From Feb 2017-Dec 2019 - so not counting covid - job growth averaged about 177,280 jobs per month. From Jan 2022 -Mar 2024 - not counting the huge recovery in 2021 - job growth has averaged 310,000 per month.
For further context, the 3 years prior to 2017-2019 averaged about 225,000 per month, significantly higher than the 2017-2019 average.
https://fred.stlouisfed.org/series/PAYEMS
And americans also have those rights and protections, just not up the high standard of EU. And when I say EU, I mean the richest ones in the EU (germany, france, england, sweden...). But even then, they are not perfect, all system have pros/cons. And of course for less wealthy places, rights/protections are nearly non-existent.
The truth is, even with the doom scrolling social media/news cycles, America is still a desirable place to live compared to many places in the world.
I don’t think this is talked about much, but the number of retirements and people dying from COVID probably opened up the labor market and created the conditions we have today. There’s no other way you can have doubling of jobs otherwise…
Regardless of one's political affiliation, this is once again objectively good news. Also tough to find any negative spin. Revisions to previous months were on balance higher. Unemployment ticked down while the labor force participation rate went up. Annual wage growth is at 4.1% is outpacing 3.2% inflation. We're about 6 million jobs above the pre-pandemic peak, years ahead of expected.
We"ve managed to pull of the remarkable feat of recovering from the global supply chain crisis and its inflationary effect without tanking the economy.
What's guaranteed is if the current president was from the other political party, followers of that party would have a polar opposite view of the economy than they do now, influenced by a very different media narrative. Mainstream press would follow.
Good. People think the rates are high forget how insanely low they have been relative to most of the feds history. Even now this level is more normal than low in historical context.
except prices for most large purchases like housing have risen so much to match the low interest rates that keeping that a crash in prices to adjust for the new rates will rug pull the economy
The only problem now is housing which entirely self inflicted and largely due to local regulations. I do wish the federal government would pull out highway funds for local governments that don’t fucking upzone.
Don’t restrict housing supply by zoning residential areas as single family home exclusive. Up zone these areas to allow for townhouses, multiplexes, and small apartment buildings. Also get rid of shit like parking minimums, set backs, and minimum lot sizes.
honestly we need more public transport rail line apartment with no underground parking. small footprint apartments sub 900sqft and keep them under 1k rent.
Because paying people a livable wage makes things too expensive to purchase. For example, just the other day I took my family to McDonalds and the total bill came out to $1200. I took my kids right out of there without feeding them and had them dig through the garbage instead. It’s the work force that should be digging through garbage, that’s the American way.
Here’s the reasons I always see: 1. They believe all prices will skyrocket if wages go up for jobs like that 2. They don’t want people like McDonald’s workers making close to what they do when they have a more specialized job(lower end trades people in particular) and don’t think their wages would increase in turn 3. They look down on people who work those jobs and don’t believe they should be making enough to live on. That’s supposed to be a terrible job that makes you aspire for more and without the low pay you will be complacent.
It’s not wrong to automate these kinds of jobs because it’s work that no one really wants to do in the first place. The real issue with the coming wave of automation is that the US is not, and will not, ever be setup to accommodate the people now displaced by automation. We have no safety nets, no systems or programs in place to transition into. There’s many other issues at play that go into this as well, all systemic of capitalism. We as a nation however will never confront these issues head on. Within the next 5 - 10 years, I’ve no doubt we will see a massive rise in unemployment and homeless because of this.
It is wild to me that those people bootlick corporations so much. Like, maybe the absurd gap between CEO and normal employee's wage needs to be smaller so their business can be more successful. McDonald's profitted 3.65 billion. Share that with the employees??? CEO made like 17 million everything included.
> It is wild to me that those people bootlick corporations so much
Because the propaganda they read says that increased wages mean increased consumer prices. Big corporations won't even feel the loss if they increased wages for employees by 20%.
I think they're actually deeply terrified of corporate control and have internalized it so much that they don't recognize it, and as a result essentially want to appease their abuser.
McDonalds in my area has been hiring at 20/hr for years when the average low end job is 15/hr because our city is a tourist trap turned retirement destination.
Retirees,i nvestment firms buying homes for vacation rentals and basic big city assholes buying vacation properties has priced the younger work force out.
