199k jobs added, unemployment falls to 3.7%

[Earl]

trump claimed all the labor statistics were fake for Obama, but then claimed they were real for himself. If they went from fake to real, they would have suddenly jumped up in unemployment. We did not see that.

Beyond that, unemployment numbers reflect the reality I see in my day-to-day life. If they were off, it would show up in the last revision based on payroll taxes. If it were all a lie, then someone would have turned them in.

The reason for labor statistics is not to make headlines. It is for people to decide on economic and business strategies. If they were lies, it would destroy the ability to make those decisions.



That is an odd post by someone not working. If you find it all so heartbreaking, why are you adding to it?

I am having trouble retiring myself, because even though I have enough money to retire, I just cannot bring myself to give up a good paying job.

You don’t appear to be working now, Walter.

 

[Walt]

You don’t appear to be working now, Walter.

I vanish from online for 4 or 5 days at a time... I wonder what I am doing during that time if I am not working.

 

[Concart]

I don't know exactly how many are working now but I do know the unemployment rate is below 4%. You want to evaluate unemployment that's the number that anyone who isn't an ignorant fuckwit uses.

Yes, there aren't many 16 year olds or 90 year olds working. But since they aren't LOOKING to work, the statistic has become meaningless. It's the same or higher (better) than it was under Trump, but funny, they never mentioned labor participation when Trump was President.

EDIT: The labor force participation rate immediately prior to the pandemic was 63.3% Today it is 62.5%. They are all economic morons.

 

[Concart]

I do some freelance work, and own part of several companies. Most of the companies I own I no longer work for, and I do very little freelance work these days.



Usually people apply for many jobs, to get a job. If they get multiple job offers, the polite thing to do is turn down the job offers you will not take, but often people are not polite.



The first data is the number of people applying for unemployment, followed quickly by surveys of labor force and employers, and finally looking at payroll tax data. It is important to remember that labor statistics exclude illegal, and under the table jobs, so payroll tax data, while being slow, is absolutely accurate. This means they can get the initial data better and better, until it is fairly accurate.

Labor statistics are probably the second most accurate economic numbers, with only federal spending being more accurate. Inflation statistics are less accurate than either, but are easy for anyone to check over time.

I thought top was a retired school teacher, but she apparently can't read or do math. The methodology for calculating all these numbers is publicly available on the BLS website. BTW, wages have increased 4.5% over the last year, easily exceeding inflation. They can call chicken little but the numbers tell the story. We are crushing everyone when it comes to economic growth. Our unemployment rate is the lowest in over 50 years. Wage growth is exceeding inflation, and has been for almost a year now. Interest rates, by historical standards, are actually pretty low. We have added jobs in every month of the Biden Administration. They are lying, maybe even to themselves, because the numbers say their cult leader was an awful economic president, and Biden may be the best since at least Clinton.

 

[Into the Night]

Having multiple jobs does not create high employment numbers. Whether you have one job or ten jobs, you are counted the same employed.

Currently around 60%.

 

[Into the Night]

The problem with gold (and Bitcoins) is that no one wants to pay in it.

They certainly do. You can buy all kinds of things with Bitcoin right now including hotel rooms, sundry items, groceries, electronics, etc. Gold is accepted everywhere in the world for local currency. So is Bitcoin. Iran's currency is based on gold. Russia and China are moving to gold based currency. Brazil and India are considering moving to a gold based currency.

US Dollars are accepted by everyone,

Nope. Nations are getting rid of the things. They are coming home to roost like crows.

and everyone is willing to spend them(if they have them).

Nope. Nations are getting rid of the things.

That is why they are the world currency,

It is not. There is no such thing as a world currency.

and the rest are simply not.

There is no such thing as a world currency.

There is no viable replacement for the Dollar.

Sure there is:
* gold
* silver
* SDR
* blockchain
* local currencies

Obviously, you have no idea where even the word 'dollar' comes from!

 

[Into the Night]

Then why is the US going digital?

It already is. Most dollars are bits, not paper.

 

[Into the Night]

The US wants to do away with cash transactions. It will be something like universal basic income so they can turn your card off for not paying a traffic ticket.

