Last month the Trump Admin crowed about a ‘Strong’ Economy….
I said here I did NOT believe That….
I WAS Right….
The attempt to bull shit voters that the economy is BETTER IS BS….
Trump 2.0 was SUPPOSTED to be BETTER then the end of Biden’s term….
NOPE…..
Ah?
AI HAS begun to cost people jobs also….
A weaker-than-expected report on the labor market released on Friday affirmed a widespread sentiment: the U.S. economy does not feel as if it is delivering prosperity to everyone.
Employers added 29,000 jobs last month and the unemployment rate rose to 4.2 percent, data released Friday by the Labor Department showed, slower than expected growth for a job market that had appeared robust in recent months.
That resiliency has stood in tension with the strain of higher prices as inflation has marched higher since the start of the war in Iran. For most workers, wages haven’t kept up. Growth in average hourly earnings fell to 3.0 percent on an annual basis in September, well below inflation, and the slowest since the pandemic. Employment gains for July and August were revised down by a combined 60,000 jobs.
“The labor market is stable, but it’s not picking up. It’s soft,” said Claudia Sahm, a former Federal Reserve analyst and the chief economist at New Century Advisors. “The labor market is OK, it’s just who you are in the labor market that matters, and more than usual.”
That softness relative to some previous jobs reports may feel a bit more reflective of how people feel about an economy where prices are climbing and consumer sentiment is plumbing multiyear lows.
U.S. employers and workers have experienced successive shocks in recent years. The pandemic, then inflation, then wars and tariffs that have pushed prices higher still. Diesel prices have hit record highs, straining freight and supply chains, as energy bottleneck in the Middle East remain.
The U.S. economy has digested these bouts of volatility without faltering. One reason for the sturdiness of the labor market is a shift in the supply of workers. Even as hiring has slowed, baby boomers have retired at a notable pace and the Trump administration’s immigration restrictions have limited entrants to the work force. The unemployment rate has been at or below 4.5 percent since October 2021, the longest streak in modern history.
Angst about artificial intelligence taking jobs has risen this year, and measuring job losses affiliated with artificial intelligence remains difficult. But it seems sectors most exposed to A.I. cut jobs in September. The information industry lost 10,000 jobs, the financial industry lost 7,000 jobs and employment in professional and business services fell by 9,000 workers…..
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