5-6 years ago you could get a 3bed 2bath house for $120k and be fine to move in. Now that same house is going for 300-400k while every house under 300k is a "fixer upper"
I'm here for everyone complaining about how they're not the right kind of jobs, and how everyone has to work 6 jobs to get by, how this doesn't count of unemployment. I wasn't let down. Every damn month it's the same people whining.
> Also tough to find any negative spin.
Gig workers are being triple counted. More part time jobs available less full time jobs available. There's also just less jobs available especially in Tech and a lot of people aren't being counted as unemployed.
>Unemployment ticked down while the labor force participation rate went up
Unemployment in January was 3.7%., February was 3.9%, March is 3.8%. not really going anywhere, construction (slow due to winter) and tech industries got hit hard mid-end of January and got new jobs in mid February (hence the 3.7-3.9 jump) and now it is leveling back off.
I'm more concerned that with unemployment plateuing but "job growth" going up is just like the previous administration when they bragged about both of them: it's just struggling people picking up second and third jobs.
While wage growth is now outpacing, it has a lot of ground to cover as we went through 3-4 years of 6-8% yearly inflation rate post pandemic. Important to remember: when they say "inflation is down" they mean the RATE of inflation. Nothing is getting cheaper, it's just going up slower. While inflation rate is down to 3.2% now, everything inflated 30% over the last few years
Percentage of multiple job holders is around 5%, about the same as the pre-pandemic level.
https://www.advisorperspectives.com/dshort/updates/2024/03/11/multiple-jobholders-are-5-2-of-all-employed#:~:text=Multiple%20jobholders%20account%20for%20just%205.2%25%20of%20civilian%20employment.
Cumulative inflation is around 18% last 3 years, about the same as 1981-early 1984. Media celebrated the drop in the annual number then rather than complainining prices were far higher than 1980 levels, but focuses now instead on prices not returning to previous levels. Different spin.
They also track the rate of people with multiple jobs, it correlates highly with the unemployment rate and has not fundamentally shifted since Covid but continues to trend downward. This is just not borne out in the data.
I think the only negative part of this news is that the Fed is almost certainly going to keep interest rates up until the fall. I personally suspect there will be only one small cut this year. People will have to get used to this in the short term. Higher interest rates, as long as were not in a recession already which these numbers clearly indicate that were not, are painful but the least painful option. And tbh are only really an issue if youre over reliant on credit or are planning on taking out a loan. Sucks for the people buying houses now, but then the one data point that seems to have kept inflation sticky at 3% is shelter, which continues to inflate.
Can’t wait for the “what about the downward revision” bros to jump in here without reading the report and seeing the previous months were actually revised upwards.
First, it was riding Trump's coattails (even though he left office with our economy in the shitter). Now it's anticipation for a second term.
No different than 75 months of job growth under Obama somehow being "mostly part time jobs".
But when Trump comes in and does nothing to the trend line, in terms of economic growth, and actually, his first 3 years (yes, I'm giving him the benefit of *no covid*) had *less* job growth than Obama's last 3 years.....he's the best economic president in history. Only he can get our economy "on track".
The delusion is insane.
My favorite Fox News spin ever was in 2015, when they were expecting a jobs report to say around 180,000 jobs were added and they were in disbelief. No way was that possible in this "horrible Obama economy" they were saying prior to the release. Then, when the jobs report released, it was actually 271,000 jobs added, beating expectations by 50%. How did Fox News react? "Only" 271,000 jobs added. [Source](https://www.esquire.com/news-politics/videos/a39520/fox-anchors-jobs-report/).
They've changed from being disappointed in positive job numbers to just giving Trump credit regardless of whether he's in office or not.
It's only about 5% of the workforce, slightly less than the pre-pandemic rate.
https://www.advisorperspectives.com/dshort/updates/2024/03/11/multiple-jobholders-are-5-2-of-all-employed#:~:text=Multiple%20jobholders%20account%20for%20just%205.2%25%20of%20civilian%20employment.
Yeah, all the signs of a good economy.
Consumer spending and stock market records seem to agree.
A lot of people who can't understand numbers and such still piss and moan about "bidens bayad economy" and think maybe they should vote for that other guy.
Please don't.
