The Marco Moment: US Jobs Report Out:-Another Dud
The US labor market is something to behold We hear how there is a massive labor shortage leading many, including the Fed, to believe the economy is going to strong.
In this video I discuss how the latest job reports did not create enough jobs to keep up with population growth. This is a topic we are watching, with the last 6 months telling us much of the same story.
▶️ 3Speak
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@pixresteemer(9/10) gave you LUV.
I wonder if companies have given up trying to find people. With the need to increase wages before people even want to show up, the stores might of just given up.
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Summary:
In this video, Taskmaster 4450 discusses the latest jobs report for the United States, highlighting the disappointment in the number of jobs created despite a decrease in the unemployment rate. He emphasizes that the economy is not as strong as claimed, citing job creation numbers as evidence. Taskmaster also addresses the mismatch between job postings and actual hiring rates in the manufacturing sector, attributing it to employers' reluctance to raise wages. He concludes by emphasizing the importance of jobs reports as forward-looking indicators compared to the focus on inflation in mainstream discussions.
Detailed Article:
Taskmaster 4450 delves into the intricacies of the latest jobs report for the United States in his macro moment video. He starts by pointing out the underwhelming aspect of over 220,000 jobs created against the backdrop of a falling unemployment rate of 3.9%. Taskmaster dismisses the significance of the absolute unemployment rate, emphasizing its relevance only in comparing trends over time due to the peculiarities of how the surveys are conducted. He argues that the job creation number, being below historical norms, contradicts the notion of a strong economy and indicates weakness.
Moving on to the job market dynamics, Taskmaster scrutinizes the disparity between the reported record number of job openings, initially stated as 11 million and later adjusted to around 10 million, and the actual hiring rates observed in the manufacturing sector. He asserts that the hiring rate does not correspond with the optimistic narrative of a robust economy presented by mainstream sources. This discrepancy, Taskmaster suggests, is largely a consequence of companies failing to offer competitive wages to attract qualified workers, leading to a perceived labor shortage.
Taskmaster substantiates his argument with a personal anecdote from a contact working in a local manufacturing company, where the reluctance to raise wages despite worker turnover issues encapsulates the broader sentiment among employers. He attributes the prevalent job-hopping phenomenon to companies' unmet promises of wage increases, which were contingent on economic improvements that did not materialize. The disconnect between economic forecasts and real-world business operations, Taskmaster asserts, is contributing to a state of caution and skepticism among employers, resulting in stagnation in hiring practices.
In a critical juxtaposition, Taskmaster contrasts the emphasis on inflation in mainstream media discussions with the importance of jobs reports as forward-looking indicators of economic trajectory. He stresses that while inflation reflects past price trends, employment figures offer insights into where the economy is headed. Taskmaster concludes by urging viewers to prioritize understanding jobs reports over fixating on inflation, underscoring their significance in gauging the health and direction of the economy.