Largest job growth since 1939

[NWRMidnight]

Still fucked anyhow, right? And the stock market sails on, as if all those unemployed are going to keep paying the rent & the rest of it. I guess it doesn't really matter so long as the FRB can flood markets with liquidity. Might as well be a different universe, at least for now.

Of course the stock market sailes on, since the feds have dumped 2.5 trillion into it since September of 2019.

Unemployment isn't going to go up fast, as their are industries tied to aerospace production that are lagging 5 months behind and are just now starting to feel the effects of the covid-19 shutdowns to the airlines. I work for one of them, and 33% of the force is to be laid off by 1st week in July around (300 workers). They already cut 24 administration positions since June 1st.

 

[sportage]

I believe the numbers are indeed fudged and most likely faked. After all, if anyone can fake the numbers and would the fake numbers it’s Donald Trump. I also believe Trump has found a way to fudge stock market numbers. I call it the tabloid stock market. Markets reacting to financial illusion rather than reflecting actual financial fact. You can’t have a stock market heading for the sky when in reality people live paycheck to paycheck and the national debt is on life support mode. The stock market is nothing more than tabloid, and the job figures under Donald Trump are absolutely fudged. Trump claims Obama employment numbers were faked, so obviously Trump knows how to do this. The pandemic was a telling financial event, this pandemic exposed the truth of Donald Trump’s economy. We now know how unstable and vulnerable this Donald Trump economy truly is and how millions more people and small business are surviving from week to week and month to month. Just one little hiccup can bring it all crashing down as we have seen. I don’t call that a booming stock market or a booming economy. As we have seen in this president Donald Trump and everything Trump has done in his lifetime, ITS ALL AN ILLUSION. it’s all fake. It’s all a con game played on the American people. And it all comes crashing down whenever the truth is tested by reality, or a pandemic. Bad Donald, bad.....

 

[cytg111]

Of course the stock market sailes on, since the feds have dumped 2.5 trillion into it since September of 2019.

Unemployment isn't going to go up fast, as their are industries tied to aerospace production that are lagging 5 months behind and are just now starting to feel the effects of the covid-19 shutdowns to the airlines. I work for one of them, and 33% of the force is to be laid off by 1st week in July around (300 workers). They already cut 24 administration positions since June 1st.

So what you are saying is that Trump will ride the world economy into the ground as fuel for his personal reelection meanwhile insisting that China pay a steep price for a virus?

 

[fskimospy]

This jobs report showed furloughed employees going back to work but also showed actual permanent layoffs continuing to increase. It’s kind of good news, but not particularly good news.

Expect to see a repeat of this several times in the next few months. We have had the world economic data basically in the history of economic data for the last few months and Q2 GDP is going to be more of the same. That said, it’s likely that we will see a repeat of this headline in Q3 that says ‘greatest economic growth in history!’ Both of these are technically true, but also meaningless.

 

[HomerJS]

We have a ways to go, but this is very good news. Surprised most analysts, unemployment down to 13.3% in May

America's unemployment rate falls to 13.3% as economy posts surprise job gains

The American economy just got a shocking piece of good news: The job market may be recovering well ahead of schedule.

www.cnn.com

Hey @blackangst1, shock and surprise, Trump lied to you again. That very report you and Trump were crowing about had a note in it saying due to a "misclassification" the real number is 3 points higher. Trump plowed right ahead and used a number he knew was wrong.

Now I'll assume you will continue to believe this guy because of your misplaced belief Trump would tell you the truth. My question is why do you continue to believe him???

A ‘misclassification error’ made the May unemployment rate look better than it is. Here’s what happened.

Talk about market manipulation... Dow went up 829 pts this Friday because they said the unemployment rate was 13.3% but the "actual" number is 16.3%.. Trump used the fake unemployment number to pat himself on the back and suggest George Floyd is happy about US jobs numbers: 'It's a great day...

forums.anandtech.com

Here's a gif starring Trump and @blackangst1

 

[Indus]

So it's the government's involvement that caused unemployment to drop?

Whatever the numbers.. the fortune 500 companies keep getting majority of the bailouts but mom and pop stores, neighborhood stores and shops.. they get hurt the worst.

Why? They don't have politicians in their pockets with donations like the rich companies do.

Lets face it.. you've been had, we've been had.

This system of government is pretty much owned by fortune 500 ceos and top donors and we're pretty much slaves to their whims.

We get only a $1200 cookie to look the other way while they smile ear to ear with highway robbery of our tax dollars.

 

[Fenixgoon]

In other news, 1+1=2 is a 100% increase and 2+1=3 is a 50% increase.

 

[Hayabusa Rider]

Smoke and mirrors

No, the Unemployment Rate Didn't Really Drop in May | Washington Monthly

Donald Trump bragged about a bogus jobs number and defiled George Floyd's name in the process.

washingtonmonthly.com

 

[ondma]

800lb man loses 350 lbs. Biggest weight loss in history

Well said. A huge number of people were laid off due to covid, and as the economy re-opens, unemployment will clearly fall. The real question is, are those going back to work going to make anything like a livable salary (not to mention health care). Most laid off were already living paycheck to paycheck, and a lot of them will now be making even less due to fewer hours and for servers and the like, lower tips due to reduced capacity.

