Is Joe Biden killing the joblessness industry?

LoL yes! If we had more Jesus and armed teachers in schools this wouldn't be happening! Yea I don't know how to speak MAGA.

Hopefully this is a good signal for the economy

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It’s not. We need more jobless people to force a recession.

The lowest its been in three months? Is this really article worthy?

To people only reading the headline and commenting irrelevant things yea. Typical of all these article posted here

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Good to see this for the American workforce.

I mean the article is a decent overview of the state of the labor market so I shouldn't complain too much.

Kind of a dull read though so I guess they need to click bait it up a bit and hope people don't realize that 14 weeks isn't a very long time.

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Economy is slowly recovering. We're not going to have a recession but it's going to be a slow recovery between after effects of the pandemic on trade and the war in Ukraine. I expect we're going to see an upturn economically around May. USA is pulling investment in China and we'll see a slow trickle of job security finally on the uptick at home as business leaders finally realize having critical IP overseas is a terrible long term investment.

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It's kind of a worse case scenario. A long slow bleed instead of ripping the band aid off is a possibility now.

You need to use more slurs and then pretend the people who tell you not to use slurs are wrong.

People who think the economy slowly recovering is worse than 'ripping the bandaid off' seem to be pretty ignorant to how economics work. Supply chains don't magically rework over night. Factories aren't built in a day. You can't just pack up all overseas manufacturing and plop it back at home AND hire all new workers in a timely manner.

People really don't understand the global shift currently underway. It's a good thing long term. There's no magic fix though.

What I mean by ripping the band aid off, is the policy now is causing a slowing that only benefits those with enough cushion to survive higher inflation slowing down over time instead of a spike all at once. People who think slowing the economy is better for the masses probably aren't living paycheck to paycheck or think the stock market is the economy.

It's not a slow recovery it's a slow recession. It's almost like you don't understand the analogy.

Or instead of forcing a recession which harms average people we could in fact just get higher wages.

And people with jobs are making those annoying things called wages that companies hate to hand out. It's very inconvenient.

People who think this means anything don't know anything about the actual economy that they live in. Jobless claims don't mean anything in America because most people who lose their jobs don't get unemployment and we don't count all unemployed people in our unemployment statistics.

It's kind of meaningless when the largest portion of these populations aren't counted in the statistics.

Considering the FED has been trying to kill the job market, yeah it actually pretty important, as it means the FED is likely to raise rates again…

It’s actually the opposite, as it almost assuredly means that the Fed will raise rates again, the Fed is currently trying to cool the job market to control inflation.

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The band aid being ripped off is inevitable.

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Okay so we rip off the band-aid.

Now what? The economy crashes, supply chains stutter and halt (again) and goods become even more expensive and jobs dry up.

This isn't better.

Don't you dare try to cancel me!

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Y'all think you can just avoid a recession by causing a depression. It's like avoiding a little war by starting a big one.

Nah just means the Fed is gonna ramp up harder and try to fuck the middle class to stop inflation.

You just know fox news is going to make a tangent rant on Biden destroying American Joblessness in this nation. Will people allow him to continue to do this? Or will they demand an impeachment.

Who's y'all? Right now there is a lot of bracing for a recession, but it's not really going deep enough. Just waiting for people to get unemployed is not a great plan.

Inflation is coming down. Maybe the fed will turn the crank down some more but I don’t expect by much. I hope the job market stays strong and workers get raises.

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Well said. Additionally, being under-employed is a massive issue with its own set of soul-crushing problems.

Having any old job doesn't fix a person's life. Making a living wage does.

People obsessed with lowering inflation. You can't just make more goods exist. There's 200m people in a war economy state in Europe. Until that concludes inflation is going to exist.

I don't even think economists know how economics work.

Also we count just the existence of a job as some sort of inherent good and end goal. See "job creators" as opposed to "need fulfillment" or "social reproduction". Gotta remove the human being from every aspect of everything!

Rate hikes need to be increased not slowed down. That's not a supply problem. Thats a protecting stocks instead of people problem.

Excited to learn how people bend this news to be pro-Trump. 🍿

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This is gonna upset Jerome Powell

> most people who lose their jobs don't get unemployment

Do you have *any* evidence of this?

> we don't count all unemployed people in our unemployment statistics

This is definitely wrong. Do you know there are several unemployment statistics? https://fred.stlouisfed.org/categories/10

You do know that those things don’t happen overnight ? It takes years/decades to make a policy change !

Half of inflation is reportedly corporate profiteering but the fed is only focused on using interest increases to break the job market.

They need to find a better method.

'that's not a supply problem'

Um yes it is. Most of our shortages right now are energy related thanks to Saudi Arabia lowering oil production at a time the world needs more on the whole.