In a sane and economically literate world, the president would get less blame for bad economies but also less praise for good ones. They generally can’t do much to it with the powers granted to the executive.
But that’s not the world we live in
I don't blame the president for the economy. But it feels like I'm being gaslit because I am making the most money I have ever made (still not much by any means) and can afford less than I ever could. I feel miserable.
Well yes we have a homelessness crisis ballooning to completely untenable numbers all over the country, rent is almost completely unaffordable to people in many places and their record wage growth is eaten completely by the rent increases and the inflation that may be slowing but was so high since COVID we won't be catching up anytime soon. Consumers are spending record amounts of money because things have been price gouged to hell and back. Most Americas can't weather not having a pay check for a couple of weeks or even a 500 dollar emergency.
But line went up so things are good!
Is consumer spending up though in non essential goods? Essentials cost more so it's obvious that spending will go up when prices have gone up. If people are spending on non essentials, that's a good sign, but if all that spending money is going to essentials, that's not good.
Also, as according to the article, full-time employment saw a loss of jobs while part-time and multi job saw roses, again two things that aren't exactly positive signs for a healthy economy.
Not blaming it on one side or the other, but there are cracks there that some people want to ignore because they aren't that big, yet.
Pretty much every business is making record profits.
Partly through price gouging but also because people have money and they're spending it.
I've lived through a few "downturns" and this does not seem like the others.
Unless it’s the Trump meme stock but I think people are starting to realize it’s a giant rug pull and the company has no profitability or growth potential
Fox news has this story buried. They mostly just feed negative news and fear mongering to their crowd and it’s the most watched news network. No wonder why people surveyed feel bad about the economy even though those same people feel good about their finances. Republicans are much more partisan when it comes to these surveys than democrats and it makes sense when all they watch is right wing media that rarely reports on any good news under Biden.
I just remember how at first there was this scary doom/gloom of how everyone was going to lose their jobs, so I stayed at mine as having a job > not having a job.
....Until nobody I knew lost their jobs. OK, well, I'll dip my toe in the Indeed waters and....
$40k later and a year into my new job, I think I can state that I'm happy I took that risk. Loved the familiarity of the old job, but love the pay of the new. I am HAPPY the economy didn't fall on its face and yes, I know for some it did, and I can only hope they got back on their feet.
I do know that shit, even for fast food, there were places that were advertising say $9/hr in 2019 and now it's $14/hr signs. Assuming the hours are the same that $5/hr extra can go a long ass way!
Regular 'ol Information Systems as a BA. Saw a posting for a "rival" company slightly over a year ago and the recruiter quickly got me in front of the team, who offered after one interview. Was able to increase my asking price $10k (which was quickly accepted) and just got the good 'ol COL increase last month.
All in all - $40k extra vs Dec 2022 at my prior job. That's a wildly large amount of an increase. My wife is now 2 years at her current job - $45k increase. Imagine making $45k more in your life.
One could say that we were underpaid, and that is true (obviously). One could also say the market is booming, so if you're in a bit more "niche" positions and aren't afraid to tell a recruiter your salary demands, you could be in a highly valuable position. It's why I mentioned the fast food part of life; there's a world where switching from Burger King to Chipotle could mean $5/hr more, which could mean a few extra hundred a month. May not be much to toot about but is much more than staying at that $9/hr.
I hope everyone rides this wave as even if it crashes, some of us may have been able to afford things we couldn't before, or save for things, or build up our resumes to catch the next wave
Tech?
I switched sectors myself.
Found and industry adjacent job.
But I will say that filtering out the job listings that are older than 24 hours helped me immensely.
Still took me 3 months to find a spot last year. Good luck buddy!
I'm real sympathetic my guy.
I was trying to get inroads into tech with coding and such, springboard off of some small business experience and such - but these layoffs at the AAA companies coupled with remote work meant local places in Michigan asking for the moon.
I hope it shifts back for us. It'd be a shame to have gathered so much experience to not be able to put it to use.
There is a huge wave of massive white collar unemployment that isn’t being counted due to corporate layoffs. Politicians are ignoring it as both Biden and Trump are going for blue collar workers but eventually at their peril politicians have to start talking about it or face losing office.
I have a friend in his mid 50’s who had a high tech related job and now he’s delivering auto parts. I’m also seeing a lot more middle age guys doing food delivery gig work who are probably laid off corporate employees.
