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The New Coffee Room

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  3. Bidenomics At Work

Bidenomics At Work

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  • AxtremusA Offline
    AxtremusA Offline
    Axtremus
    wrote on last edited by
    #211

    https://www.cnn.com/2024/04/14/economy/working-past-retirement-age/index.html

    Americans over 75 are the fastest-growing age group in the workforce, more than quadrupling in size since 1964, according to the Pew Research Center. Forecasters expect that cohort of older, working Americans to double over the next decade.

    Pew Research: https://www.pewresearch.org/social-trends/2023/12/14/the-growth-of-the-older-workforce/

    Numbering roughly 11 million today, the older workforce has nearly quadrupled in size since the mid-1980s. The increase is driven in part by the growth of the 65-and-older population. The bulk of the Baby Boom generation has now reached that threshold.
    ...
    The share of older adults holding a job today is much greater than in the mid-1980s. Some 19% of adults ages 65 and older are employed today. In 1987, only 11% of older adults were working. Today’s share is similar to that of the early 1960s, when 18% of older Americans worked.

    1 Reply Last reply
    • AxtremusA Offline
      AxtremusA Offline
      Axtremus
      wrote on last edited by
      #212

      https://finance.yahoo.com/news/april-jobs-report-shows-hiring-wage-growth-slow-as-unemployment-unexpectedly-jumps-123130544.html

      The US labor market cooled notably last month as both hiring and wage growth slowed more than economists had expected in April.
      .
      The US economy added 175,000 new jobs and the unemployment rate rose to 3.9% last month, new data from the Bureau of Labor Statistics showed Friday. Wall Street economists had expected nonfarm payrolls to rise by 240,000 and the unemployment rate to remain at 3.8%, according to Bloomberg data.
      .
      Wages also rose less than forecast, with average hourly earnings rising 0.2% over last month and 3.9% over the last year. Economists had expected to see a monthly jump of 0.3% in April and a 4% rise over last year.
      .
      Friday's report also showed February's job growth was revised down — to a gain of 236,000 nonfarm payroll jobs from the 270,000 previously reported — while March's report was revised up to job gains of 315,000 from the 303,000 initially reported.
      ...

      In reaction to the weaker-than-expected jobs report, the stock market went UP in anticipation of the Federal Reserve Board cutting interest rates. It's as if Wall Street really doesn't like a strong economy.

      CopperC taiwan_girlT 2 Replies Last reply
      • AxtremusA Axtremus

        https://finance.yahoo.com/news/april-jobs-report-shows-hiring-wage-growth-slow-as-unemployment-unexpectedly-jumps-123130544.html

        The US labor market cooled notably last month as both hiring and wage growth slowed more than economists had expected in April.
        .
        The US economy added 175,000 new jobs and the unemployment rate rose to 3.9% last month, new data from the Bureau of Labor Statistics showed Friday. Wall Street economists had expected nonfarm payrolls to rise by 240,000 and the unemployment rate to remain at 3.8%, according to Bloomberg data.
        .
        Wages also rose less than forecast, with average hourly earnings rising 0.2% over last month and 3.9% over the last year. Economists had expected to see a monthly jump of 0.3% in April and a 4% rise over last year.
        .
        Friday's report also showed February's job growth was revised down — to a gain of 236,000 nonfarm payroll jobs from the 270,000 previously reported — while March's report was revised up to job gains of 315,000 from the 303,000 initially reported.
        ...

        In reaction to the weaker-than-expected jobs report, the stock market went UP in anticipation of the Federal Reserve Board cutting interest rates. It's as if Wall Street really doesn't like a strong economy.

        CopperC Offline
        CopperC Offline
        Copper
        wrote on last edited by
        #213

        @Axtremus said in Bidenomics At Work:

        It's as if Wall Street really doesn't like a strong economy.

        00ae50af-a6fc-4c0f-b1ce-9a6d778fe129-image.png

        1 Reply Last reply
        • AxtremusA Axtremus

          https://finance.yahoo.com/news/april-jobs-report-shows-hiring-wage-growth-slow-as-unemployment-unexpectedly-jumps-123130544.html

          The US labor market cooled notably last month as both hiring and wage growth slowed more than economists had expected in April.
          .
          The US economy added 175,000 new jobs and the unemployment rate rose to 3.9% last month, new data from the Bureau of Labor Statistics showed Friday. Wall Street economists had expected nonfarm payrolls to rise by 240,000 and the unemployment rate to remain at 3.8%, according to Bloomberg data.
          .
          Wages also rose less than forecast, with average hourly earnings rising 0.2% over last month and 3.9% over the last year. Economists had expected to see a monthly jump of 0.3% in April and a 4% rise over last year.
          .
          Friday's report also showed February's job growth was revised down — to a gain of 236,000 nonfarm payroll jobs from the 270,000 previously reported — while March's report was revised up to job gains of 315,000 from the 303,000 initially reported.
          ...