World metal supply is really constrained too. So is the grain supply thanks to Russia hitting the Ukrainian farms. The entire world is needing to be fed. Prices go up. It's basic economics.

The fed wants inflation at or under 2.5%. They have a lot more work to do.

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Fed explicitly said they are going to raise rates.

Yeah, they said they aren't going to pivot in any way until there is a sustained decline in inflation down to 2%. And their original plan was to continue to raise rates.

Their goal is to kill the job market, though.

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Oh I thought we’re supposed to cheer or admonish the POTUS on these depending on his party affiliation. /s

Well said.

well-said misinformation. guy was wrong on just about every point he thinks he made.

It’s still good in some ways though because shits complex. Interest rates being so low is what made houses so damn expensive.

Prices went up because people could “afford” them. Fortunately fixed rate loans are popular in the US so interest rates going up should lower house prices at some point.

(Also banks will actually have to pay interest on their loans instead of basically getting free money from they Fed.)

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Just like the right using Biden as a scapegoat to enhance their agenda, we get shit like this. 9/10 of this country has no idea what a president does or can even seem to fathom that most policy impact from any given president is realized after their term.

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It really depends if reddit likes the current admin or not. Pre-covid trump economy had some low unemployment rates and we got detailed essays explaining how its all made up and not to trust the statistics yadda yadda yadda..

Unfortunately, the Fed views its goal of tackling inflation to mean completely destroying any leverage workers have in the job market. They want wages to plummet because, for some asinine reason, they believe that higher wages is the primary contributor towards the recent spike in inflation.

Just talked to someone who works adjacent to the Fed, and they’ve simply stated that’s not the Fed’s job. That’s congress’s job. Since Congress is a shit show, the fed is doing what it can.

Two large tech companies just laid off thousands of employees. :(

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I'm just making fun of people, it's not a manifesto.

Aren't joblessness claims literally filed weekly? It's just the lowest of the last 14 filings. Not everything is clickbait

Class 20 singularity detected.......Warforges spinning up.....Sterilization Fleets spooling up........Contingency Protocol is now in full effect

Its almost like im taking crazy pills where people complain they are gettin too much ass and they have to gain 200 pounds with a heart arrhythmia to stave off all the ass that they are getting. The Fed is so clearly terrified of labor having any power that they are willing to tank the whole system just to avoid it.

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The Fed feeling like they gotta drive the economy into the ground and ruin lives because congress won’t do anything is just so absurd.

The Fed keeps hammering away instead of asking for more/better tools or throwing the ball back at Congress for its failures. Particularly given how many of the issues causing inflation stem from things interest rates aren’t going to help without widespread pain- and likely unnecessary long term negative impacts.

Particularly given the Fed is also fighting potentially permanent/very long term shifts in the labor force that have been predicted for decades and were finally accelerated by the pandemic.

i wonder if they are having a hard time contemplating that there's a million job openings out there right now - and we're probably short about 2 million possible workers due to Covid deaths, early retirement (because of Covid) and an immigration policy that simply was "No." for most of the last three years.

We need to tax "windfall profits" - but that would require congress to pass a law to start a tax.

I read somewhere that people are quitting faster than they can be fired, so there are more openings than expected. It’s a weird fucking time, man

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I think they know very well what it’s going to mean. And they have tried to say it in a way that won’t scare people but I don’t think enough people pay attention. It’s going to hurt. But it’s also the only control that they have. There are other ways to fight inflation without it hurting as badly but that would require legislation and real regulation. And the country just put the GOP in control of the house so I mean we get what we deserve.

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Nice Stellaris reference

I know I’m not most people, but I’ve never gotten unemployment, even when the pandemic shut down my job.

The Fed is basically behaving like an out of control algo that only knows how to contain a misinterpreted crisis with something drastic and incorrect.

The plural of anecdote is not data ... but I'd like to understand your situation, if you don't mind:

1. What state were you in?
2. Did you apply for unemployment?
3. Were you denied it?

>plural of anecdote is not data

Can you phrase that in a less insufferable way?

1. That was in Illinois.
2. Yes. I’ve also applied in Ohio and California when I lived in those states.
3. Yes. I was also denied disability in Ohio even with a medically valid request.

Scope out my post history if you want to see a tragedy play out in real-time.

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Every week that report comes out and every week it is posted here so get used to it.

I wasn’t expecting to see Mii-tan over here

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This is accurate. Congress could be raising taxes on the wealthy and corporations to remove money from the national supply. Why not take it from the ones with more than enough to lose?

Funny, because me and 45% of my coworkers were laid off yesterday.

I've been trying to get disability with a medically valid request in Arkansas for about a decade now. I know that feel, bro

hugs

This stat comes out every Thursday. There's an article on it every week.

What should the fed do?

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Exactly. The Fed is given a butcher knife to reign in inflation. Congress are the ones who have the scalpels. They have the power to redo the tax code and close tax holes and make wholesale real change to investments and profits and just about anything...