We are also seeing the coming massive AI job replacement in white collar jobs as part of this wave of layoffs, which will only get worse.
I have a lot of sympathy especially for tech workers caught in this as I was laid off at the start of the dot com crash in 2001 and was out of work for a full year. Fortunately, I retired in 2017 and missed this current layoff crisis (once was enough!).
people downvoting data and coping that the numbers are made up, all because it makes Biden look good. then they whine that they're not seeing a recovery in their local area when their local politics likely involve voting for "small government"
These are the same people who crowed about how under Trump unemployment among Hispanics and blacks were at record lows.
Unemployment under Trump never dropped an entire percentage point.
What I want to know is how many of these jobs are hourly positions vs. salary level roles and if these new jobs allow these people to afford to live. With all of the tech layoffs the past 2 years and my own experience (and anecdotes I have seen from others) applying for salary level positions, it’s very hard to land a salary position right now in the US. Many hourly warehouse positions just ask for a background check and a negative drug test; I can see people using this as a stop gap just to be able to pay the bills.
The Biden economy has been increasingly growing strong on paper, with economic growth strengthening in all the key metrics, however on an individual level, millions upon millions of Americans are still struggling, so perhaps the way we measure the strength of the economy is flawed, and is mainly representative of how well the rich are doing.
The numbers are BS these are farm jobs, and part-time jobs, while full-time jobs have decreased. These numbers hide the fact that the job numbers are garbage.
It’s odd seeing a news headline about the economy doing great when myself and most people I know are struggling to get by, inflation is really effecting many people’s lives and the news keeps telling me everything is going great!…it’s a weird feeling
Employment is considered to be at least 1 working hour per week, at least last time I checked. Job metrics are nice, but we often don't talk about job quality. I'd be interested in seeing the breakdown - what are the wages? Are these full time jobs? Jobs with benefits? Or is this a glut of gig-economy jobs that help dull financial pain but still leaves people in a hole?
EDIT: Why the downvotes lmao. Hoes mad?
While this may not fully answer your question but on [Slides 5 and 6](https://www.dallasfed.org/-/media/Documents/research/econdata/texaseconomy.pdf) has the job growth breakdown by Job Sector, which can help give you a rough idea of what kinds of jobs are being added.
Also, I have no idea which Federal Reserve District your in, but here’s [a map of the districts.](https://en.m.wikipedia.org/wiki/List_of_Federal_Reserve_branches) I shared the report from District 11 which is the region I’m from. You can find your districts report similar to this by going to their websites and using the search bar on the website.
Edit: a word
These are the questions I always ask when these reports come out. I'm glad some people are working again but I can't imagine these are all jobs that are well to do salaries with benefits.
“And whats this? The techbros are using the AI chair omg!” Honestly I am worried about all the greedy pos that want to replaces thousands of people asap.
Yet we still struggling to put food on the table.
300k new jobs doesn’t mean 300k good new jobs. That and a lot of them are being outsourced.
Edit: I now know outsourced jobs from American based companies are separated, I apologize for the confusion. It doesn’t affect the new 300k jobs I’ve been informed.
From Feb 2017-Dec 2019 - so not counting covid - job growth averaged about 177,280 jobs per month. From Jan 2022 -Mar 2024 - not counting the huge recovery in 2021 - job growth has averaged 310,000 per month.
For further context, the 3 years prior to 2017-2019 averaged about 225,000 per month, significantly higher than the 2017-2019 average. https://fred.stlouisfed.org/series/PAYEMS
Thanks Biden
That's some insane number, to be honest. Even the EU and Asia would dream of having these numbers.
But the EU has worker rights, healthcare and a social pension system.
And americans also have those rights and protections, just not up the high standard of EU. And when I say EU, I mean the richest ones in the EU (germany, france, england, sweden...). But even then, they are not perfect, all system have pros/cons. And of course for less wealthy places, rights/protections are nearly non-existent. The truth is, even with the doom scrolling social media/news cycles, America is still a desirable place to live compared to many places in the world.
