Food is expensive, homes are still a gazillion-percent overpriced, AI seems to be propping up the entire economy - oh, and we just gained more jobs but also more ... unemployment??
The report itself has been on a severe lag due to the 43-day shutdown that started October 1st.
This means that on November 20th, we're finally seeing what happened in September, along with revisions for August and July.
From CNN:
The latest snapshot of the US labor market showed an unexpected rebound of 119,000 jobs in September but a loss for August and a lower total for July.
The Labor Department had reported a job gain of 22,000 for August. The revision shows the economy actually lost 4,000 jobs.
So while 119,000 jobs for September compared to the 50,000 expected is, well...
...we will also have to see the revised numbers.
There was also a slight increase in unemployment, to 4.4% (4.3% was predicted), even as the Trump admin and Congress have tightened restrictions on who is receiving unemployment and welfare benefits.
September's growth was also much lower than last September, when 240,000 jobs were added to the U.S. economy. While that is the final revised number, no one knows what to trust since the Biden admin reportedly fudged the numbers 👇
There's also the reality that an increasingly number of American companies - some of them major S&P 500 corporations - are laying off workers.
From that same CNN link:
UPS: Disclosed in recent earnings report 48,000 workers were laid off this year
Verizon: Announced Thursday that it was laying off around 13,000 employees
Amazon: 14,000 workers laid off
Target: 1,000 employees laid off and 800 open roles eliminated
Paramount: 10% of workforce cut.
The number of people who saw layoff notifications in October spiked:
In addition to direct layoff notices, Challenger, Gray & Christmas, a Chicago-base employment agency, says the overall number of job cuts that employers publicly announced was 153,074 for October, which would be the highest for any October since 2003.
Is this due to new regulations and fees for foreign H-1B visa workers?
Is it the result of companies trying to save money now that cheap illegal labor is more difficult to find?
Is it due to new tariffs and the changing dynamics of global trade as the post-WW2 order dies?
Are the consequences of inflation due to unrestrained money printing still catching up with us?
Are we on the edge of economic collapse amid $38 TRILLION in government debt??
ABC noted that the economy seems healthy, but we've lost jobs in transportation and manufacturing while growing jobs in food service and healthcare.
Many are asking if, well, the economy is fake.
Jobs in manufacturing and trade are what defines a country - AKA they are jobs that actually build things.
An economy relying on growth in food service and healthcare is not a serious one: It's one built to serve wealthy older individuals who can afford food service and healthcare.
The messaging from the White House, however, is that things are great and we've never been so back. And maybe we are, but no one really seems to be sure!
Meanwhile, the most important economic question for many Americans is whether or not the Federal Reserve will cut interest rates again.
Once again, no one really knows, but the stock market is up after the jobs report, which likely means people are betting on rate cuts (which, if you think about it, means people are optimistic about a bad economy 😭).
On Wednesday, President Trump joked (?) that he will fire the U.S. Treasury Secretary if rates don't get cut.
Adding to the confusion is the fact that the Bureau of Labor Statistics has canceled the October jobs report and will skip directly to the November jobs report due to incomplete data during the shutdown.
And if you needed one more thing to add to the mess, the corporate media (like CNN) is the mouthpiece for the Democratic Party and will add spin wherever necessary to present the facts in a one-sided manner.
So to sum up:
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