U.S. adds 467,000 jobs in January, crushing the crap out of expectations, +700k jobs revised in past two months

[SaysWho?]

Just broke. ADP seems to be a terrible indicator of the job report.

 

Surprisingly strong jobs report: America adds 467,000 positions in January

WWW.CNN.COM

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America's jobs recovery got an unexpected boost in January despite the Omicron variant spreading rapidly throughout the country.

 

[SaysWho?]

lol

 

 

[b_m_b_m_b_m]

ADP in shambles

[b_m_b_m_b_m]

Also: Biden Boom

[SaysWho?]

 

[Kal-El814]

Biden doing that work with expectation management and / or creative writing

[SuperSpreader]

haha

[b_m_b_m_b_m]

 

[Commissar SFLUFAN]

Now for inflation to not erode those gains.

 

Fed influence, shaky forecasts, delayed decisions: How the Biden administration misread the inflation threat

WWW.CNBC.COM

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The Biden administration misread the rising threat of inflation for a variety of reasons, according to several economists and current and former officials.

 

Quote

 

When President Joe Biden nominated former Federal Reserve chair Janet Yellen to run the Treasury Department, his rationale was simple: “No one is better prepared to deal with this crisis.”

 

The crisis to which he referred was a “K-shaped” economic recovery that had exacerbated inequality in the wake of a once-in-a-generation pandemic. The administration had a simple plan, and Yellen would help carry it out. Once hundreds of millions of Americans would get vaccinated against Covid-19, and trillions of dollars in new government spending flowed into the economy, the world would return to normal under a supercharged recovery.

 

One year later, a different problem – inflation – is dampening the recovery, sucking the oxygen out of strategy sessions, angering voters and threatening Democrats’ razor-thin governing margins. This, despite warnings from economists and months of vows from the Fed and the White House it would be short-lived.

 

 

[Jason]

Biden is overheating the economy, the shelves are collapsing from being overstocked!

 

[Jason]

I'm not sure how sending in more white people is gonna help tbh

 

 

[b_m_b_m_b_m]

 

[CayceG]

 

 

 

 

 

 

 

 

 

So this is the reason, right? The BLS idiots are underselling it every month. 

[Commissar SFLUFAN]

How the hell is there a carve-out exemption for THIS particular political appointee?

[LazyPiranha]

Also if you want to make things look bad for Biden, how is massively undershooting and then constantly being revised to be BETTER make anyone look bad?

[SaysWho?]

10 minutes ago, LazyPiranha said:

Also if you want to make things look bad for Biden, how is massively undershooting and then constantly being revised to be BETTER make anyone look bad?

 

Probably because the headlines are the newest month, not the revisions.

[Guest]

I think the core issue we have is that our tools are very poor for a scenario with massive job churn. As an example, many states have near instantaneous  systems for capturing lost jobs, but very delayed reporting of hiring. In a labor market where people are mostly staying put this isn’t as big of an issue. The velocity of job churn is just incredibly high over the last 18 months. We need better systems.

[b_m_b_m_b_m]

Trump appointees are poison and I doubt that a republican president wouldn’t have the authority to fire the bls leader given what we know about scotus and the power of the president to fire whomever in their branch of government 

[Jason]

Apparently people staying home with COVID often gets captured in the numbers as a layoff which, just, lol. 

[ThreePi]

1 hour ago, LazyPiranha said:

Also if you want to make things look bad for Biden, how is massively undershooting and then constantly being revised to be BETTER make anyone look bad?

 

If the commissioner BLS is the one giving undercounting numbers who is responsible for the revised numbers?