╌>

Jobs report blows past expectations, showing hiring surge - ABC News

  

Category:  News & Politics

Via:  evilone  •  one month ago  •  30 comments

By:   ABC News

Jobs report blows past expectations, showing hiring surge - ABC News
The U.S. economy added 254,000 jobs in September.

S E E D E D   C O N T E N T


The U.S. economy added 254,000 jobs in September.

By Max ZahnOctober 4, 2024, 8:31 AM

U.S. hiring surged in September, blowing past economist expectations and rebuking concern about weakness in the labor market. The fresh report marks one of the last major pieces of economic data before the presidential election.

Employers hired 254,000 workers last month, far exceeding economist expectations of 150,000 jobs added, U.S. Bureau of Labor Statistics data showed. The unemployment rate ticked down to 4.1%.

Weaker-than-expected jobs data in both July and August has stoked worry among some economists about the nation's economic outlook.

Despite an overall slowdown this year, the job market has proven resilient. Hiring has continued at a solid pace; meanwhile, the unemployment rate has climbed but remains near a 50-year low.

"The labor market is still healthy, but we have clearly seen a slowdown," Roger Aliaga-Diaz, chief Americas economist at investment firm Vanguard, told ABC News in a statement before the new data was released. "Now we are approaching an inflection point."

The new data arrived two weeks after the Federal Reserve cut its benchmark interest rate a half of a percentage point. The landmark decision dialed back a years-long fight against inflation and offered relief for borrowers saddled with high costs.

Inflation has slowed dramatically from a peak of about 9% in 2022, though it remains slightly higher than the Fed's target of 2%.

Speaking at a press conference in Washington, D.C. last month, Fed Chair Jerome Powell described the rate decision as a shift in approach as the Fed focuses more on ensuring robust employment and less on lowering inflation.

jerome-powell-ap-gmh-241003_1727984751079_hpEmbed_3x2.jpg Federal Reserve Board Chairman Jerome Powell speaks during a news conference at the Federal Reserve in Washington, Sept. 18, 2024.Ben Curtis/AP

"This recalibration of our policy stance will help maintain the strength of the economy and the labor market, and enable further progress on inflation," Powell said.

In theory, lower interest rates help stimulate the economy and boost employment. However, the Fed's interest rate decisions typically take several months before they influence economic activity. In any case, the soon-to-be released report tracks hiring for September, meaning the majority of the period reflected in the data took place before the rate cut.

Still, the jobs report on Friday held significant implications for further rate decisions over the coming months. The Federal Open Market Committee, or FOMC, a policymaking body at the Fed, has forecast additional interest rate cuts.

By the end of 2024, interest rates will fall another half of a percentage point from their current level of between 4.75% and 5%, according to FOMC projections. Interest rates will drop another percentage point over the course of 2025, the projections further indicated.


Tags

jrDiscussion - desc
[]
 
evilone
Professor Guide
1  seeder  evilone    one month ago
Despite an overall slowdown this year, the job market has proven resilient. Hiring has continued at a solid pace; meanwhile, the unemployment rate has climbed but remains near a 50-year low.

This won't make MAGA Populists happy.

 
 
 
George
Junior Expert
1.1  George  replied to  evilone @1    one month ago

Shall we cheer until the revisions come out? or take this with a grain of salt? 

The Bureau of Labor Statistics each year revises its previously reported estimates of job creation in the United States. The revision released August 21 shows that about 818,000 fewer nonfarm jobs were created from April 2023 through March 2024 from what was previously reported. New data shows US job growth has been far weaker than initially reported | CNN Business
 
 
 
evilone
Professor Guide
1.1.1  seeder  evilone  replied to  George @1.1    one month ago
Shall we cheer until the revisions come out? or take this with a grain of salt? 

Thanks for proving my point, but you can do whatever you like.

 
 
 
George
Junior Expert
1.1.2  George  replied to  evilone @1.1.1    one month ago

[]

 
 
 
evilone
Professor Guide
1.1.3  seeder  evilone  replied to  George @1.1.2    one month ago
It's amazing how the communist leftist celebrate everything that they hear that is positive for Biden

hmmm... maybe. I personally haven't seen an actual communist in my life and I'm sure if I did they wouldn't be all that happy with anything the leader of the largest capitalist economy in the world has done. 

 
 
 
goose is back
Junior Guide
1.1.4  goose is back  replied to  evilone @1.1.3    one month ago

[deleted][]

 
 
 
Dismayed Patriot
Professor Quiet
1.1.5  Dismayed Patriot  replied to  evilone @1.1.3    one month ago
I personally haven't seen an actual communist in my life

Didn't you get the memo? Everyone on the left, regardless of how deeply they support capitalism, is now a communist because dirt bag Donald said so. Hurry up and get your head shoved up his ass quick because apparently that's the only way you can prove you're not a communist.

 
 
 
evilone
Professor Guide
1.1.6  seeder  evilone  replied to  George @1.1    one month ago
Shall we cheer until the revisions come out?

