US Economy adds 517,000 jobs in January, EU rate at 3.4%, job market remains Red Hot!!!

[Johnny2X2X]

190,000 and 3.6% were what was expected. December was at 223,000 and 3.5%.

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

A stunning beat. Really insane.

[mahatmakanejeeves]

1. People here are getting too fast for me. Thanks. NT

[gab13by13]

2. Yeah and someone posted here yesterday

that a recession was imminent. Chairman Powell will have to jack up those rates some more.

[Johnny2X2X]

4. On a recession

If UE remains low due to a shortage of workers, and wages continue to rise, will a modest recession even matter to 95% of the country? We're at a position where there are too many jobs for the people we have to fill them, that's not going to change anytime soon.

[Walleye]

9. Half the country believes we are in a recession already due to GOP Russian propaganda

[Johnny2X2X]

24. True

I work with some of that half and they regularly talk about how long "this recession is going to last."

[Johnny2X2X]

30. Recession schmession

“Any concern the economy is in recession or close to a recession should be completely dashed by these numbers,” Moody’s Analytics chief economist Mark Zandi told CNN.

[Justice matters.]

46. The idiot Fascists signed in on the infrastructure bill that's creating tens of thousands new jobs!

Well-paid JOBS!! As in Socialism WORKS

They didn't expect that would kill their 'recession' depression BS...

[Johnny2X2X]

49. Biden tricked them

He tricked them into helping America and now America is doing great.

[Justice matters.]

50. The Fascist GQP House want to kill the bill... and the world economy with it.

[ProudMNDemocrat]

3. Well that puts a HUGE damper on the Republican talking points for

Today.

I wonder how they will spin this with their doom and gloom.

[Johnny2X2X]

5. CNN soon

How this jobs report spells trouble for Biden!

LOL. This is just an insane report. Powell must be scratching his head, he's been trying so hard to kill the job market and with inflation easing so quickly he's not going to have a reason to keep trying pretty soon.

[JohnSJ]

8. They will, and unfortunately the illustrious press push the republican nonsense

[Yavin4]

47. On to outrage over M&Ms! n/t

[Johnny2X2X]

6. November and December revises up by 34K and 37K too

Averaging 352K jobs added a month the last 3. Just stunning really considering what the Fed is doing to fight inflation.

[BlueWaveNeverEnd]

7. repubs are gonna cry

[Norbert]

36. Gym Jordan keeps Tweeting about the balloon in Montana

and how Biden is doing nothing about it.

What a jackass.

[Dirty Socialist]

10. I learned this in my History of Technology college class

The Black Plague created a worker shortage as well. As a result, worker conditions were improved. I wonder if our corporate overlords will improve our conditions.

[Johnny2X2X]

12. They already have

Across the board wages and benefits are up. And it's a competition for workers like has never existed in the US in 50+ years. Even warehouse jobs are getting better ight now.

The ruling class hates every bit of this news.

[Dirty Socialist]

14. But inflation is up too, from profiteering

We are only now starting to get ahead.

[Johnny2X2X]

15. Inflation is not up

Peaked in the Summer at just over 9%, down to 5.7% last month and will fall this month too when the new CPI number comes out.

If inflation falls to say 5% in the new number, Powell won't really be able to raise rates next month too. And he already has egg on his face with his language that we're in a disinflation conditions right now. The Fed has already done enough, inflation will fall throughout the rest of this year.

[Dirty Socialist]

17. Correct

We are just recently starting to get ahead

[Johnny2X2X]

11. Stocks will fall on this news

I know stocks matter to anyone with a 401K, but other than your 401K I don't know that the fates of the working class and the investment class have ever been more separate in this country. Powell has targeted the job market specifically, he said we need higher UE. But he's totally underestimating the shortage of workers we have, what he does might not matter to workers. At this rate, we could see a recession and UE could stay below 4% while wages continue to rise, if that happens, will the 99% even care that we had a recession?

[honest.abe]

13. No doubt...

and the Fed will probably jack up interest rates even more to force a recession.

[Johnny2X2X]

43. Guess not

Stocks up now. Maybe Wall Street is getting it that things will be better for them if more people are working and making money.

[Johnny2X2X]

16. Superlatives

https://www.cnn.com/business/live-news/stock-market-news-today-jobs-2323/index.html

"Shocking. Astonishing. Remarkable. We're running out of adjectives to describe how stunning this jobs report was."

[Justice matters.]

