Record 4.4 million Americans quit their jobs in September - August was 4.3 million quit

John6185

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And Biden says that the employment rate was the lowest it has been since the beginning of Covid. Of course, he doesn't take into account nor does the Labor Dept count those who quit their jobs and aren't looking for a job. Only those who are looking for employment. If the true picture were to be displayed, we are in an economic slump looking for a hole in the fence. It is going to get worse, not better.
 

TerryMiller

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And Biden says that the employment rate was the lowest it has been since the beginning of Covid. Of course, he doesn't take into account nor does the Labor Dept count those who quit their jobs and aren't looking for a job. Only those who are looking for employment. If the true picture were to be displayed, we are in an economic slump looking for a hole in the fence. It is going to get worse, not better.

Those numbers only count those that are unemployed and have been looking for work for the last 4 weeks. Any beyond the 4 weeks and those that have quit looking increase the numbers of those ACTUALLY unemployed.

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Note that precipitous drop between 2008 and 2015. The gains since 2015 could largely be a benefit of Trump being president, although we've not seen the results of the last year yet, which would be under Biden.

That chart above came from this source:

Investor's Business Daily - Labor Force Participation Rate Low
 

SlugSlinger

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Who sets these expectations?

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Wow, sales down during Christmas spending season?

US Retail Sales Plunge 1.9 Percent in December​


U.S. retail sales tumbled in December as Americans struggled with shortages of goods and an explosion of COVID-19 infections, but that will likely not change expectations that economic growth accelerated in the fourth quarter.

Retail sales dropped 1.9% last month after rising 0.2% in November, the Commerce Department said on Friday.

Economists polled by Reuters had forecast retail sales unchanged. Estimates ranged from as low as a drop of 2.0% to as high as a 0.8% increase.

Bottlenecks in the supply chains caused by the pandemic have led to shortages of goods, including motor vehicles. That resulted in consumers starting their holiday shopping in October, which hurt retail sales in December.

The pulling forward of sales could also have impacted the so-called seasonal factor, the model that the government uses to strip out seasonal fluctuations from the data. The drag from the seasonal factor was likely in the online sales category.

Retail sales are mostly made up of goods, with services like healthcare, education and hotel accommodation making up the remaining portion of consumer spending. Restaurants and bars are the only services category in the retail sales report.

January Retail Numbers Could Be Worse

Sales could weaken further in January as spiraling COVID-19 infections, driven by the omicron variant, limit consumer traffic to places like restaurants and bars.

Excluding automobiles, gasoline, building materials and food services, retail sales plunged 3.1%. Data for November was revised lower to show these so-called core retail sales falling 0.5% instead of dipping 0.1% as previously reported.

Core retail sales correspond most closely with the consumer spending component of gross domestic product. Economists say the surge in core retail sales in October was enough to ensure strong economic growth in the fourth quarter. Though inflation has outpaced wage gains, spending remains underpinned by massive savings and increased job security.

Economic growth estimates for the October-December quarter top a 7.0% annualized rate. The economy grew at a 2.3% pace in the third quarter. Growth last year is expected to have been the strongest since 1984.


The snowball is gaining momentum!
 
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