That’s from the US Labor Dept…..
My response is ‘So What’?
I REALLY think this means absolutely NOTHING…..
Everywhere I go?
There ARE HELP WANTED signs posted….
Businesses are LAYING people off….
I just did a post about about how thousands of people quit their jobs…
I hear over and over….
People just do NOT want to work for lusy wages….
Unemployment benefit claims have INCREASED….
And the number of cheap labor immigrants has dropped….
Biden & Company may want the Labor to shop this number….
But the reality out there is NOT so rosey….
Except for gas prices finally dropping?
EVERYTHING else is on the rise…..
The economy is NOT doing so good…..
“Today, the unemployment rate matches the lowest it’s been in more than 50 years: 3.5 percent,” President Biden said in a statement Friday. “More people are working than at any point in American history. It’s the result of my economic plan to build the economy from the bottom up and middle out.”
Republicans have been quick to criticize Democrats about inflation in the economy, but fewer GOP lawmakers commented on the jobs numbers on Friday.
“Thanks in part to Republican governors removing the Biden work barrier that pays the jobless more to stay home than to work, the July jobs report finally met expectations,” said Kevin Brady, R-TX. “The labor force participation rate still hasn’t improved in 2021, which is a red flag for tepid growth ahead.”
Huge job pickups were seen across a broad spectrum of categories, as leisure and hospitality leading the way with 96,000 jobs added. Demand for consumer services has continued to be strong all summer, despite higher prices on groceries, gasoline and other basic needs….
Wage growth, while stronger than the Fed would like to see, has not kept up with inflation. The lowest income households continue to struggle to put food on the table and pay for gas and housing. Average hourly earnings increased by 0.5 percent this month, to $32.27 an hour, continuing an upward trend from earlier this year.
“The most concerning thing in this report is that we didn’t see the expected moderation in wage growth,” said Karen Dynan, an economist at Harvard University and former chief economist at the Treasury Department. “To be clear, strong wage growth does benefit workers in the short run. But the current pace of wage growth is not consistent with low inflation over the longer run.”
Declining workforce participation is another area of concern for economists. In July, participation edged down from 62.2 percent to 62.1 percent, increasing concerns that some workers are still unable to join the workforce….
Most workers in the private sector are seeing wage increases wiped out by inflation, and a record number of Americans have taken on two full-time jobs. Government employees, whose wages lag behind the rest of the workforce, are suffering even more from inflated prices of gas, food and housing.
The number of Americans quitting their jobs remains high, although lower than its peak earlier this year. A record number of workers quit their jobs over the past year, in a phenomenon known as the “Great Resignation,” as a hot labor market spurred by the pandemic afforded workers increased leverage to demand higher wages and better conditions, particularly in the leisure and hospitality sectors. While data suggests that this trend is also softening, the quits rate remains at a 20-year high….