread is about to bring out maga big time. I'm here for it.

 

[BigMoneyGrip]

TLR in shambles

 

[Spence]

What are they counting? The job postings? Because that means absolutely nothing coming from someone who has worked in hr. Many jobs post shxt but aren’t actually hiring.

The government is a lie & the people living it are telling the truth. The number of folks on govt aid/medical aid will be a little bit more honest.

Every newly hired employee is reported to the government via I-9 verification. If you were in HR you would def know that

 

[mc_brew]

interesting.....

no "i hate biden so much right now" posts..... very strange....

 

[Samori Toure]

What are they counting? The job postings? Because that means absolutely nothing coming from someone who has worked in hr. Many jobs post shxt but aren’t actually hiring.

The government is a lie & the people living it are telling the truth. The number of folks on govt aid/medical aid will be a little bit more honest.

Being on governmental aid and medical aid has zero to do with the number of new hires. People can work and receive Medicaid. People can work and receive SSI and SSDI. What they can earn is capped, but they can be employed.

 

[Pool_Shark]

Trynna piss on our leg and tell us it's raining

 

[Samori Toure]

Trynna piss on our leg and tell us it's raining

I am no expert on the subject, but I am pretty sure that employers report this stuff to the labor department. On top of that it can easily be verified through the Social Security Administration, IRS and payroll companies that employers utilize. After all people payroll withholdings will be reflected in those area.

 

[tuckgod]

Baby killer money

 

[DrexlersFade]

Baby killer money

It's all one in the same just matters what chain you on!!!

 

[Giselle]

Every newly hired employee is reported to the government via I-9 verification. If you were in HR you would def know that

Where did I say it wasn’t? I asked what are they counting because if you read or skimmed the article, they’re saying the actual number is different than the reported number & did not really specify what number they’re looking at.

Not only that but new hires is not an accurate depiction of how many people are unemployed if that is the only thing they’re using to measure.

Also, if you worked in hr, especially at a larger company you’d know that not every he person does the same thing. Some do payroll others do benefits, some do investigations, recruiting and some do the day to day.

Being on governmental aid and medical aid has zero to do with the number of new hires. People can work and receive Medicaid. People can work and receive SSI and SSDI. What they can earn is capped, but they can be employed.

I didn’t say it had anything to do with new hires, I said it’s a bit more honest not an absolute. I’m talking about medical and food stamps. They track unemployed folks up until the unemployment checks stop coming, then those folks go on medical and food stamps if they can qualify, it doesn’t even count the unemployed folks who don’t qualify.

You can read more about it below

Unemployment Statistics Are Misleading. Economic Hardship Is Much Worse

Analysis: Headlines still say the job market is strong, but it's not true.

www.cnet.com

LISEP Ludwig Institute for Shared Economic Prosperity

LISEP’s mission is to help achieve shared economic prosperity for all Americans, particularly for middle- and low-income families. Our focus is fact-based economic and policy research.

www.lisep.org