30 Sep Who still believes this?
“There’s no such thing as a winnable war / It’s a lie we don’t believe anymore…” -Sting, “Russians”
People are supposedly unwilling to work. They are flush with cash and living in Gran’s basement off of 2020 stimmy checks or increased SNAP benefits. 2 legit open jobs for every 1 unemployed person. Inflation is rampant, we hear new layoff reports every day, and yet, somehow, jobless claims are down?
On what planet does any of this make coherent sense?
“Initial filings for unemployment claims fell last week to their lowest level in five months, a sign that the labor market is strengthening even as the Federal Reserve is trying to slow things down.
Jobless claims for the week ended Sept. 24 totaled 193,000, a decrease of 16,000 from the previous week’s downwardly revised total and below the 215,000 Dow Jones estimate, according to a Labor Department report Thursday…
‘The recent decline in layoffs flies in the face of the Fed’s efforts to soften up labor market conditions and knock inflation back down toward its 2% target,’ said Jim Baird, chief investment officer at Plante Moran Financial Advisors. ‘The capital markets have heard the Fed, and investors are feeling the pain. But the jobs market? For now at least, it’s not listening.'”
What recent decline in layoffs? There are literally new announcements every day.
http://layoffs.fyi/ focuses specifically on tech start-up layoffs and the picture doesn’t look good. Nor is it good right now for banking, Wall Street, mortgage firms, real estate, big tech, etc.
“The Fed has raised interest rates five times in 2022 for a total of 3 percentage points, and officials have stressed the importance of continuing to hike until inflation comes down closer to the central bank’s 2% target.
‘We have to do what we must do to get back to price stability, because we can’t have a healthy economy, we can’t have good labor markets over time, unless we get back to price stability,’ Cleveland Fed President Loretta Mester told CNBC’s ‘Squawk Box’ in an interview Thursday morning.”
Yep and that’s the rub. They’re gonna keep running this same line of bull about the hawt labor market as justification for running the economy into the ground. It’s essentially saying, “Hey look. Everything’ll be OK because of the job market. So take your teddy bear with you, crawl into bed, and let us handle everything. Now if you wake up penniless and destitute in the middle of another Great Recession, oh well. You don’t matter very much anyway. K, thx.”
Be naïve at your own risk!