The lies of the past lies may be catching up to the US economy: “The BLS just said the number of jobs reported for the 9 months ending December 2024 was likely overstated by ~800,000.”
I know someone who is working 3 PT jobs because no one is hiring FT - probably because of PT&EB - payroll taxes and employee benefits. I know a mega-corp who interviewed referrals and then posted the job after they decided who to hire. I applied for jobs and received quick "thanks but no thanks, good luck in your endeavors" so I think a lot of job postings are not legitimate, already filled or just checking the box for public/nondiscrimination practices. Retail is always looking for hires, but the Dept and Grocery stores are emptier because so many people shop online. It's sad.
This is why I largely discount the Job Openings data on the monthly JOLTS report. Since the Pandemic Panic at least variation in the number of reported job openings has not been matched by variation in actual hiring. That reality only makes sense if many of the "openings" are fictitious.
You’ve long known that there are underlying fundamentals to the U.S. jobs market that are unhealthy, such as too few manufacturing jobs, and too many unproductive government workers. It will be interesting to watch some shifts over the next year. If Trump is successful, tens of thousands of government employees will lose their cushy jobs, and many of them are too useless to obtain productive work elsewhere. Many will be unemployed for as long as they can milk the unemployment insurance system. Also, the rapid rise of AI is supposed to eliminate a great many jobs, especially entry-level jobs, and where will those kids end up?
Peter, I would love to see your data analysis of these jobs shifts, if anyone is presenting the raw data in ways that you can analyze. We’d like to see to what extent Trump’s grand economic plan works, and in which ways. Some basic Keynsian principles could be disproved (again), or some of Navarro’s economic ideas could be strengthened. We know that the corporate media will not likely admit Trump’s ideas actually succeeded, so we rely on your objective genius mind, Peter! Thanks in advance, as always.
The lies of the past lies may be catching up to the US economy: “The BLS just said the number of jobs reported for the 9 months ending December 2024 was likely overstated by ~800,000.”
https://x.com/kobeissiletter/status/1946728097866269181?s=46
At this point, the quarterly admission of overcounting is hardly newsworthy. It's become routine.
I've written about it a couple of times already.
I know someone who is working 3 PT jobs because no one is hiring FT - probably because of PT&EB - payroll taxes and employee benefits. I know a mega-corp who interviewed referrals and then posted the job after they decided who to hire. I applied for jobs and received quick "thanks but no thanks, good luck in your endeavors" so I think a lot of job postings are not legitimate, already filled or just checking the box for public/nondiscrimination practices. Retail is always looking for hires, but the Dept and Grocery stores are emptier because so many people shop online. It's sad.
This is why I largely discount the Job Openings data on the monthly JOLTS report. Since the Pandemic Panic at least variation in the number of reported job openings has not been matched by variation in actual hiring. That reality only makes sense if many of the "openings" are fictitious.
You’ve long known that there are underlying fundamentals to the U.S. jobs market that are unhealthy, such as too few manufacturing jobs, and too many unproductive government workers. It will be interesting to watch some shifts over the next year. If Trump is successful, tens of thousands of government employees will lose their cushy jobs, and many of them are too useless to obtain productive work elsewhere. Many will be unemployed for as long as they can milk the unemployment insurance system. Also, the rapid rise of AI is supposed to eliminate a great many jobs, especially entry-level jobs, and where will those kids end up?
Peter, I would love to see your data analysis of these jobs shifts, if anyone is presenting the raw data in ways that you can analyze. We’d like to see to what extent Trump’s grand economic plan works, and in which ways. Some basic Keynsian principles could be disproved (again), or some of Navarro’s economic ideas could be strengthened. We know that the corporate media will not likely admit Trump’s ideas actually succeeded, so we rely on your objective genius mind, Peter! Thanks in advance, as always.