October’s jobs data came out cooler than expected Friday morning, reporting nonfarm payroll growth of only 150,000 jobs — short of economist estimates of 180,000. The unemployment rate rose slightly to 3.9% while wage growth rose to 4.1%. Is this softening in the labor market good for the economy or just good for the Fed’s monetary policy?
The Conference Board Chief Economist Dana Peterson and RSM Chief Economist Joe Brusuelas share their views on the cooling jobs data, which Peterson characterized as “the same story” coming out companies and their hiring practices, which is setting the stage for a “short and shallow recession in the first half of next year.”
Brusuelas, on the other hand, believes slowing jobs growth to be necessary, calling the growth seen so far is a “very solid American economic expansion” and will allow the Fed to start easing on their economic mandates.
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I doubt it
I doubt it too. In my pessimistic thoughts inflation is still at 3.9% in comparison to FED’S 2% target (way far).. Consensus is that FED will call another rise in December – adding fear into the markets then leading to a slower economy & ultimately a recession in ’24
The illegal immigrants are a cheap work force😢
unemployment is JUST starting to tick up. Rates are JUST starting to come down. Deflation is just starting. Keep dreaming, sir. We’ll talk in 5 months time.
There are no jobs in tech
depends the location and the skillset.
@RHIT jobs are still available but with much less pay for more qualified employees than 2-3 years ago
I believe the job market is much worse than reported. I have several friends laid off recently. In the first half of this year, no one worried about jobs. All changed overnight. The recession does not come step by step. It pops up overnight and slaughters innocents
Cheap jobs are still in demand – only office, IT jobs getting cut off…..until whole country get unemployment around 5.5-6% there is no talk about recession
I’m puzzled by the current enthusiasm in the stock market. When unemployment numbers rise, it typically signifies a slowdown in demand for productivity, which, in turn, can lead to a reduction in corporate profits. Business owners and CEOs are often driven by an unchanging appetite for more wealth, which can result in price increases or layoffs, further eroding the purchasing power of the population. Collectively, these factors appear to point towards a challenging economic cycle ahead. Yet, it seems that retail investors are relying on their own insights, hoping their predictions are a bit sharper than the next person’s. In essence, it might not be about outrunning the bear, but rather having a slightly clearer crystal ball than the competition.
You cite an example of widespread unemployment. I think the Fed is just trying to “soften” labor market. and not cause hard recession. fingers crossed lol
The enthusiasm is about possible stop on rate hikes. If there were not clear signals that economy is slowing down, we might still get one more rate hike which is already got crazy.
The unemployment rate growing and GDP going down showing that the Fed managed to slow the economy down and now we expect steady rates even longer. Mortgage rates already 8% and nobody can buy a house or qualify for a mortgage
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Nothing like a guy repeating “LOOK” this is how it is see, with his drybar in the background and attitude to go with it. Its funny to see the 50’s mindset still alive in some quarters. Go get’m Joe!
Last month, the economy was picking up. The month before, it was cooling down … Any idea what the economy is really doing? (I know the answer: … No idea!).
Lots of companies striking this month
Powell only cares about the inflation rate. He isn’t elected so he doesn’t care about jobs or unemployment… more unemployment will help lower those inflation reports he keeps seeing
Since the home price were not decline as much as it should be. The mass unemployment might be the only healing for the stupid inflation.
They’re not being honest🤥my grandaughter can’t find a job
These are “elevated” rates?
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Who are these people getting jobs in 8 weeks?? Everyone I know who got laid off in tech has been hunting for 4-5-6 months or more. Is he talking about people driving for Uber or waiting tables??
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Con Artists every single one of them. Propaganda is all this is.
I wouldn’t call that report “rock solid”, nowhere near. It was a complete and total disappointment. There’s jobs, but who’s qualified for these jobs, that’s the thing. Nobody seems to be talking about that. Employers are looking for “certain” people.
Latest gdp numbers were over 4 percent
@Kurdt C That’s a lot.