          In reaction to the weaker-than-expected jobs report, the stock market went UP in anticipation of the Federal Reserve Board cutting interest rates. It's as if Wall Street really doesn't like a strong economy.

          taiwan_girlT Offline
          taiwan_girlT Offline
          taiwan_girl
          wrote on last edited by
          #214

          @Axtremus said in Bidenomics At Work:

          https://finance.yahoo.com/news/april-jobs-report-shows-hiring-wage-growth-slow-as-unemployment-unexpectedly-jumps-123130544.html

          The US labor market cooled notably last month as both hiring and wage growth slowed more than economists had expected in April.
          .
          The US economy added 175,000 new jobs and the unemployment rate rose to 3.9% last month, new data from the Bureau of Labor Statistics showed Friday. Wall Street economists had expected nonfarm payrolls to rise by 240,000 and the unemployment rate to remain at 3.8%, according to Bloomberg data.
          .
          Wages also rose less than forecast, with average hourly earnings rising 0.2% over last month and 3.9% over the last year. Economists had expected to see a monthly jump of 0.3% in April and a 4% rise over last year.
          .
          Friday's report also showed February's job growth was revised down — to a gain of 236,000 nonfarm payroll jobs from the 270,000 previously reported — while March's report was revised up to job gains of 315,000 from the 303,000 initially reported.
          ...

          In reaction to the weaker-than-expected jobs report, the stock market went UP in anticipation of the Federal Reserve Board cutting interest rates. It's as if Wall Street really doesn't like a strong economy.

          My understanding on economy (which I admit is minimum), is that the poor jobs reports indirectly says that inflation will be slowing (less salary pressure increase, etc.). Which, in the long term, is what is wanted. @jon-nyc is probably better to respond.

          1 Reply Last reply
          • AxtremusA Offline
            AxtremusA Offline
            Axtremus
            wrote on last edited by
            #215

            https://www.bls.gov/news.release/empsit.nr0.htm

            Total nonfarm payroll employment increased by 272,000 in May, and the unemployment rate changed
            little at 4.0 percent ...

            In May, average hourly earnings for all employees on private nonfarm payrolls increased by 14 cents, or 0.4 percent, to $34.91. Over the past 12 months, average hourly earnings have increased by 4.1 percent. In May, average hourly earnings of private-sector production and nonsupervisory employees
            increased by 14 cents, or 0.5 percent, to $29.99. ...

            1 Reply Last reply
            • LuFins DadL Offline
              LuFins DadL Offline
              LuFins Dad
              wrote on last edited by
              #216

              LOL, @George-K , can you find that post about the adjustments that just happened?

              The Brad

              George KG 1 Reply Last reply
              • LuFins DadL LuFins Dad

                LOL, @George-K , can you find that post about the adjustments that just happened?

                George KG Offline
                George KG Offline
                George K
                wrote on last edited by
                #217

                @LuFins-Dad zerohedge usually comes out with that info in a timely basis. But not yet today.

                "Now look here, you Baltic gas passer... " - Mik, 6/14/08

                The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

                LuFins DadL 1 Reply Last reply
                • George KG George K

                  @LuFins-Dad zerohedge usually comes out with that info in a timely basis. But not yet today.

                  LuFins DadL Offline
                  LuFins DadL Offline
                  LuFins Dad
                  wrote on last edited by
                  #218

                  @George-K said in Bidenomics At Work:

                  @LuFins-Dad zerohedge usually comes out with that info in a timely basis. But not yet today.

                  I thought I saw something that showed they just had a MASSIVE revision for December and March.

                  The Brad

                  1 Reply Last reply
                  • George KG Offline
                    George KG Offline
                    George K
                    wrote on last edited by
                    #219

                    "Now look here, you Baltic gas passer... " - Mik, 6/14/08

                    The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

                    1 Reply Last reply
                    • LuFins DadL Offline
                      LuFins DadL Offline
                      LuFins Dad
                      wrote on last edited by
                      #220

                      He gets community noted every time he posts that

                      The Brad

                      1 Reply Last reply
                      • CopperC Offline
                        CopperC Offline
                        Copper
                        wrote on last edited by
                        #221

                        962 replies, most are mocking him

                        1 Reply Last reply
                        • JollyJ Offline
                          JollyJ Offline
                          Jolly
                          wrote on last edited by
                          #222

                          If you tell a lie loud enough and long enough...

                          “Cry havoc and let slip the DOGE of war!”

