Mac-7
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That was not trump’s massive debt but a bipartisan congressional repair for the stupid covid19/wuflu democrst shutdown of the economy
Libs paid workers not to work
Trump Policy has Given us this Inflation
- Thread starter The Banker
- Start date
Libs paid workers not to work
Mac-7
Diamond Member
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Lib economists tow the party line
Toddsterpatriot
Diamond Member
But inflation is 100% corporate price gouging.
Bullshit.
When you have actual evidence of earnings report phone calls, by CEO's openly admitting to their gouging for the sole purpose of shareholder returns,
Inflation is a general rise in prices. If CEO #1 raises prices, consumers have less money to buy the goods of CEO #2. Fewer sales mean he has to cut prices. That's not inflation.
luiza
Diamond Member
Troll Wanker posting more foolish nonsense .
Part of a real News Report -- Zero Hedge right now
August Unemployment Rate Unexpectedly Spikes As Payrolls For Every Month In 2023 Is Revised Sharply Lower
FRIDAY, SEP 01, 2023 - 01:59 PM
Ahead of today's payrolls report consensus was already ugly And while moments ago we got a number which was at least nominally stronger than expected, the report in general was weak enough to suggest that - as we expected - the wheels are finally coming off the US labor market (as this week's JOLTS report strongly hinted).
With that preamble out of the way, moments ago Biden's BLS (Bureal Of Lies and Statistics) reported that in August, the US added 187K jobs, and beating the consensus estimate of 1Superficially this would have meant an unchanged print from last month when the BLS also reported 187K jobs, however in keeping with recent trends that number was revised - drumroll - lower again, to 157K, meaning that every single monthly payrolls print in 20-23 has been revised lower (see chart below), a 12-sigma probability and virtually impossible unless there was political pressure to massage the data higher initially and then revise it lower when nobody is looking.
But wait there's more: while July was revised down by 30K from +187,000 to +157,000, June was revised even more, by 80,000, from +185,000 to +105,000, which means that a number that was originally reported as 209K has been reivsed 50% lower, to 105K and a collapse vs original expectations of 230K. Here, the BLS was proud to report that "with these revisions, employment in June and July combined is 110,000 lower than previously reported."
In other words, we now wait for the August payrolls number to be revised sharply lower as well because that's how Biden's handlers roll.
Turning to the unemployment rate, things here get really ugly: instead of the 3.5% expected print, in August the unemployment rate jumped to 3.8%, up sharply from 3.5% in July, and the result of 514K newly unemployed workers as the total civilian labor force increased by 736K individuals, as there were 597,000 new entrants in the labor market, people looking for work for the first time, and the highest level since October 2019. This confirms what we have been seeing: the savings are tapped out and credit cards are maxed out.
The jump in the unemployment rate means that the economy was only able to absorb a net 77K of them in August. At the same time, this surge in new workers also suppressed wage growth (as noted below).
Among the major worker groups, the unemployment rates for adult men (3.7 percent), Whites (3.4 percent), and Asians (3.1 percent) rose in August. The jobless rates for adult women (3.2 percent), teenagers (12.2 percent), Blacks (5.3 percent), and Hispanics (4.9 percent) showed little change over the month. The silver lining was that the participation rate actually rose from 62.6% to 62.8%, and is gradually catching up to where it was before the pandemic.
Next, turning to wage growth, August payrolls rose 0.2% MoM, down from 0.4% last month and missing expectations of 0.3%. On an annual basis, the 4.3% print came in as expected, and down modestly from 4.4% last month.
Some more details: In August, average hourly earnings for all employees on private nonfarm payrolls rose by 8 cents, or 0.2 percent, to $33.82. Over the past 12 months, average hourly earnings have increased by 4.3 percent. In August, average hourly earnings of private-sector production and wheels are indeed coming off the labor market, but the BLS is doing its best to make the hit as comfortable as possible. Meanwhile, as Bloomberg's Enda Curran writes, on a net basis, "these figures probably don’t change the Fed debate. They broadly show a labor market that’s cooling at a very controlled space, in line with slowing inflation. That’s a good outcome, but it’s unlikely the Fed will declare mission accomplished."
