Buried in the may financial report is an embarrassing fact the Biden admin isn't talking about. His ytd job growth has mostly been *loss* of full time employment and growth of part-time employment.Over the last several months,1317000 full time jobs were lost and 1553000 part time jobs were gained!The net employment figures biden's admin is touting is literally all people working part time or needing to take on a second jobSource: U.S. BUREAU OF LABOR STATISTICS table A-9 https://www.bls.gov/news.release/empsit.t09.htmhttps://fortune.com/2024/06/07/jobs-report-jerome-powell-wait-and-see-mode-fed-rate-cuts/The jobs report will ‘lead to continued controversy,’ leaving Jerome Powell in wait-and-see mode and dashing investors’ hopes for imminent rate cutsThe unemployment rate is the perfect example of the mixed signals in May’s jobs report. It ticked up from 3.9% in April to 4% last month, even as the economy added 272,000 jobs. The first data set comes from the establishment survey, which is based on a sample of 666,000 businesses nationwide. This is where the 272,000 new jobs number came from, and it is the survey most economists emphasize. But there’s also a second data set called the household survey, which is based on a sample of 60,000 U.S. households across the country. According to the survey, the unemployment rate ticked up slightly in May due to a 408,000-person decline in employment that overshadowed a 250,000-person decline in the total labor force.Thomas Simons, Jefferies’ senior economist, warned in a Friday note that there is no silver lining to the increase in the unemployment rate in May. The household survey showed the economy lost 625,000 full-time jobs in May and added 286,000 part-time workers, which can signal that businesses are cutting back on labor costs as the economy slows.
>>1302390“Taken in the round, today’s payrolls report raises more questions than answers and has displayed some volatile moves in most key areas,” David Page, head of macroeconomic research at AXA IM, told Fortune via email.He noted that the establishment survey was stronger than expected, while the “inherently more volatile” household survey remains weak and higher wage growth was a modest surprise. When it comes to June’s Federal Open Market Committee (FOMC) meeting, these mixed signals mean Powell will likely stick to his old script.
Investors have been on edge throughout 2024 waiting for Federal Reserve Chairman Jerome Powell to cut interest rates and juice the market. But every time there seems to be enough evidence for the staunchly “data-dependent” Fed chair to begin this long-forecast rate-cutting cycle, another hot inflation or jobs report comes out and ruins the party.Friday’s non-farm payroll data was the latest example of this frustrating trend. Many investors hoped the jobs numbers would show that the labor market is cooling, enabling the Fed to move up the timing of its rate cuts.Instead, the Bureau of Labor Statistics reported Friday that the U.S. economy added 272,000 jobs in May, topping economists’ consensus forecast for 190,000. Wage growth also came in ahead of expectations. Average hourly earnings rose 0.4% month over month, and 4.1% from a year ago, in May. Julia Pollak, ZipRecruiter’s chief economist, told Fortune that while this report was largely good news for consumers, it wasn’t exactly what Powell was looking for.“I think the Fed and the investor class had all been hoping for sort of an unambiguous signal of labor market cooling—declining wage growth, declining job growth, etc.—everyone wants a really clear signal that interest rate cuts are appropriate. To Pollak’s point, before the jobs report, Fed Funds futures contracts were pricing in a 70% chance of an interest rate cut in September, but now that’s dropped to roughly 50%,There were some mixed signals under the surface, however, that could foreshadow the labor market slowing that Powell has been looking for. That’s why, for Pollak, the latest jobs report “delivers a kind of hazy, mixed picture, and that’ll lead to continued controversy about what the best course of action is for the Fed.”“The main takeaway is that it’s complicated,” she said. “And we’re all going to have to wait for more data to figure out what’s really going on.”
>>1302390Why did you remake this thread after your last one was deleted? It's almost like you have an agenda.
>>1302393Apparently the janny didn't like the previous source and archived the thread so I used forbes this timeThanks for asking.>almost like you have an agendaAlmost like you have a mental illness.
>>1302398>forbesExcuse me, fortune
>>1302398>>1302399Who is supposed to believe this?
>>1302402Literally anyone who can read. What don't you believe? Why does this article from Fortune outrage you so much?
>>1302390democrat voters deserve death
>>1302405everyone dies anon
>1317000 full time jobs were lost and 1553000 part time jobs were gainedThe democrat salt factor over this realization is off the charts, the first reactions were literally "shut it down"
>>1302420Notice the switch away from part time jobs when Obamacare required part timers to receive benefits.
>>1302404>What don't you believe?The failed republican narrative about the economy, for one thinghttps://www.nydailynews.com/2024/06/08/america-is-working-jobs-and-the-economy-are-growing/
>>1302429They must be paying you to be retarded on the internet. That or you're mentally ill. Sure the last round of layoffs never happened comrade. JFC
>>1302430https://www.cnbc.com/2024/06/07/biden-cheers-may-jobs-report-slams-congressional-gop-economic-plan.html
>>1302431>cnbc
>>1302433https://www.lansingcitypulse.com/stories/republicans-believe-the-economy-is-badwhen-the-numbers-show-that-its-not,97959
>>1302434This is an op-ed
>>1302435Speculating about the economy is always an op-ed, which is why the first thread was removed by the mods.Alsohttps://www.bloomberg.com/opinion/articles/2024-06-02/election-2024-if-trump-wins-his-deficits-are-going-to-be-yuge
>>1302435You believe the economy is bad, right? It isn't.