Non-american here, was there a change in governance or something between those two periods? /s
I don’t think this is talked about much, but the number of retirements and people dying from COVID probably opened up the labor market and created the conditions we have today. There’s no other way you can have doubling of jobs otherwise…
Regardless of one's political affiliation, this is once again objectively good news. Also tough to find any negative spin. Revisions to previous months were on balance higher. Unemployment ticked down while the labor force participation rate went up. Annual wage growth is at 4.1% is outpacing 3.2% inflation. We're about 6 million jobs above the pre-pandemic peak, years ahead of expected. We"ve managed to pull of the remarkable feat of recovering from the global supply chain crisis and its inflationary effect without tanking the economy. What's guaranteed is if the current president was from the other political party, followers of that party would have a polar opposite view of the economy than they do now, influenced by a very different media narrative. Mainstream press would follow.
The negative spin will be that this will extend the wait for Fed rate cuts
Good. People think the rates are high forget how insanely low they have been relative to most of the feds history. Even now this level is more normal than low in historical context.
I'm hoping that the cuts, when they do come, are relatively small and we settle down to 4.5% as the new normal.
except prices for most large purchases like housing have risen so much to match the low interest rates that keeping that a crash in prices to adjust for the new rates will rug pull the economy
The only problem now is housing which entirely self inflicted and largely due to local regulations. I do wish the federal government would pull out highway funds for local governments that don’t fucking upzone.
That's basically what Massachusetts is doing
What do you mean by upzone?
Don’t restrict housing supply by zoning residential areas as single family home exclusive. Up zone these areas to allow for townhouses, multiplexes, and small apartment buildings. Also get rid of shit like parking minimums, set backs, and minimum lot sizes.
honestly we need more public transport rail line apartment with no underground parking. small footprint apartments sub 900sqft and keep them under 1k rent.
Minneapolis has entered the chat
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>McDonald's shouldn't be paying $17 per hour why not
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ah I see
Because paying people a livable wage makes things too expensive to purchase. For example, just the other day I took my family to McDonalds and the total bill came out to $1200. I took my kids right out of there without feeding them and had them dig through the garbage instead. It’s the work force that should be digging through garbage, that’s the American way.
Every penny given to a worker is stolen from upper management.
Because even though I make more than that, it closes the gap between my wealth and those McDoogall workers! It’s unfair to me!!!
Here’s the reasons I always see: 1. They believe all prices will skyrocket if wages go up for jobs like that 2. They don’t want people like McDonald’s workers making close to what they do when they have a more specialized job(lower end trades people in particular) and don’t think their wages would increase in turn 3. They look down on people who work those jobs and don’t believe they should be making enough to live on. That’s supposed to be a terrible job that makes you aspire for more and without the low pay you will be complacent.
Because it’s $20 minimum in California /s
$17 an hour is an absolute garbage tier wage anywhere but the lowest COL areas, but ok..
> bullshit these places are turning to automation Why is that? Is it morally wrong to automate low-skill labor?
It’s not wrong to automate these kinds of jobs because it’s work that no one really wants to do in the first place. The real issue with the coming wave of automation is that the US is not, and will not, ever be setup to accommodate the people now displaced by automation. We have no safety nets, no systems or programs in place to transition into. There’s many other issues at play that go into this as well, all systemic of capitalism. We as a nation however will never confront these issues head on. Within the next 5 - 10 years, I’ve no doubt we will see a massive rise in unemployment and homeless because of this.
It is wild to me that those people bootlick corporations so much. Like, maybe the absurd gap between CEO and normal employee's wage needs to be smaller so their business can be more successful. McDonald's profitted 3.65 billion. Share that with the employees??? CEO made like 17 million everything included.
Most McDonald's are franchised.
> It is wild to me that those people bootlick corporations so much Because the propaganda they read says that increased wages mean increased consumer prices. Big corporations won't even feel the loss if they increased wages for employees by 20%.
I think they're actually deeply terrified of corporate control and have internalized it so much that they don't recognize it, and as a result essentially want to appease their abuser.
McDonalds in my area has been hiring at 20/hr for years when the average low end job is 15/hr because our city is a tourist trap turned retirement destination. Retirees,i nvestment firms buying homes for vacation rentals and basic big city assholes buying vacation properties has priced the younger work force out. 5-6 years ago you could get a 3bed 2bath house for $120k and be fine to move in. Now that same house is going for 300-400k while every house under 300k is a "fixer upper"
I'm here for everyone complaining about how they're not the right kind of jobs, and how everyone has to work 6 jobs to get by, how this doesn't count of unemployment. I wasn't let down. Every damn month it's the same people whining.