Below we share some more hot takes on today's print:
li Jaffery, an economist at CIBC Capital Markets, has this take:
“Overall, today’s report underscores that rebalancing in the labor is picking up pace and softening in labor demand could translate into even weaker income and spending ahead.”
Rubeela Farooqi, chief US economist at High Frequency Economics:
Part of a real News Report -- Zero Hedge right now
August Unemployment Rate Unexpectedly Spikes As Payrolls For Every Month In 2023 Is Revised Sharply Lower
FRIDAY, SEP 01, 2023 - 01:59 PM
Ahead of today's payrolls report consensus was already ugly And while moments ago we got a number which was at least nominally stronger than expected, the report in general was weak enough to suggest that - as we expected - the wheels are finally coming off the US labor market (as this week's JOLTS report strongly hinted).
With that preamble out of the way, moments ago Biden's BLS (Bureal Of Lies and Statistics) reported that in August, the US added 187K jobs, and beating the consensus estimate of 1Superficially this would have meant an unchanged print from last month when the BLS also reported 187K jobs, however in keeping with recent trends that number was revised - drumroll - lower again, to 157K, meaning that every single monthly payrolls print in 20-23 has been revised lower (see chart below), a 12-sigma probability and virtually impossible unless there was political pressure to massage the data higher initially and then revise it lower when nobody is looking.
But wait there's more: while July was revised down by 30K from +187,000 to +157,000, June was revised even more, by 80,000, from +185,000 to +105,000, which means that a number that was originally reported as 209K has been reivsed 50% lower, to 105K and a collapse vs original expectations of 230K. Here, the BLS was proud to report that "with these revisions, employment in June and July combined is 110,000 lower than previously reported."
In other words, we now wait for the August payrolls number to be revised sharply lower as well because that's how Biden's handlers roll.
Turning to the unemployment rate, things here get really ugly: instead of the 3.5% expected print, in August the unemployment rate jumped to 3.8%, up sharply from 3.5% in July, and the result of 514K newly unemployed workers as the total civilian labor force increased by 736K individuals, as there were 597,000 new entrants in the labor market, people looking for work for the first time, and the highest level since October 2019. This confirms what we have been seeing: the savings are tapped out and credit cards are maxed out.
The jump in the unemployment rate means that the economy was only able to absorb a net 77K of them in August. At the same time, this surge in new workers also suppressed wage growth (as noted below).
Among the major worker groups, the unemployment rates for adult men (3.7 percent), Whites (3.4 percent), and Asians (3.1 percent) rose in August. The jobless rates for adult women (3.2 percent), teenagers (12.2 percent), Blacks (5.3 percent), and Hispanics (4.9 percent) showed little change over the month. The silver lining was that the participation rate actually rose from 62.6% to 62.8%, and is gradually catching up to where it was before the pandemic.
Next, turning to wage growth, August payrolls rose 0.2% MoM, down from 0.4% last month and missing expectations of 0.3%. On an annual basis, the 4.3% print came in as expected, and down modestly from 4.4% last month.
Some more details: In August, average hourly earnings for all employees on private nonfarm payrolls rose by 8 cents, or 0.2 percent, to $33.82. Over the past 12 months, average hourly earnings have increased by 4.3 percent. In August, average hourly earnings of private-sector production and wheels are indeed coming off the labor market, but the BLS is doing its best to make the hit as comfortable as possible. Meanwhile, as Bloomberg's Enda Curran writes, on a net basis, "these figures probably don’t change the Fed debate. They broadly show a labor market that’s cooling at a very controlled space, in line with slowing inflation. That’s a good outcome, but it’s unlikely the Fed will declare mission accomplished."
Below we share some more hot takes on today's print:
li Jaffery, an economist at CIBC Capital Markets, has this take:
“Overall, today’s report underscores that rebalancing in the labor is picking up pace and softening in labor demand could translate into even weaker income and spending ahead.”
Rubeela Farooqi, chief US economist at High Frequency Economics:
Richard Flynn, managing director at Charles Schwab UK:
Peter Tchir of Academy Securities
Derek Tang, economist with LH Meyer/Monetary Policy Analytics.