                          Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

                          1 Reply Last reply
                          • George KG Offline
                            George KG Offline
                            George K
                            wrote on last edited by George K
                            #223

                            "Now look here, you Baltic gas passer... " - Mik, 6/14/08

                            The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

                            1 Reply Last reply
                            • JollyJ Offline
                              JollyJ Offline
                              Jolly
                              wrote on last edited by
                              #224

                              Look at the IT jobs...

                              “Cry havoc and let slip the DOGE of war!”

                              Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

                              1 Reply Last reply
                              • George KG Offline
                                George KG Offline
                                George K
                                wrote on last edited by
                                #225

                                Black and Hispanic unemployment is at a record low

                                There have never been more Black and Hispanic Americans in the workforce, Friday’s Labor Department job report showed.

                                The jobless rate for Hispanics hit a record low of 3.9% in September, while African Americans maintained its lowest rate ever, 5.5%.

                                Oh, wait. That was from 2019. My bad...

                                Jobless rates rise in May for all racial groups except white Americans

                                White unemployment remained at 3.5% last month, making the demographic group the only one that didn’t experience a rise in jobless rates from April to May. It also went against the overall unemployment rate, which edged higher to 4% from 3.9%.

                                Meanwhile, the jobless rate for Black Americans rose to 6.1% from 5.6%. For Asian and Hispanic workers, respectively, it rose to 3.1% from 2.8%, and to 5% from 4.8%.

                                "Now look here, you Baltic gas passer... " - Mik, 6/14/08

                                The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

                                1 Reply Last reply
                                • AxtremusA Offline
                                  AxtremusA Offline
                                  Axtremus
                                  wrote on last edited by
                                  #226

                                  About doing "multiple gig jobs" vs. "one full time job," while "one full time job" is easier and more more predictable day-to-day, the "multiple gig jobs" model is arguably lower risk long term because you won't be completely out of work and out of income because an employer goes bust or terminate you all of a sudden.

                                  Yeah, the Industrial Revolution somehow led to an abundance of jobs that are steady year round, it lifted the standard of living for the masses. It's good to have "one steady full time job", it's good to not have to worry about what to do with your next eight hours (because your employer planned it out for you). But why would one expect that model to last forever?

                                  Aqua LetiferA 1 Reply Last reply
                                  • JollyJ Offline
                                    JollyJ Offline
                                    Jolly
                                    wrote on last edited by
                                    #227

                                    Gig jobs do not normally come with benefits.

                                    “Cry havoc and let slip the DOGE of war!”

                                    Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

                                    AxtremusA 1 Reply Last reply
                                    • JollyJ Jolly

                                      Gig jobs do not normally come with benefits.

                                      AxtremusA Offline
                                      AxtremusA Offline
                                      Axtremus
                                      wrote on last edited by
                                      #228

                                      @Jolly said in Bidenomics At Work:

                                      Gig jobs do not normally come with benefits.

                                      That we need to fix with single payer universal healthcare. Single payer universal healthcare is the right solution regardless of whether the labor pool is mostly “full time” or mostly “gig” workers.

                                      LuFins DadL CopperC 2 Replies Last reply
                                      • AxtremusA Axtremus

                                        @Jolly said in Bidenomics At Work:

                                        Gig jobs do not normally come with benefits.

                                        That we need to fix with single payer universal healthcare. Single payer universal healthcare is the right solution regardless of whether the labor pool is mostly “full time” or mostly “gig” workers.

                                        LuFins DadL Offline
                                        LuFins DadL Offline
                                        LuFins Dad
                                        wrote on last edited by
                                        #229

                                        @Axtremus said in Bidenomics At Work:

                                        @Jolly said in Bidenomics At Work:

                                        Gig jobs do not normally come with benefits.

                                        That we need to fix with single payer universal healthcare. Single payer universal healthcare is the right solution regardless of whether the labor pool is mostly “full time” or mostly “gig” workers.

                                        Great, I nominate you to be the single payer.

                                        The Brad

                                        JollyJ 1 Reply Last reply
                                        • AxtremusA Axtremus

                                          @Jolly said in Bidenomics At Work:

                                          Gig jobs do not normally come with benefits.

                                          That we need to fix with single payer universal healthcare. Single payer universal healthcare is the right solution regardless of whether the labor pool is mostly “full time” or mostly “gig” workers.

                                          CopperC Offline
                                          CopperC Offline
                                          Copper
                                          wrote on last edited by
                                          #230

                                          @Axtremus said in Bidenomics At Work:

                                          single payer universal healthcare

                                          That is obamacare.

                                          Of course additional insurance options exist for those who want to pay. More than just the single payer is not forbidden.

                                          1 Reply Last reply
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