The last 2 months were revised up.

 
 
 
Vic Eldred
Professor Principal
1.1.7  Vic Eldred  replied to  evilone @1.1.6    one month ago
Revisions happen every time

The April-March report was the mother lode of all revisions. Almost a million overestimated.

Do you know how many of these jobs are simply coming back from the covid crisis?

How many are second jobs for people?

How many are entry-level?

 
 
 
evilone
Professor Guide
1.1.8  seeder  evilone  replied to  Vic Eldred @1.1.7    one month ago
The April-March report was the mother lode of all revisions. Almost a million overestimated.

Good thing it's still not April or March, right? 

Do you know how many of these jobs...

I don't work in a spin bubble of inuendo. If you have something particular to point out, then do so with data to back it up and we'll discuss it. 

 
 
 
Vic Eldred
Professor Principal
1.1.9  Vic Eldred  replied to  evilone @1.1.8    one month ago
I don't work in a spin bubble of inuendo.

That's fine. America's working class aren't buying it.

 
 
 
evilone
Professor Guide
1.1.10  seeder  evilone  replied to  Vic Eldred @1.1.9    one month ago
America's working class aren't buying it.

Apparently America's working class is working and spending.

 
 
 
Tessylo
Professor Principal
1.1.11  Tessylo  replied to  evilone @1.1.8    one month ago
"I don't work in a spin bubble of inuendo. If you have something particular to point out, then do so with data to back it up and we'll discuss it."

jrSmiley_40_smiley_image.gif

 
 
 
Ozzwald
Professor Quiet
1.2  Ozzwald  replied to  evilone @1    one month ago

This won't make MAGA Populists happy.

They don't care.  They'll just claim that the numbers are fabricated.

 
 
 
evilone
Professor Guide
1.2.1  seeder  evilone  replied to  Ozzwald @1.2    one month ago
They'll just claim that the numbers are fabricated.

And call everyone that doesn't cheer them on a communist/socialist/marxist... 

 
 
 
devangelical
Professor Principal
1.2.2  devangelical  replied to  evilone @1.2.1    one month ago

maga probably should fear hammers and sickles ... /s

 
 
 
Ozzwald
Professor Quiet
1.2.3  Ozzwald  replied to  devangelical @1.2.2    one month ago

maga probably should fear hammers and sickles ... /s

They'll be too busy welcoming Putin with arms stretched wide.

 
 
 
Vic Eldred
Professor Principal
1.3  Vic Eldred  replied to  evilone @1    one month ago
This won't make MAGA Populists happy

And how many times during the past 3 years have these reports been revised downward?

 
 
 
evilone
Professor Guide
1.3.1  seeder  evilone  replied to  Vic Eldred @1.3    one month ago
And how many times during the past 3 years have these reports been revised downward?

Revisions happen every time. The last 2 month's reports were revised up. 

 
 
 
Jeremy Retired in NC
Professor Expert
2  Jeremy Retired in NC    one month ago

Give it a day or so and it will be reduced just like all the others have been.

 
 
 
George
Junior Expert
2.1  George  replied to  Jeremy Retired in NC @2    one month ago

I am sure the revision will come out, Nov 6th.

 
 
 
Kavika
Professor Principal
3  Kavika     one month ago

But, but our country is a shithole and it's going down the tubes and only I can save it...DJT, AKA Walking Eagle (so full of shit he can't fly)

 
 
 
evilone
Professor Guide
3.1  seeder  evilone  replied to  Kavika @3    one month ago

Yup. How's he going to spin this one in his next 2am Truth Social post?

 
 
 
Trout Giggles
Professor Principal
3.1.1  Trout Giggles  replied to  evilone @3.1    one month ago

See?

jrSmiley_116_smiley_image.png jrSmiley_116_smiley_image.png jrSmiley_116_smiley_image.png

 
 
 
devangelical
Professor Principal
3.2  devangelical  replied to  Kavika @3    one month ago

crime is out of control, the economy is broken, and there's more illegals than americans in the USA now ... /s

 
 
 
Ozzwald
Professor Quiet
3.2.1  Ozzwald  replied to  devangelical @3.2    one month ago
crime is out of control, the economy is broken, and there's more illegals than americans in the USA now ... /s

Don't forget that the sound windmills make is causing out of control cancer.

 
 
 
devangelical
Professor Principal
3.2.2  devangelical  replied to  Ozzwald @3.2.1    one month ago

... and killing all the birds.

 
 
 
Split Personality
Professor Guide
3.2.3  Split Personality  replied to  devangelical @3.2.2    one month ago

They are eating the birds, and cats and dogs...

 
 
 
Tessylo
Professor Principal
3.2.4  Tessylo  replied to  devangelical @3.2    one month ago
"and there's more illegals than americans in the USA now"

who are all voting for Kamala

 
 
 
JBB
Professor Principal
4  JBB    one month ago

It is Springtime in America and life is a banquet, yet the MAGA choose to eat bone nettle soup...

 
 

Who is online





bugsy
Thomas


444 visitors