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The New Coffee Room

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  3. Bidenomics At Work

Bidenomics At Work

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  • 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
                            • LuFins DadL LuFins Dad

                              @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.

                              JollyJ Offline
                              JollyJ Offline
                              Jolly
                              wrote on last edited by
                              #231

                              @LuFins-Dad said in Bidenomics At Work:

                              @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.

                              alt text

                              “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
                                #232

                                D2 is down here from across the CheddarCurtain. We decided to order in Italian beef sammiches from my favorite place, Buona Beef. We last did this about a year ago.

                                5 pieces of bread
                                Italian beef
                                Sweet Peppers
                                Hot Peppers
                                Potato salad.

                                $44.95

                                Today...

                                Screenshot 2024-06-08 at 5.18.11 PM.png

                                "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
                                  #233

                                  So it was 1¢ less?

                                  The Brad

                                  George KG 1 Reply Last reply
                                  • LuFins DadL LuFins Dad

                                    So it was 1¢ less?

                                    George KG Offline
                                    George KG Offline
                                    George K
                                    wrote on last edited by
                                    #234

                                    @LuFins-Dad said in Bidenomics At Work:

                                    So it was 1¢ less?

                                    Same price, one less bowl of peppers (I used to get sweet AND hot) one less piece of bread (I used to get five), and probably less italian beef.

                                    Shrinkflation.

                                    "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 said in Bidenomics At Work:

                                      So it was 1¢ less?

                                      Same price, one less bowl of peppers (I used to get sweet AND hot) one less piece of bread (I used to get five), and probably less italian beef.

                                      Shrinkflation.

                                      LuFins DadL Offline
                                      LuFins DadL Offline
                                      LuFins Dad
                                      wrote on last edited by
                                      #235

                                      @George-K said in Bidenomics At Work:

                                      @LuFins-Dad said in Bidenomics At Work:

                                      So it was 1¢ less?

                                      Same price, one less bowl of peppers (I used to get sweet AND hot) one less piece of bread (I used to get five), and probably less italian beef.

                                      Shrinkflation.

                                      Ahhh, I didn’t look closely enough at the packages.

                                      The Brad

                                      1 Reply Last reply
                                      • George KG Offline
                                        George KG Offline
                                        George K
                                        wrote on last edited by
                                        #236

                                        BLS Jobs Report

                                        https://www.bls.gov/news.release/pdf/empsit.pdf

                                        The revisions:

                                        The change in total nonfarm payroll employment for April was revised down by 57,000, from +165,000 to +108,000, and the change for May was revised down by 54,000, from +272,000 to +218,000. With these revisions, employment in April and May combined is 111,000 lower than previously reported. (Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors.)

                                        "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.

                                        taiwan_girlT 1 Reply Last reply
                                        • George KG George K

                                          BLS Jobs Report

                                          https://www.bls.gov/news.release/pdf/empsit.pdf

                                          The revisions:

                                          The change in total nonfarm payroll employment for April was revised down by 57,000, from +165,000 to +108,000, and the change for May was revised down by 54,000, from +272,000 to +218,000. With these revisions, employment in April and May combined is 111,000 lower than previously reported. (Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors.)

                                          taiwan_girlT Offline
                                          taiwan_girlT Offline
                                          taiwan_girl
                                          wrote on last edited by
                                          #237

                                          @George-K Thats a good thing, right? "Cooler" economy means less pressure on keeping interest rates high?

                                          This isn't actually something very new. Been happening for years, not just under President Biden.

                                          https://www.bls.gov/opub/btn/volume-2/revisions-to-jobs-numbers.htm

                                          The initial estimate of job change for a month is based on the growth or loss of jobs at the businesses that have reported their data. Generally, BLS assumes that the employment situation at businesses that had reported is representative of the situation at those that had not yet reported. BLS continues to collect outstanding reports from the businesses in the sample as it prepares a second and then a third estimate for the month. With each subsequent estimate, more businesses have provided their information. In 2012, the average collection rate at the time of the third estimate for a month was 94.6 percent. (See chart 1.)

                                          alt text

                                          So why doesn’t BLS wait until it has all the reports to make the estimate and avoid revisions? Users of the data are intensely interested in the earliest possible read on labor market developments, and experience suggests that the initial estimate is generally very good. For example, in 2012, the average monthly employment change using the first estimate would have been +142,000, compared with a monthly average change of +165,000 using the third estimate. (See table 1.) Nevertheless, it is true that in some months, revisions are large enough that they change the users’ perspectives on the current state of the economy. In November 2012, for example, the initial estimate of over-the-month change was +146,000, while the third estimate was +247,000.

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