The US has no such say.
Communism doesn't work.

 

[Into the Night]

Apparently, we already live in the future.

The vast amount of transactions are cash free. It is very difficult to do a big transaction with cash. I have never heard of anyone getting their card turned off over traffic tickets, but I certainly have heard of people losing their entire income over child support.

You are describing the SDTC.

 

[Into the Night]

They flat up make trillions of new dollars a year and call it GDP.

Not the GDP, but it is a part of the GDP.

 

[Into the Night]

it's another fiat currency with no backing commodity and it's digital which is the new world order and dumb.

Bitcoin is not fiat currency.

 

[Into the Night]

I do some freelance work, and own part of several companies. Most of the companies I own I no longer work for, and I do very little freelance work these days.



Usually people apply for many jobs, to get a job. If they get multiple job offers, the polite thing to do is turn down the job offers you will not take, but often people are not polite.



The first data is the number of people applying for unemployment, followed quickly by surveys of labor force and employers, and finally looking at payroll tax data. It is important to remember that labor statistics exclude illegal, and under the table jobs, so payroll tax data, while being slow, is absolutely accurate. This means they can get the initial data better and better, until it is fairly accurate.

Labor statistics are probably the second most accurate economic numbers, with only federal spending being more accurate. Inflation statistics are less accurate than either, but are easy for anyone to check over time.

Currently the dollar has devalued 24% since Biden was installed. Source: US Treasury.
That's inflation, dude.

 

[Neoclitorus]

Bitcoin is not fiat currency.

you're right.

it's dumber.

no nation guarantees it's value.

neocon fantasy stupidity.

nations are a bulwark against the internationalist banker syndicate of evil.

 

[goat]

Unemployment has been calculated the same way forever and right now it's lower than it has been in ages. You come up with some other fucking stupid way to calculate it so it sounds worse?

The way unemployment is calculated was changed in 1994. Clinton fucked over the workers every way he could. I feel your pain.

 

[Into the Night]

you're right.

it's dumber.

no nation guarantees it's value.

neocon fantasy stupidity.

nations are a bulwark against the internationalist banker syndicate of evil.

No nation can guarantee the value of any currency.

 

[Walt]

Currently around 60%.

Last time I heard, 62.4%, so I guess around 60%. It should be lowering, because more people are retiring, but is actually rising.

 

[Neoclitorus]

No nation can guarantee the value of any currency.

they can and they have.

they say "this dollar is worth a 10th ounce of gold" or something similar.

it's called sound currency.

but with keynesian unhinged totalitarianism, reversion to a barter system is possibly superior.

 

[Walt]

they say "this dollar is worth a 10th ounce of gold" or something similar.

Gold does not have an absolute value, so a tenth of an ounce of gold does not have an absolute value.

It tends to wildly swing based on velocity of money. One year you might have 20% inflation, and the next have 20% deflation. The defenders of gold say that it averages to zero, but that does not make the wild swings any less.

There is an upper limit to the velocity of money, which limits inflation. The lower limit of velocity (zero) means unlimited deflation. So gold can easily cause a liquidity trap with unlimited deflation. Deflation is more destructive than inflation, so that can be bad.

Beyond that is the nature of gold. It is heavy, so most of the gold on Earth sank to the center of the Earth, and is impossible to get. That is not true about gold in the rest of the solar system. There is huge amounts of gold available in the solar system, and within a century it will be easily available. This is the worst possible time to go to a gold standard.

 

[Sailor]

Having multiple jobs does not create high employment numbers. Whether you have one job or ten jobs, you are counted the same employed.

Completely wrong. You are a welfare collecting Democrat of course.

 

[Sailor]

The problem with gold (and Bitcoins) is that no one wants to pay in it. US Dollars are accepted by everyone, and everyone is willing to spend them(if they have them). That is why they are the world currency, and the rest are simply not. There is no viable replacement for the Dollar.

HOLY FUCK are you stupid. Gold is actually back up with something of value. Bitcoin??????????????????????????? Nothing. Like all democrats. They have NOTHING to back them up. Holy SHIT Walt. Post your address. NOW would be good.