Ali Jaffery, economist at CIBC Capital Markets:
Ian Lyngen at BMO Capital Markets says:
Stronger Banking means no Troll Wanker Wanking .
H
Harpy Eagle
Guest
been that way for decades
skews13
Diamond Member
- Mar 18, 2017
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Normal market inflation is to many dollars, chasing to few products. Economics 101.
The pandemic supply chain issues are long gone. There is plenty of supply in warehouses and on the retailers shelve's.
Prices are being cut?
Inflation is to many dollars chasing to few products.
You're not experiencing either. More money has been put in peoples pockets in the last 4 years, than ever has been.
Toddsterpatriot
Diamond Member
Inflation is to many dollars chasing to few products.
You said, "inflation is 100% corporate price gouging."
Realized your error already?
Dadoalex
Gold Member
- Jan 11, 2021
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I realize you weren't even a broken condom in your daddy's wallet but in the early 70s ANOTHER conservative tried to force wages and prices down.
The result was a multi-year economic disaster they called "stagflation."
Funny how you guys are all about the markets till the markets turn around and bite you on the ass.
Mac-7
Diamond Member
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I sure wasnt around to advise you when you made that crap up
Dadoalex
Gold Member
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History little one. Those that fail to learn...
Mac-7
Diamond Member
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You may see me as a republican knee-jerk mirror image of democrats but few repubs and certainly not me supported wage and price controls
Nixon went out on a limb mostly alone on that one
toobfreak
Tungsten/Glass Member
First of all, asshole, your "facts" are BULLSHIT.
Second of all, asshole, how can inflation be "plummeting" when in your own first line you admit it is still INCREASING?
Third of all, asshole, I'm still paying about a dollar more a gallon for gas than I was just two years ago, that is an increase of about 34%! And food and energy and rent and other things are up about the same amount--- --- and you are claiming that 34% every two years is "standard and normal" inflation?
And that I should be enjoying the "plummeting" inflation?
You're a lying, braindead, itinerant shithead asshole.
Harry Dresden
Adamantium Member
aint the bankers threads fun?....lol...First of all, asshole, your "facts" are BULLSHIT.
Second of all, asshole, how can inflation be "plummeting" when in your own first line you admit it is still INCREASING?
Third of all, asshole, I'm still paying about a dollar more a gallon for gas than I was just two years ago, that is an increase of about 34%! And food and energy and rent and other things are up about the same amount--- --- and you are claiming that 34% every two years is "standard and normal" inflation?
And that I should be enjoying the "plummeting" inflation?
You're a lying, braindead, itinerant shithead asshole.
Dadoalex
Gold Member
- Jan 11, 2021
- 15,114
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First, you ARE a knee jerk MAGAT.
As proven by your accusing me of making up what you're too embarrassed to remember. You could have looked it up, educated yourself, but instead you chose your knee jerk reaction.
Second, the President has near zero ability to influence inflation and when the President can influence inflation, that impact isn't seen for 2 or 3 years beyond the action.
If you're angry about inflation take it out on the greed of the businesses and their owners.
Toddsterpatriot
Diamond Member
Yeah, because business owners didn't think about just raising prices for no reason, until recently. DURR
Mac-7
Diamond Member
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Nixon was not a conservative
AntonToo
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Bullshit peddler, avg national price for reg gasoline is $3.80
Should we crash economy and run oil companies into insolvency again to get it to $2.50?
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I’m quoting the prices in my area that I see and use. In my area it is $4.49 according to your link.
President Trump had a national average around $2.
No matter how you try to spin it, Biden has been a disaster for gasoline and the economy.
AntonToo
Diamond Member
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Nobody knows "your area".
Where did you get $2.50 from? Middle of 2020 historic economic standstill?
Thats your idea of a good economy?
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It was $2.60 in 2019 if you want to count only pre-COVID.
Like I said, either way you cut it, Biden is awful. He declared war on oil when he was running. He promised to put them out of business and punish anyone that uses gas. Yet you want to pretend he loves oil and gas. You can’t have it both ways.
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