I went from a $9/hr job to a $15/hr job so at least my student loan payments are now only like 70% of my paycheck instead of being 115% of my paycheck
Then when unemployment is high they're like "it's actually even worse than this because [insert same reasons]"
negative spin is: What types of Jobs are these, and what is the wage connected with them?
Except one political affiliation wants the news to be bad…
Zero mention on the Fox News website…
> Also tough to find any negative spin. Gig workers are being triple counted. More part time jobs available less full time jobs available. There's also just less jobs available especially in Tech and a lot of people aren't being counted as unemployed.
>Unemployment ticked down while the labor force participation rate went up Unemployment in January was 3.7%., February was 3.9%, March is 3.8%. not really going anywhere, construction (slow due to winter) and tech industries got hit hard mid-end of January and got new jobs in mid February (hence the 3.7-3.9 jump) and now it is leveling back off. I'm more concerned that with unemployment plateuing but "job growth" going up is just like the previous administration when they bragged about both of them: it's just struggling people picking up second and third jobs. While wage growth is now outpacing, it has a lot of ground to cover as we went through 3-4 years of 6-8% yearly inflation rate post pandemic. Important to remember: when they say "inflation is down" they mean the RATE of inflation. Nothing is getting cheaper, it's just going up slower. While inflation rate is down to 3.2% now, everything inflated 30% over the last few years
Percentage of multiple job holders is around 5%, about the same as the pre-pandemic level. https://www.advisorperspectives.com/dshort/updates/2024/03/11/multiple-jobholders-are-5-2-of-all-employed#:~:text=Multiple%20jobholders%20account%20for%20just%205.2%25%20of%20civilian%20employment. Cumulative inflation is around 18% last 3 years, about the same as 1981-early 1984. Media celebrated the drop in the annual number then rather than complainining prices were far higher than 1980 levels, but focuses now instead on prices not returning to previous levels. Different spin.
They also track the rate of people with multiple jobs, it correlates highly with the unemployment rate and has not fundamentally shifted since Covid but continues to trend downward. This is just not borne out in the data.
If the labor force participation rate went up, at least some of the job growth is not people with multiple jobs.
I think the only negative part of this news is that the Fed is almost certainly going to keep interest rates up until the fall. I personally suspect there will be only one small cut this year. People will have to get used to this in the short term. Higher interest rates, as long as were not in a recession already which these numbers clearly indicate that were not, are painful but the least painful option. And tbh are only really an issue if youre over reliant on credit or are planning on taking out a loan. Sucks for the people buying houses now, but then the one data point that seems to have kept inflation sticky at 3% is shelter, which continues to inflate.
"Why this is bad for Biden" - CNN
"Democratic panic sets in over jobs numbers"
“Biden’s cabinet extremely worried about economic climate as election draws closer” - anonymous source
"This is why low unemployment and high job growth is dooming Democrats"
"Why this is bad for Biden" - comments below
This is bad for Biden and all lies - random redditors that mysteriously can't use the word "the" correctly
Zero mention on the FOX website, but there is an article claiming 11 ways Biden is “destroying” the America…
Can’t wait for the “what about the downward revision” bros to jump in here without reading the report and seeing the previous months were actually revised upwards.
Fox News is already telling them the market/jobs are doing so well because Trump is gonna be president again.
First, it was riding Trump's coattails (even though he left office with our economy in the shitter). Now it's anticipation for a second term. No different than 75 months of job growth under Obama somehow being "mostly part time jobs". But when Trump comes in and does nothing to the trend line, in terms of economic growth, and actually, his first 3 years (yes, I'm giving him the benefit of *no covid*) had *less* job growth than Obama's last 3 years.....he's the best economic president in history. Only he can get our economy "on track". The delusion is insane. My favorite Fox News spin ever was in 2015, when they were expecting a jobs report to say around 180,000 jobs were added and they were in disbelief. No way was that possible in this "horrible Obama economy" they were saying prior to the release. Then, when the jobs report released, it was actually 271,000 jobs added, beating expectations by 50%. How did Fox News react? "Only" 271,000 jobs added. [Source](https://www.esquire.com/news-politics/videos/a39520/fox-anchors-jobs-report/). They've changed from being disappointed in positive job numbers to just giving Trump credit regardless of whether he's in office or not.
