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| Economy | |
| UNEXPECTEDLY: US Lost 301,000 Jobs in January vs Predicted 200,000 Gained | |
| 2022-02-02 | |
| [PJMedia] Payroll firm ADP says the US lost more than 300,000 jobs in January, and omicron is taking the blame. December’s impressive jobs gains were also revised downwards. “Unexpectedly” is the code word once again, as Wall Street had predicted the economy would produce 200,000 new jobs instead. January is the first month since December 2020 that the economy has lost jobs. Despite White House boasts that 2021 produced more jobs than any other year, we’re still more than 3.5 million jobs shy of where the economy was in February 2020, before the demonstrably useless COVID shutdowns. The Biden economy hasn’t been creating new jobs. it has been recovering needlessly destroyed jobs — and far too slowly. Or at least it was until now. The expected “v-shaped recovery” has been impeded by continuing lockdowns in two of our biggest states, Democrat-run California and New York. Return to economic normalcy has also been delayed by Bidenflation, Biden’s war on domestic energy production, and Biden’s return to ruthless overregulation. “Service-providing industries were responsible for 274,000 of the job losses,” reports CNBC, “with goods producers falling by 27,000.” The Biden administration knew this was coming, too. On Monday, White House spokesweasel Jen Psaki pre-spun the lousy numbers, falsely claiming that the “nearly nine million people [who] called out sick in early January” might be counted as unemployed. But that’s not how the Bureau of Labor Statistics (their report is due out Friday) or ADP counts job losses. ADP’s chief economist, Nela Richardson, said, “The labor market recovery took a step back at the start of 2022 due to the effect of the omicron variant and its significant, though likely temporary, impact to job growth.” Left unsaid: How omicron caused 300,000 people to lose their jobs. The Fed is also keeping a close eye on the jobs report. Our “transitory” inflation problem seems to have settled in for at least the medium term, but the Fed won’t raise inflation-killing interest rates so long as the job market is weak. There’s a word for economic stagnation combined with inflation, something economists once believed could never happen at the same time: Stagflation. That word was coined during the 1970s, the last time government over-regulation and funny-money policies combined to strangle growth and spark inflation.
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| Posted by:DarthVader |
| #16 Chain of succession nightmares If only there were a way to impeach all of them at once. Economies of scale and all that. |
| Posted by: SteveS 2022-02-02 19:42 |
| #15 #12 Shocking that only 51% want him to be impeached. Posted by ruprecht Chain of succession nightmares |
| Posted by: Frank G 2022-02-02 19:31 |
| #14 And yet the unemployment rate unaccountably dropped, amirite? |
| Posted by: KBK 2022-02-02 19:10 |
| #13 Some peoples' position on anything is whatever the media and / or some celebrity tells them it should be. That's what's keeping the number from being higher. |
| Posted by: M. Murcek 2022-02-02 15:58 |
| #12 Shocking that only 51% want him to be impeached. |
| Posted by: ruprecht 2022-02-02 15:52 |
| #11 Institute soviet era policies, get soviet era motivation to work. |
| Posted by: M. Murcek 2022-02-02 15:34 |
| #10 Fvcking liars. This was so predictable. Pay people not to work + shut down Main Street / mom & pop businesses... WTF did they expect? |
| Posted by: Merrick Ferret 2022-02-02 15:32 |
| #9 What's funny is that the rig companies are DESPERATE for people right now. Every rig company I know is trying to hire people. |
| Posted by: Silentbrick 2022-02-02 15:00 |
| #8 Jen Psaki is already dancing. She said it's because 9 million people were out sick. She really thinks we are all stupid. |
| Posted by: Deacon Blues 2022-02-02 14:53 |
| #7 Cybersecurity too. Huge demand, not enough qualified people. Man ever time I see a ransomware attack on some company the details show what a fuckup their cybersecurity is. |
| Posted by: DarthVader 2022-02-02 14:40 |
| #6 Here are the best jobs for 2022 |
| Posted by: Skidmark 2022-02-02 13:58 |
| #5 Service Industry loss is 274k of that number. |
| Posted by: swksvolFF 2022-02-02 13:39 |
| #4 I'm super impressed with the decision to claim a modest 200k increase and any disparaging numbers are due to people taking a couple weeks off for sniffles and quarantine. Now they look off by a cool half million, which even the dunderheads and tru-believers know is way outside a rounding error, and everyone who has had to take a sick leave is like, "That isn't how it works." |
| Posted by: swksvolFF 2022-02-02 13:31 |
| #3 ...So many Administration spokespeople will be tap dancing so fast to try and make this look good that it's going to sound like full auto day on the range. Mike |
| Posted by: Mike Kozlowski 2022-02-02 13:29 |
| #2 BLS data due 830 Friday. The past 6 months, the BLS has reported fewer job gains than the ADP survey and by several hundred thousand in some months. So I wouldn't be surprised to see a much different result |
| Posted by: Lord Garth 2022-02-02 13:12 |
| #1 All that economic destruction so someone could make that stupid little graph. |
| Posted by: swksvolFF 2022-02-02 13:06 |