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NYT snippet:

The American economy hit a speed bump in November as hiring unexpectedly dipped before the holiday season, a sign that companies are cautious about prospects for growth.

Employers added 210,000 jobs last month on a seasonally adjusted basis, the Labor Department reported Friday, well below the half-million gain that had been expected. While the data was collected well before the Omicron variant emerged, the figures underscore the economy’s fragility as the pandemic persists.

Despite the weaker-than-expected number for job growth — economists had expected a second straight gain of more than 500,000 — the unemployment rate fell to 4.2 percent from 4.6 percent.
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The American economy hit a speed bump...

As many work places still have signs up for Help Wanted I wonder how much is the immigrant drought hurting the economy.

Also how much are the foreign visa quotas are hurting educational institutions? Phillips Exeter Academy in NH has a problem filling spots as its number of foreign students has seen a large decrease.
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NH,

Labor in the US is held down by immigrants legal or otherwise. People in need will take lower pay and pride themselves on working longer hours.

We need to improve the US standard of living. That means higher pay for workers.

I am tired of the press not reporting on things but being critical of two presidents for the presses' non stop advertisers.
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Here in NH we count on immigrant labor for agriculture and our service industry. In the summer in particular we have young Canadians who work in our resorts and people from Jamaica, Mexico, and Central America who work on our farms and orchards.

The orchards had a tough time without pickers to harvest the fruit.
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a sign that companies are cautious about prospects for growth.

I think NYT is making the wrong conclusion. Often, when you have low job numbers AND a significant reduction in the unemployment rate, then it is a bigger reflection of people simply not willing to work (for various reasons).

The unemployment rate fell by 40 basis points. That is fairly significant. We are still down 2.4 million employed people from pre-pandemic levels. That means for the most recent report, more people stopped looking for work than we net hired.
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NH,

The US economy depends on Americans getting paid. The US government depends on Americans paying taxes. The US industries depend on Americans with more pay consuming more and saving more over time.

We can not continue to have low GDP growth rates by opting for a lower standard of living.
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I think NYT is making the wrong conclusion.

The unemployment rate fell by 40 basis points. That is fairly significant.


The times did not create the conclusion the economists predicting higher employment numbers did.

The times though is failing to cite where the conclusion is coming from and if people are failing to return to the job market more permanently.

I heard a report two nights ago that people are permanently leaving the employment market.

Chief among them retirees who were working up until the pandemic. They are the majority of workers who left the market. I forget the percentages. That NPR report failed to mention huge numbers of those unemployed were not 65 years old. My dad retired December 2020 at age 82. Of course he is not getting another job.

In that light you'd be right younger people are employed. But what we are not getting from the times is why businesses are slowing down.


But businesses are slowing down.

The projections can easily turn very bad from here. If you piece together other sources, ie the FED for tapering....oil's big drop in price.....future prospects in the Chinese constructions industry and Chinese financials major owners of Chinese Construction companies and their debt instruments.....

Frankly odds are Omicron is just another cold bug.

People every other day are buying the dip. The stop losses are set tightly. Traders the next day are running the stops. For now.....
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Thank you for recommending this post to our Best of feature.

a sign that companies are cautious about prospects for growth.

I think NYT is making the wrong conclusion. Often, when you have low job numbers AND a significant reduction in the unemployment rate, then it is a bigger reflection of people simply not willing to work (for various reasons).


... meanwhile

Try to keep up will you?

Anymouse

https://www.bnnbloomberg.ca/canada-s-economy-cranks-out-154k...

ECONOMICS 9h ago

Canada’s economy cranks out 154k jobs, quadruple expectations

Shelly Hagan, Bloomberg News

Canada’s labor market blew past expectations in November as the end of income support programs helped fuel new hiring.

Employment rose 153,700 last month, Statistics Canada reported Friday in Ottawa. That’s more than quadruple the 37,500 gain economists were predicting, according to the median estimate in a Bloomberg survey.

The numbers show just how close the nation’s economy is to full employment at a time when businesses are raising worries about labor shortages and policy makers are considering ways to cool the recovery down.
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why should you work. if you got kids you get an extra check every month. take that and work under the table.
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take that and work under the table.

Sounds like a potentially feasible idea, except that it might be a bit confining.

Pete
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Plus who pays for the benefits? Health insurance, vacation, sick pay, and 401k contributions.

And right now what happens to childcare when people go to back to work.

Most European businesses are recovering faster because they have universal childcare for their families.
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Most European businesses are recovering faster because they have universal childcare for their families.

Something Krugman has mentioned a few times recently is that much of European subsidies aimed at 'unemployment' was support for businesses to keep employees on their payroll through the pandemic slowdown. So, those employees/businesses never were separated and were able to pick right up where they left off, unlike the US situation where there was some support for that kind of purpose, but the bulk was direct aid to unemployed persons after separation, which leaves a lot more opportunity for the workers to stay separated.
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I heard commentary that had a different take on employment numbers. That existing workers were working more hours to produce more. So someone is out there buying stuff and the economy is in better shape the what the main stream media is reporting.

That statement is made in this video:https://thehill.com/hilltv/rising
"Ryan Grim questions why Americans have such poor opinions about the current economy."
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Most European businesses are recovering faster because they have universal childcare for their families.

Overheard at a queue for giverment handouts in Venezuela, "I'm going to have my fifth baby and that will net me XYZ bolívares."

The Captain
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"I'm going to have my fifth baby and that will net me XYZ bolívares."

Reminds me of a teenager looking for a job. My mom asked if he had brothers or sisters, "Yes, twelve." Then she asked what their names were. He rattled off eight or ten last names! LOL

The Captain
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why should you work. if you got kids you get an extra check every month. take that and work under the table.

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the unemployment rate fell to 4.2 percent from 4.6 percent.
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Reminds me of a teenager looking for a job. My mom asked if he had brothers or sisters, "Yes, twelve." Then she asked what their names were. He rattled off eight or ten last names! LOL

What I find amazing is the number of women in their early twenties who have three or four baby-daddies but no ex-husbands or ex-boyfriends...
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Captainccs,

That is why I qualified my comment with "European businesses".

NH
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Thank you for recommending this post to our Best of feature.

why should you work. if you got kids you get an extra check every month. take that and work under the table.

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the unemployment rate fell to 4.2 percent from 4.6 percent.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

It was the baby boomers over age 65 that dropped out of the work force primarily and wont come back. In other words our group wont work. No surprise there.
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