Let's see what Bloomberg has to say... U.S. Job Growth Blows Past Estimates, Defying Gloom Over Omicron https://www.bloomberg.com/news/arti...jobs-than-expected-in-january-defying-omicron Employers added 467,000 jobs in January, above all estimates Unemployment rate ticked up to 4% while hourly wages jumped U.S. employers extended a hiring spree last month despite a record spike in Covid-19 infections and related business closures, with surging wages adding further pressure on the Federal Reserve to raise interest rates. Nonfarm payrolls increased 467,000 in January in a broad-based advance that followed substantial upward revisions to the prior two months, a Labor Department report showed Friday. The unemployment rate ticked up to 4%, and average hourly earnings jumped. The median estimate in a Bloomberg survey of economists called for a 125,000 advance in payrolls, though forecasts ranged widely. A variety of factors including omicron, seasonal adjustment and the way workers who are home sick are factored in make interpreting the January data challenging. The surprise display of strength suggests the labor market continues to improve, despite the temporary disruption from record-high levels of coronavirus infections and the resulting absenteeism from work. The data further reinforce Fed Chair Jerome Powell’s description last week of the labor market as “strong” and validate the central bank’s intention to raise interest rates in March to combat the highest inflation in nearly 40 years. The dollar jumped along with Treasury yields following the report. U.S. stock-index futures dipped slightly. Investors began to price in the slight possibility of a sixth quarter-point Fed rate hike by the end of this year, while continuing to see a March increase as a lock and nudging up the chance of a 50-basis-point jump. “This seals the deal for a March hike,” said Ryan Sweet, head of monetary policy research at Moody’s Analytics Inc., who added that the chance of a half-point increase is still unlikely. “The Fed is going to take away from this that the economy is barreling toward full employment and this will make it more difficult for them to gracefully engineer a soft landing.” After adjustments to reflect updated population estimates, the labor force participation rate -- the share of the population that is working or looking for work -- increased to 62.2%. Without that impact, the rate was unchanged from 61.9% in December. Meanwhile, the Labor Department’s report showed average hourly earnings rose 0.7% in January and 5.7% from a year ago, further fanning concerns about the persistence of inflation. The average workweek dropped. The faster-than-expected advance in pay could fuel market concerns about the Fed taking an even more aggressive stance on inflation this year. Despite the better-than-expected report, the impact of omicron on the labor market in January was substantial. There were 3.6 million employed Americans not at work due to illness, more than double that in December. Meanwhile, 6 million people were unable to work in the month because their employer closed or lost business due to the pandemic, roughly twice that in December. The potential for a weak -- or even negative -- payrolls print, largely because of virus-related disruptions, was well telegraphed in the days ahead of the report, including byWhite House and Fed officials. The job gains were broad based, led by a 151,000 advance in leisure and hospitality. Transportation and warehousing, retail trade and professional and business services also posted solid increases. The solid employment growth in several categories may reflect businesses choosing to retain more holiday workers than normal in the face of a tight labor market. “This is much more about what it tells us about those revisions, but what it tells us today: this is the labor market screaming,” Jeff Rosenberg, a senior portfolio manager at BlackRock Inc., said on Bloomberg Television.
Jobs crushed this month AND added 700,000 more to previous two months. Joe Biden now has the best job creation year in history under his belt with a whopping, and I shit you all not, addition of 7,000,000 jobs in one year. That’s the equivalent of an entire medium size state worth of jobs for every man woman and child in that state.
Joe hasn't created one new job...he has only fill existing jobs If I fire you one month then I hire you back the next month ..that is considered a job created..but nothing was created Joe still hasn't created any new jobs since 2019 At the end of 2021 he is still 5 million jobs behind
Not really. Bunch of games being played around shutting the economy down and then calling it "job creation" when they are allowed allowed to go back to work. Ditto for the whole scam around paying people to stay home. The Child Tax Credit thingy recently expired now lots of people suddenly need to go back to work, duh, who woulda thunk. The reality is that the whole economic forecasting scam is totally out of control and pretty much equivalent to a roll of the dice. Today;s report reflects revisions on revisions for past reports and dogshiite value in their prediction of this month's number. Ditto on inflation. Ditto on inflation on steriods I should say, and ditto for Europe. The whole assessment of the developing inflation has just been a disaster of Von Hindenberg proportions. Enjoy the day. Then prepare to hear about inflation forever and a day. Oh, and last month we heard that the big reason for the shortfall was Omicron. Now numbers have revised and this month's number looks good too and suddenly the conclusion is that Omicron was not a problem at all. Yeh. experts. Omicron is just a wild card, get out of jail free card that they play when needed and then put it down when they don't need it.
Why was the White House so giddy, telling people to look for a bad number Ahead of Friday's jobs report, the White House is lowering expectations about a number they say could be hard hit by both the Omicron variant and a quirk of how the data is gathered each month. "We just wanted to prepare people to understand...what it is an assessment of and as a result, the month’s jobs report may show job losses in large part because workers were out sick from Omicron," Press Secretary Jen Psaki said Monday.
The White House was not giddy.....those rejects at Fox News who hate America when a Democrat is President were. ‘Rooting against America’: Fox News blasted for being ‘giddy’ over anticipated bad jobs report – until it was good And Lincoln Project member and veteran GOP campaign strategist Stuart Stevens wrote this response to the video: "Most appealing aspect of Reagan era was optimism. To be born an American was to win life's lottery. Now Rs are all fear & pessimism. Grievance. Books are terrifying, America's great cities are terrifying. Immigrants are terrifying. The future is terrifying. A party of the fearful" Experts predicted a bad jobs report but Americans were very pleasantly surprised when the Bureau of Labor Statistics Friday reported 467,000 jobs were created in January – tripling estimates – and increased the two previous months' jobs numbers as well. Most Americans, that is. Take a look at how Fox News was "giddy with anticipation of massive job loss," as Media Matters' Senior Research Fellow Craig Harrington noted, posting this video compilation: See GWB's video above.
That chart is really about dems recovering the economy from rep recessions. With the exception of Raygun, who "achieved" growth with massive deficit spending on the MIC, aka weaponized Keynesianism.