48. Democratic President Joe Biden's passed Infrastructure Bill...

A 'socialist' bill to benefit the United States Economic Recovery Fascist GQP's self-proclaimed domestic terrorists now don't want the Treasury to pay for it... because they want a depression, chaos in the world's economy, the US dollar no longer the world's trade currency, people losing everything they worked for their entire life so far, including Socialist programs like Social Security, Medicare, MedicAid, and the ACA.

[newdayneeded]

18. Quick Powell!

Jack up those interest rates 2 or 3%!!1!1!!

You need to nip this strong economy in the bud!!

[Johnny2X2X]

19. Yeah

Maybe 25 basis points next month, but he's basically out of ammunition to keep going.

No recession though would mean he'd keep them raised for some time, which is actually fine as they're closer to historical averages where they are than when they were at 2% or less.

[newdayneeded]

25. My home mortgage is at

2.62%

[Johnny2X2X]

26. I'm under 3% too

Pretty awesome.

The housing market has cooled off a little too, those bidding wars are rarer now, so although mortgages will have a higher interest rate for buyers right now, prices are easing.

I bought my first house in 1995, had great credit and a family member at the mortgage company, the 6.8% rate we got on our mortgage then was the envy of all of our friends. Right now, rates are pretty normal, the country just got so addicted to rates near 0 after Bush dropped them there that we forgot what normal is.

[mathematic]

39. Inflation down, employment up. "Why is the Fed doing such a bad job?"

The Fed has been making the right moves. Why won't you give them credit? There are people on the left that have been calling a recession monthly for almost a year due to the Fed's actions. Boy were they fucking wrong.

[Johnny2X2X]

44. I'll give him some credit

Might have threaded the needle on this by defeating inflation without causing a recession. But his pointed language about having to cool off jobs the last several weeks is pretty shameful and is outside what the Fed's stated goals are.

[Buckeyeblue]

20. The Federal Reserve really looks like they don't know what they are doing

And that's because the playbook for inflation is 40 years old. The inflation we are seeing isn't being driven the the same circumstances as before. This inflation is truly being driven by supply and demand. Feds should have left rates low and allowed the market (people deciding what they'll buy) to cure the inflation.

[Johnny2X2X]

22. I think the rate hikes were called for

But they probably could have stopped 2 months ago and now Powell is looking like he isn't really concerned with the Feds stated goals of 2% inflation and full employment and he's overstepping a little into trying to engineer conditions that harm workers. He could do nothing and inflation will continue to ease the rest of the year.

And all of this is no surprise, Democrats are always better for working people than Republicans. Every single one of Biden's policy goals has workers in mind and he accomplished a mountain of them in his first 2 years.

[DemocratSinceBirth]

32. My partner works at a REIT with 31 B in assets.

They pay competitive wages and can't fill the jobs fast enough. Republicans hate low unemployment because it empowers workers. It's as simple as that.

[Johnny2X2X]

34. My company

Aerospace. Can't find enough people and they're laser focused on ensuring no on else leaves.

Last week my boss called me in his office, told me I got a $10K raise, and that it was retroactive to December 26th so I'd still be eligible for the April annual merit increase, also my bonus is a % of what my salary is on December 31st of the year prior, so my bonus will be bigger too.

These conditions are amazing right now for workers, but a lot of people haven't noticed because of the pandemic driven inflation. But inflation is easing and jobs aren't. There is no end in sight to low unemployment and better wages.

[DemocratSinceBirth]

37. A lot of employees have learned to work productively remotely.

Employers are going to find it much harder to compel them to come back to their offices when working remotely is seen as a prerequisite. Even Elon Musk had to back off. At first, he said all remote workers had to come back to the office. After a lot of pushback, he said if your work is excellent you can continue to work remotely.

[Johnny2X2X]

38. Yup

We have a hybrid model permanently at my job. WFH Monday and Friday, in the office Tuesday through Thursday. I find it perfect for me, makes the week so much easier and I love getting to see people and work closely with them 3 days a week. But about 30% of our staff went to WFH 5 days a week. I love being trusted to do what I think works best for me.

I'm here in MI, we just lost one of our young and talented software engineers to a satellite company in Colorado, he's full WFH and living in MI still. WFH isn't available and he's still with us.

Just a great time to work. Everything Democrats have said for a generation is happening right now, the economy is doing so well because workers have more options. Each new jobs report and good news economic report is a shovel of dirt onto the grave of Republican Trickle Down economics.

[DemocratSinceBirth]

40. We're in L A

Spending three hours in travel to work eight hours isn't productive. Some employers are power freaks. As long as the work gets done who cares?

