Kamalanomics: Higher Unemployment, Far Fewer Jobs
The unemployment numbers went way up, and the predicted increase in jobs went way down. Hiring fell sharply, and unemployment rose for the fourth straight month. All the indicators are poor to very poor.
Friday’s report from the Labor Department showed that employers added just 114,000 jobs in July – 35% fewer than forecasters had expected – and that unemployment, now up to 4.3%, is the highest since October 2021.
Economists were expecting slower monthly growth, with around 175,000 jobs added and an unemployment rate that remains at 4.1%.
Federal Reserve Chair Jerome Powell noted Wednesday that the central bank is keeping a close eye on the labor market and that Fed officials are ready to step in by cutting rates if growth drops off sharply.
Democrats want the interest rates cut so they look good before the election.
“Things are deteriorating quickly,’’ said Julia Pollak chief economist at the job marketplace ZipRecruiter. The news shook financial markets around the world.
The unemployment rate’s jump to 4.3% in July crossed a tripwire that historically has signaled that the United States is in recession. Economists still blame the pandemic and say we might not be in recession.
If the people who didn’t return to the job market are included, the unemployment rate has to be between 6.9% and 8.2%.
Millions of Americans never returned to the labor market after covid; although they still don’t have jobs, they aren’t included in the unemployed; accounting for this yields as unemployment rate much higher than the official 4.3% – somewhere btwn 6.9% and 8.2% in Jul: pic.twitter.com/qzunBUYgag
— E.J. Antoni, Ph.D. (@RealEJAntoni) August 2, 2024
People just aren’t coming back to work. The employment numbers include people who are caring for relatives.
The employment level is actually flat over the last year, despite the continued rise in the number of nonfarm payrolls; we’re now about 7.3 million below the pre-pandemic trend, and getting worse each month: pic.twitter.com/ok82LdE6js
— E.J. Antoni, Ph.D. (@RealEJAntoni) August 2, 2024
Antoni is concerned about all the people who did not return to the labor force. I would like to add that the Harris-Biden regime has put many of these people on the ever-growing welfare state, which is very bad policy. Those in that position make more money by sitting at home and collecting welfare. Kamala’s socialist policies add more low-paying jobs than good-paying jobs.
For all the ugliness in the Jul jobs report, I’m not really concerned w/ the unemployment rate b/c the disruptions from the TX hurricane likely caused a temporary spike; much more concerning is the continued trend of millions of Americans missing from the labor force post covid: pic.twitter.com/OAWlZnnFRo
— E.J. Antoni, Ph.D. (@RealEJAntoni) August 2, 2024
Yellen wants $3 trillion per year for the “Climate Crisis.”
That comes to $75 trillion — $150 trillion including what the UN is demanding.
Meanwhile, a new study finds co2 emissions now have *zero* impact on warming. They just make more trees. pic.twitter.com/OGDXDsVd53
— Peter St Onge, Ph.D. (@profstonge) August 2, 2024