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Too many new jobs
Posted by: pdq
Date: August 05, 2022 01:04PM
Another month, another half-a-million new jobs (528,000!)

All jobs lost since Trump the Gina Flu now recovered. Unemployment rate ties historical low. Employers can’t find workers. (If only we could import some, like from another country or something…)

Wages up strongly across the board; revised up last month’s too.

Too much good news for Wall Street - markets down.
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Re: Too many new jobs
Posted by: hal
Date: August 05, 2022 01:26PM
Fox is reporting it as 'WH misses forecast!!'

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Re: Too many new jobs
Posted by: Grateful11
Date: August 05, 2022 04:01PM
This doesn't surprise me a bit. We can't drive any street or road in NC without seeing a Now Hiring sign and many times with signing bonus.

Yesterday we a show a highway warning/info type lighted sign that said the NC Prison system was hiring, we have a maximum security high rise prison about 3-4 miles from our home.

I looked at Machinist and CNC Programmer positions, because I got an email from one for some reason, in our area and was shocked at how many openings there were. Some were paying typical low wages but some were in the fairly decent range.



Grateful11
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Re: Too many new jobs
Posted by: pdq
Date: August 05, 2022 08:09PM
Quote
hal
Fox is reporting it as 'WH misses forecast!!'


RollingEyesSmiley5

WTF?

CNN: Massive jobs surprise: US economy added 528,000 jobs in July

ABC: US economy adds 528,000 jobs, far outpacing expectations

Even the NYPost(!)/CNBC: ‘It is a whopper!’: CNBC analyst goes viral with reaction to US jobs report:

Quote

Economists expected that there would be an additional 250,000 jobs in July, prompting Santelli to say: “528,000! 528,000, basically double the expectations! And 528,000 is the best number since February when we were over 700,000, revisions to the last two months are 28,000.”

Maria Bartiromo, the Fox Business news anchor, was similarly stunned when the latest jobs figures were announced on Friday morning.

Wow, that’s pretty incredible,” Bartiromo, a strident critic of the Biden administration, said live on the air as she was told about the numbers.

PS- Dow and Russell 2000 finished up, FWIW
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Re: Too many new jobs
Posted by: Don C
Date: August 05, 2022 10:40PM
I keep wondering who it is making these expectations and why we take their word as gospel so that measurements above or below expectations is newsworthy.
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Re: Too many new jobs
Posted by: Bill in NC
Date: August 06, 2022 10:16AM
Employers are still listing unrealistic requirements in their job openings.

When I was helping my recent graduate look over job listings in many cases the job description itself was clearly for entry-level.

But then the listing would demand an unrealistic level of prior experience (e.g. 3-5 years) for what is clearly an entry-level job with starting pay of around $50k.

Even here in flyover country there's no way in h*** anyone with several years of experience is going to be willing to work for those wages short of us experiencing another Great Recession.



Edited 1 time(s). Last edit at 08/06/2022 10:16AM by Bill in NC.
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Re: Too many new jobs
Posted by: kj
Date: August 06, 2022 02:20PM
The only thing driving wage increases right now is worker shortage. I don't think we want enough workers to fill all the positions. Wages aren't really the big problem though, but rather housing. I think someone working minimum wage in my city would have to work 130hrs/wk to afford an average apartment. Wages could go up, but it's really housing that's the problem.
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Re: Too many new jobs
Posted by: mrbigstuff
Date: August 06, 2022 06:45PM
Quote
kj
The only thing driving wage increases right now is worker shortage. I don't think we want enough workers to fill all the positions. Wages aren't really the big problem though, but rather housing. I think someone working minimum wage in my city would have to work 130hrs/wk to afford an average apartment. Wages could go up, but it's really housing that's the problem.

It has been decades in the making. Without an adequate supply of housing, the hourly wage of (possibly) 90% of people would be inadequate to live in the cities where most of the jobs are. That's a guess, but that's a fairly accurate take in my area, which is one of the top 5 most expensive areas to live, depending on which study one references. My friends who bought a decade or two ago could not possibly afford to buy now. We all sit on million dollar homes but there's no room for our offspring.
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Re: Too many new jobs
Posted by: mattkime
Date: August 07, 2022 12:23AM
Quote
mrbigstuff
My friends who bought a decade or two ago could not possibly afford to buy now. We all sit on million dollar homes but there's no room for our offspring.

I bought three years ago and its unlikely I'd be able to afford my home today.
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Re: Too many new jobs
Posted by: Tiangou
Date: August 07, 2022 12:36PM




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