[Johnny2X2X]

41. The power freaks won't be competitive

The talent is what makes the companies successful, if you aren't flexible, the talent will leave and your company will lose out to the companies your talent went to.

I've been a part of the labor force since the 80s, at no point have workers had as much power as they do right now.

Of course this is the worst nightmare for Cons, so expect a backlash of some sort from their rich and powerful donors.

[spanone]

21. CNN headline...

Astonishingly strong US jobs report sends stocks sinking

Wow, what a jobs report!
From CNN's David Goldman
Wall Street economists expected the US economy to add 185,000 jobs in January...and instead it added 517,000. Oh, and the unemployment rate fell to a 53-year low.

Shocking. Astonishing. Remarkable. We're running out of adjectives to describe how stunning this jobs report was.

Some highlights:

After revisions, America gained 4.8 million jobs last year. That's 300,000 more than previously reported.
Job gains were widespread, in just about every sector. Leading the way: Leisure and hospitality added 128,000 jobs as America continued to rebound from the Covid pandemic.
The unemployment rate was 3.4%, the lowest since May 1969 — as in, before Neil Armstrong landed on the moon.
Wages grew 4.4% over the past year in January, higher than expected.

https://www.cnn.com/business/live-news/stock-market-news-today-jobs-2323/index.html

[Kingofalldems]

23. This is bad news for Joe Biden!!

[Johnny2X2X]

27. Economists weigh in on this astonishing report

Here's how economists reacted Friday:

"This is a labor market on heat; nobody would have expected a number as monstrous as this." — Seema Shah, chief global strategist, Principal Asset Management

"Half a million jobs, climb down off the wall, call the recession off. This isn’t a soft-landing, the economy is still flying high." — Chris Rupkey, chief economist, FWDBONDS LLC

"The undeniably strong report is what markets hope for coming out of a recession, but not what you want to see when expectations for the end of the Fed rate hike campaign is suddenly challenged by significantly stronger labor market." — Quincy Krosby, chief global strategist, LPL Financial

"January was a miraculous month. But good news is good news, and this shows many more Americans working and a jobs market that foreshadows many more Americans likely to take jobs in the future." — Robert Frick, corporate economist, Navy Federal Credit Union

"Clearly, those who want to work are able to find a job in this economy. How does a recession happen when everyone has a job?" — Andrew Crapuchettes, CEO, RedBalloon.

[Johnny2X2X]

28. CNBC disappointment is palpable right now as stocks turned positive

Blowout jobs report led them to talk about a market pull back today for most of the morning, stocks have rebounded now and are positive and they're acting like someone stole their favorite teddy bear from childhood.

Dark Brandon just slaying these people who are rooting so hard against the working class.

[spanone]

29. It's hilariously sad to watch our media.

[Johnny2X2X]

31. Democratic economic principles are at play here

The one guiding principle of Obama and Biden economically is that the US economy is built from the bottom up and that the economy is strongest when the working class have good jobs and are getting ahead. It's the very opposite of Republican Trickle Down economics. So we're seeing that despite the inflation the pandemic caused, the economy took off because the relief packages focused on getting money to regular people.

This is what Joe fights for, he fights for people to have good jobs, everything else in the economy is built off from that.

[Emile]

33. You have one too many zeros in OP.

[Johnny2X2X]

35. Thanks

5170000 would be a lot, but don't underestimate Dark Brandon.

[Johnny2X2X]

42. Biden State of the Union next week

He's taking a victory lap today, but he's going to have a jaw dropping list of accomplishments at the SOTU next week highlighted by the best job market in our nation's history.

[Mad_Machine76]

45. But I thought that Biden's economy was awful and that we were all suffering

Republicans keep saying so.

[Johnny2X2X]

51. MAkes me worried a little on the debt ceiling

Republicans were praying for a recession, without one occurring they might try to blow it all up now.

[Mad_Machine76]

52. If they do

People will really notice, then?

[Johnny2X2X]

53. This is Defcon 1 for the GOP

Biden helped the American working class and like Dems have always predicted, it has helped the economy as a whole. Their entire party is built around tickle down and this report buries Trickle Down even further. Republicans have spent 60 years destroying the Middle Class, for Biden to rebuild it and make it stronger is their worst nightmare.

[Johnny2X2X]

54. Bump over balloon threads.

Shameless bump to remind DUers that Biden had the best jobs report for beating expectations maybe ever yesterday but the news only focused on a silly and harmless balloon.