Another solid U.S jobs report

[Benjamin Frank 2.0]

“Job growth posted a surprise increase in January, demonstrating again that the U.S. labor market is solid and poised to support broader economic growth,” CNBC reports.

“Nonfarm payrolls expanded by 353,000 for the month, much better than the Dow Jones estimate for 185,000.”

[GAinDC]

not just solid -- stunning!

January jobs reports are usually underwhelming due to the end of seasonal holiday jobs. So, this number is actually spectacular.

[Crumpets]

From AP News: "Wages rose unexpectedly fast in January, too. Average hourly pay climbed a sharp 0.6% from December and 4.5% from January 2023. The strong hiring and wage growth could complicate or delay the Federal Reserve’s intention to start cutting interest rates later this year."

[Benjamin Frank 2.0]

From AP News: "Wages rose unexpectedly fast in January, too. Average hourly pay climbed a sharp 0.6% from December and 4.5% from January 2023. The strong hiring and wage growth could complicate or delay the Federal Reserve’s intention to start cutting interest rates later this year."

One thing on this. The U.S Fed Funds rate is at 5.25%. They've been naturally wanting to 'normalize' the rate for years (meaning the Fed Funds rate higher than inflation.) There is a shorthand way of figuring out the Fed Funds rate called the Taylor Rule, but even with inflation at 2%, I think it's unlikely the Fed Funds rate would go much below 4%.

Certainly that would be a helpful drop for debtors, but the era of near zero interest rates isn't coming back.

[wbrocks67]

From AP News: "Wages rose unexpectedly fast in January, too. Average hourly pay climbed a sharp 0.6% from December and 4.5% from January 2023. The strong hiring and wage growth could complicate or delay the Federal Reserve’s intention to start cutting interest rates later this year."

This is not to say that everyone is having an amazing time, but the narrative of all these people constantly screaming "but i still can't afford to live!!!" is getting more hollow by the day. The economy is good, that's a fact at this point. Wages are up, outpacing inflation. Most people are just being overdramatic at this point to be overdramatic.

[wbrocks67]

Meanwhile, as we received a stunning and truly jaw-droppingly good jobs report today, this is how the "liberal media" is covering it:

https://twitter.com/washingtonpost/status/1753411386837721421

[Benjamin Frank 2.0]

From AP News: "Wages rose unexpectedly fast in January, too. Average hourly pay climbed a sharp 0.6% from December and 4.5% from January 2023. The strong hiring and wage growth could complicate or delay the Federal Reserve’s intention to start cutting interest rates later this year."

This is not to say that everyone is having an amazing time, but the narrative of all these people constantly screaming "but i still can't afford to live!!!" is getting more hollow by the day. The economy is good, that's a fact at this point. Wages are up, outpacing inflation. Most people are just being overdramatic at this point to be overdramatic.

I certainly agree that there is a right wing media push to to talk down the economy and even to cheer for a recession, but I think for most Americans who aren't part of that media bubble of lies, a lot of this is just the normal time lag between an economy operating on all engines and people realizing how good the times are.

This was also the case in 1994 for instance before Fox 'News' even existed (although there was right wing talk radio then that especially fueled the 'angry white males.')

[vtred]

Trump: THESE ARE MY JOBS! (probably)

[Sir Mohamed]

This must be the recession we're talking about. That said, GOPers will still claim this is nothing but Covid rebound.

[Beet]

The economy is back, folks.

[Sir Mohamed]

The economy is back, folks.

It was been back for most of Biden's presidency. Inflation has come down in recent months though.

[Clarko95 📚💰📈]

Trump: THESE ARE MY JOBS! (probably)

I actually see more and more comments like this from Republicans on social media.

[Sir Mohamed]

Trump: THESE ARE MY JOBS! (probably)

I actually see more and more comments like this from Republicans on social media.

Not all too surprising given that most GOPers are at war with reality.

[GeorgiaModerate]

Trump: THESE ARE MY JOBS! (probably)

I actually see more and more comments like this from Republicans on social media.

Not all too surprising given that most GOPers are at war with reality.

Brainwashing.

[Gass3268]

Meanwhile, as we received a stunning and truly jaw-droppingly good jobs report today, this is how the "liberal media" is covering it:

https://twitter.com/washingtonpost/status/1753411386837721421

I sometimes wonder who wants Trump back more, the MAGAots or the mainstream media.

[Landslide Lyndon]

Meanwhile, as we received a stunning and truly jaw-droppingly good jobs report today, this is how the "liberal media" is covering it:

https://twitter.com/washingtonpost/status/1753411386837721421

https://twitter.com/DougJBalloon/status/1753412724623651249

https://twitter.com/DougJBalloon/status/1753412551428173916

[Rand]

Who cares?! Biden says four-letter words and must be deposed!

[Fmr. Pres. Duke]

This recession seems to have no end!

[GP270watch]

 The conservative and FoxNews cope about this is amazing.

[President Johnson]

PRESIDENT JOBSEPH JOBINETTE BIDEN JR.

[ProudModerate2]

I'm sure Republicans in the House will try to devise a plan to stop job growth, increase unemployment, and destroy people's lives, just so trump has a campaign message come November.

[emailking]

What another great job by Biden. This wouldn't have been possible without him and Bidenomics!

[GP270watch]

December jobs were also revised up to 333,000. This is one of the MAGA copes, that the numbers are revised down and the media is not reporting it.

 But there is starting to be a disconnect here as now Trump is claiming credit for the Biden's jobs numbers because he's going to win, or is still secretly President or some other nonsense MAGA believes.

[Crumpets]

Meanwhile...

[ProudModerate2]