>>1302436This isn't about Trump. Trump is not currently in office.>>1302437> It isn'tThank you for your expert opinion.I cant wait for you election season tourists to go back to your caves.
>>1302438>appeal to the oldfagsquaint
>>1302436nice opinion, faggot.Good thing this article isnt speculating on the economy but reporting on the facts in the latest jobs report by the BLS and how that has affected the fed.Is this a part time job u work? rageposting on 4chan about trump in unrelated threads?
>>1302445>The U.S. economy added 272,000 nonfarm payrolls in May, according to the U.S. Department of Labor, well ahead of the Dow Jones consensus estimate of 190,000. The unemployment rate rose from 3.9% to 4% at the same time, and the labor force participation rate decreased slightly to 62.5%.>“The great American comeback continues, but we still have to make more progress,” Biden said. “On my watch, 15.6 million more Americans have the dignity and respect that comes with a job. Unemployment has been at or below 4% for 30 months — the longest stretch in 50 years. And a record-high share of working-age women have jobs.”>The surprisingly strong job growth counters fears of a labor market slowdown and likely reduces the chance that the Federal Reserve will lower interest rates in the near future.SO horrible
>>1302447That's a lot of Dollar General positions!
>>1302447>The U.S. economy added 272,000 nonfarm payrolls in May*part time jobs. Full time employment has been plummeting. What did we lose this month? -600k full time jobs, +850k part time jobs? This trend has been going now for how long? since 1 year after biden became president?The DNC propaganda machine has been pushing growth of part-time wage slavery as a huge Biden win
>>1302451>>1302450spinspinspinspin
>>1302452well, its in the job report released by the BLS. idk what to tell you.maybe you should take your meds?
Minimum wage jobs on the rise. Thanks capitalists. Maybe after 2,000 years of labor I'll finally afford a house. I'm not blaming the democrats specifically. I blame all of them.
>>1302456Tell your bosses to go back to scaring boomers with the asylum seekers instead of scaring boomers over the economy
>>1302460Meanwhile independents look at the lies from both sides and see how nothing is getting better in reality. Unless you are rich, then things are getting really good for you. God bless the rich and the landlords.
>>1302460you seem angry. is your part time job that bad? maybe you can finally afford some extra fentanyl for your tent behind starbucks
>>1302390Kek biden's literally leading the nation into slavecuckery. No wonder people dont feel like the economy is good despite the WH claiming "it's super awesome, you gotta belive us guys", everybody's losing their jobs and can only get part time employment, while most corporations are making money hand over fist, what's the sp500 gains so far this year, like 20% or something?>The survey the Whitehouse uses that hides the bad news is known as the "establishment survey" and the survey where people are reporting losing jobs is the "household survey"Lmao.Democrats are such tools
>>1302393fpbp
>>1302466why do you hate facts? is it due to your political persuasion? or is it genetic?
>>1302390Now compare with the rest of the world so your narrative can collapse instantly.
>>1302481How about you do it if you think there's something there to talk about, nobody's going to entertain your delusional ranting here except you
>>1302484Democrats are delusional. Engaging with them is a waste of time. Its like talking to a chatbot.
>>1302390Lmao all of biden's hype over employment has been 80% lies, people have been getting bad part time jobs to offset the effects of bidenflation hahaha
>>1302484>>1302517>>1302536TIDF isn't sending their best
>>1302538>$1 Pfizer dollar has been added to your FTX account
>>1302591who told you shills to rev up the antivax shit again. it's extremely conspicuous
>>1302538The leftist posts on this thread over the last few weeks have been especially low quality and crazed.It's kind of funny watching their mental illnesses play out though
>>1302631You want mentally ill and crazed, there's a thread about censorship on one of the slower boards. It has nothing to do with leftism in general, just about cataloging censored media. Then they flooded into the thread to scream at people that said censorship wasn't happening and that the people discussing it are insane.Leftists are fucking nuts.
>>1302632then they flooded into the thread to scream at people that [the] censorship wasn't happening*
>>1302631>>1302632>>1302633go back there
>>1302635No, I'm gonna stay here and upset the local liberal crybaby.
>>1302641How did your life get so bad?
>>1302641Kek
>>1302632Good post
>>1302675oops meant for >>1302538
>>1302676Shut up retard
>>1302390Personally, I'm looking forward to Biden winning in 2024. His disastrous policies are going to continue, along with his part time employment trend, and op pic is going to be looking like the 2008 figure.I don't really want any other politician to take over biden's economy that's screwing everyone except the wealthy
>>1302390Hard to believe these libshits line up in such long lines to polish this senile tard's knob.There is such a disconnect between the good economy wall street is experiencing and Democrats celebrate, and the economy normal people experience as highlighted by these BLS numbers
>>1302713True.
>>1302708>Hard to believe these libshits line up in such long lines to polish this senile tard's knob.Nah, it's not.It's their hobby. They have no independent thoughts.
Haven't seen libshits dialating this hard since, well, yesterday
>>1302390Just saw a headline today that the US economy no y is a super star and has done better than every other economy in the world recently. They're literally just making it up.It's like asking me which color is more red? Blue or green? Ummm, blue I guess?The they write blue is actually red as a headline cos they managed to twist your answer to a skewed question.