But as you can see, the originators of our fiscal spending and policy makers can't even elect a god damned speaker...

And use that tax money to help me pay for rent and food by doing exactly what.

I'm not saying I disagree. I'm just saying, reddit needs to learn to be at least as competent as Judge Judy and follow the money. How does this help me stop the price of rent hikes or put money in my pocket every month for rent?

Not every solution fixes every problem.

It's more about the fact that there are 1.7 jobs for every person. Seems great right? Except that contributes to wage growth which increases inflation. The problem being the inflation is higher than the wage growth. Thus the need to weaken the labor market.

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Sis, actually, but hugs back.

I call everyone "bro" or "dude." I'm weird and dumb and kinda high atm. Sorry if I offended! It's a relic of my mmo-gaming past.

Exactly. Realistically we need to draw money out of the system.

A corporate windfall tax would do just that.

Wouldn't the market just place wages at a more appropriate level if the fed didn't manipulate them?

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OK, so tech is taking a hit. Other sectors have rebounded but still wobbly with many unknowns. Congress not doing its job has been reprehensible. With congress and governors historically being the on deck circles for VP and P, you'd think they would start playing a smarter game and maybe actually do their jobs. Yes, voters are at fault on this so I do not know where the answer lies as answers are the last thing leaders want. Frustrating.

More taxes add more to the reserves which allows more spending for aid projects.

It COULD theoretically be used for a new first time home buyer program, or housing assistance program.

It's money that goes into the reserves. That you lack imagination on how it can be used is not the fault of the practice.

And these projects again come from those in congress, so people need to vote with conviction.

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So next week it should go up?

They have targets for both inflation and unemployment. People have been hopeful that inflation is decreasing, so rate increases will slow, but job market numbers like this kinda make it unrealistic.

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The interest rates need to be higher. It encourages saving and less credit/loan usage.

Interest rates set near zero for years is asinine.

Yes- however the speed they are doing it now is just as ridiculous as having them near zero for so long. Particularly given so many of the issues impacting the current inflation are minimally impacted by interest rates.

They already did at the last fomc meeting. The increase was only 50 bps, and they had been doing 75 every 6 weeks all year. The meeting at the end of ja uary is likely to be another 50 bps.

It's important to remember that inflation lags significantly from the rate being set, as it takes time for businesses to curtail orders based on the interest rates they'll be paying, and an overcorrection is sig ificantly worse than an undercorrection.

It should have been clear they are losing their lock step method since trump and Dems should toss some mighty big bones for reps who flop to their side against the crazies and get bipartisanship working again in this country.

An appropriate level for who?

The FED has to do something about inflation but our system of government was designed around spreading out power and people working together in that system to achieve what needs to be done. That has been broken for a very long time now.

For everyone involved. If they can't find people to do the work then they aren't paying people enough to do it.

Because the voters have no power unless they can swing a large group of third part candidates in.

Republicans are in a rough spot since trump and the crazies are coming for their dues. Are are not going to continue to be placated with words about abortion and gay marriage or this or that wedge issue and unfortunately it is blowing up. The other side of aisle can't get their shit together to make it work and unfortunately I see it getting worse.

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That would cause a mini wage/price spiral inside of the inflation Bubble. Would make a bigger boom for sure.

Runaway inflation would instantly annihilate your wage gain and send us into a massive depression, though...

Wrong.

Nobody wants to admit that inflation has been out of control for decades but held back behind a dam where only the 1% could swim. Now the dam is cracking and what they're really afraid of is people paying off their debt. Because most of America's "wealth" isn't natural resources or innovation. It's a bet that they can exploit people's labor for the next 100 years. That bet hinges on people having massive debt like student, home and car loans.

Inflation already happened. They're trying to drain the dam back up the mountain.

Inflation already happened. Take a look at all the billionaires and trillion dollar companies. What they're trying to prevent is that money from bleeding out to the 99% where it will be used to pay off debt which the U.S. economy relies on in order to continue to exploit labor.

I think this depends on what area you live in. There are still many places that have heavy unemployment.

As in their goal is to get inflation below X% and get unemployment rate above Y%. I don’t think either of these goals have been met yet.

Fastest way to get a higher salary, switch jobs

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24k people are about to be jobless thanks to Amazon and Salesforce.

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More taxes mean higher rent. Pass the cost onto the consumer.

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So lets pay 90% of people a bullshit wage is the solution? I think we can do better

Doesn't the Fed have no other options? They don't have the authority to raise taxes. Only congress has the ability to fix this but they won't.

Don't forget they were all gifted a ton of money during COVID.

The number of Reps can probably be counted by 2 hands.

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Inflation has been coming down for a while now

Not good, but you're confusing the big picture with the small picture.