 

[blackangst1]

Hey @blackangst1, shock and surprise, Trump lied to you again. That very report you and Trump were crowing about had a note in it saying due to a "misclassification" the real number is 3 points higher. Trump plowed right ahead and used a number he knew was wrong.

Now I'll assume you will continue to believe this guy because of your misplaced belief Trump would tell you the truth. My question is why do you continue to believe him???

A ‘misclassification error’ made the May unemployment rate look better than it is. Here’s what happened.

Talk about market manipulation... Dow went up 829 pts this Friday because they said the unemployment rate was 13.3% but the "actual" number is 16.3%.. Trump used the fake unemployment number to pat himself on the back and suggest George Floyd is happy about US jobs numbers: 'It's a great day...

forums.anandtech.com

Here's a gif starring Trump and @blackangst1
View attachment 22385

Thks for the info. Trump never lied to me btw. I didn't get this info from him.

 

[zinfamous]

Thks for the info. Trump never lied to me btw. I didn't get this info from him.

interesting mental strategy that will forever prevent you from holding a POTUS accountable for the things they say to the American people in public.

Obama never lied to you either, right?

 

[blackangst1]

interesting mental strategy that will forever prevent you from holding a POTUS accountable for the things they say to the American people in public.

Obama never lied to you either, right?

What I'm saying is I didn't get the info from a Trump speech. I haven't heard him talking about it. I'd he has, I didn't hear it.

 

[zinfamous]

What I'm saying is I didn't get the info from a Trump speech. I haven't heard him talking about it. I'd he has, I didn't hear it.

I think it would benefit you some to think about the actual source of your information here.

 

[Thump553]

Together with that 3% "miscalculation" a big part of the current lessening of unemployment is because a lot of those federal payroll loans kicked into place last month-the loans where the employer furloughs employees instead of laying off, continues to pay them salary and if so then the feds forgive the "loan" in full. At best that is a two month fix.

The official numbers totally contradict what the private payroll services are reporting. It would be nice if unemployment was declining but in reality that is highly doubtful.

Fake News, but fake news His Donaldship totally endorses.

 

[blackangst1]

I think it would benefit you some to think about the actual source of your information here.

Looks like the Labor Dept.

 

[Bitek]

Thanks free markets.

If you can call $3.6 Trillion in stimulus spending "free".

Good thing Chuck and Nancy didn't act like the twats the GOP were during the Great Recession or where would we be?

 

[brandonbull]

George Floyd is smiling down on Trump for this.

There must be no women around to threaten with a gun so I guess he has other things to do.

Your comment is entirely unwelcome here.

Perknose
Forum Director

 

[zinfamous]

There must be no women around to threaten with a gun so I guess he has other things to do.

ah, your "other forum" activities are leaking through, I see.

 

[HomerJS]

Thks for the info. Trump never lied to me btw. I didn't get this info from him.

Excuse me, but who is President? Who's administration is it? If you read the actual report you would have seen the footnote about the miscatagorization. Clearly you used the info provided by the White House and who is responsible for that??

Dude you are pathetic

 

[blackangst1]

Excuse me, but who is President? Who's administration is it? If you read the actual report you would have seen the footnote about the miscatagorization. Clearly you used the info provided by the White House and who is responsible for that??

Dude you are pathetic

Fuck you. The white house didn't release this. The econ dept did. The statistics aren't from Trump. Even with the 3% descretion were under where analysts said we would be.

 

[ivwshane]

Fuck you. The white house didn't release this. The econ dept did. The statistics aren't from Trump. Even with the 3% descretion were under where analysts said we would be.

So you didn’t read the whole report then?

 

[blackangst1]

So you didn’t read the whole report then?

Yes why

 

[ivwshane]

Yes why

Because you didn’t bother including the footnote the bls added to the numbers that says they are probably 3% worse than reported.

 

[JEDIYoda]

In his defense he probably does not know what a footnote is...other a note somebody put on your foot...

 

[BUTCH1]

Way better than the expected news, and I have a feeling the revision will be far more...sobering.

Also, I think a lot of hiring for these business was premature: I'm not sure the businesses will have the customer base they are thinking they will to maintain these employees, all things being equal today--but all things won't be equal to today. Cases are spiking again as the Memorial day tard cases start appearing, and it's only going to get worse starting next week when the protest case numbers start appearing.

NC is experiencing the greatest number of case growths to date for the state, and I think a lot of those that weren't hotspots are about to see that in the next month.


...we shall see, but I think late May/early June was just the eye of the storm.

We're seeing a nice uptick in food distribution to restaurants BUT what happens once those $600/wk (plus state amounts) of unemployment dry up.