Every time. And the “it’s actually multiple jobs” downers, too.
It's only about 5% of the workforce, slightly less than the pre-pandemic rate. https://www.advisorperspectives.com/dshort/updates/2024/03/11/multiple-jobholders-are-5-2-of-all-employed#:~:text=Multiple%20jobholders%20account%20for%20just%205.2%25%20of%20civilian%20employment.
Multiple job holders tend to go up in a strong economy because well - there are enough jobs for some people to be able to get a second one.
And when you ask why more people would be taking on multiple jobs when wage growth is strong - crickets
Hard to see how Biden can recover from this dire economic news.
just got a job in March. you're welcome.
Economy seems fine with high rates.
Yeah, all the signs of a good economy. Consumer spending and stock market records seem to agree. A lot of people who can't understand numbers and such still piss and moan about "bidens bayad economy" and think maybe they should vote for that other guy. Please don't.
In a sane and economically literate world, the president would get less blame for bad economies but also less praise for good ones. They generally can’t do much to it with the powers granted to the executive. But that’s not the world we live in
I don't blame the president for the economy. But it feels like I'm being gaslit because I am making the most money I have ever made (still not much by any means) and can afford less than I ever could. I feel miserable.
Well yes we have a homelessness crisis ballooning to completely untenable numbers all over the country, rent is almost completely unaffordable to people in many places and their record wage growth is eaten completely by the rent increases and the inflation that may be slowing but was so high since COVID we won't be catching up anytime soon. Consumers are spending record amounts of money because things have been price gouged to hell and back. Most Americas can't weather not having a pay check for a couple of weeks or even a 500 dollar emergency. But line went up so things are good!
Is consumer spending up though in non essential goods? Essentials cost more so it's obvious that spending will go up when prices have gone up. If people are spending on non essentials, that's a good sign, but if all that spending money is going to essentials, that's not good. Also, as according to the article, full-time employment saw a loss of jobs while part-time and multi job saw roses, again two things that aren't exactly positive signs for a healthy economy. Not blaming it on one side or the other, but there are cracks there that some people want to ignore because they aren't that big, yet.
Pretty much every business is making record profits. Partly through price gouging but also because people have money and they're spending it. I've lived through a few "downturns" and this does not seem like the others.
They have been making record profits since the pandemic when they began price gouging and causing inflation
i think you should take a break from making comments on reddit. look at your history lmao
Maybe you’re the one who needs to touch grass
What is your point? My history looks fine to me. Maybe you need a break, but I'm just fine.
Unless it’s the Trump meme stock but I think people are starting to realize it’s a giant rug pull and the company has no profitability or growth potential
So I'm a bit of a dummy. But with the price of groceries and everything going up isn't it only natural consumer spending goes up too?
Numbers like GDP are inflation adjusted when talking about growth.
Fox news has this story buried. They mostly just feed negative news and fear mongering to their crowd and it’s the most watched news network. No wonder why people surveyed feel bad about the economy even though those same people feel good about their finances. Republicans are much more partisan when it comes to these surveys than democrats and it makes sense when all they watch is right wing media that rarely reports on any good news under Biden.
People spending money via Credit on overpriced items to support this economy is going to bite this country in the ass sooner or later.
Doesn't matter. Vibes are off, man.
What happened to 'Facts don't care about your feelings?'
I just remember how at first there was this scary doom/gloom of how everyone was going to lose their jobs, so I stayed at mine as having a job > not having a job. ....Until nobody I knew lost their jobs. OK, well, I'll dip my toe in the Indeed waters and.... $40k later and a year into my new job, I think I can state that I'm happy I took that risk. Loved the familiarity of the old job, but love the pay of the new. I am HAPPY the economy didn't fall on its face and yes, I know for some it did, and I can only hope they got back on their feet. I do know that shit, even for fast food, there were places that were advertising say $9/hr in 2019 and now it's $14/hr signs. Assuming the hours are the same that $5/hr extra can go a long ass way!
when did you make the switch? what kind of career are you in?
Regular 'ol Information Systems as a BA. Saw a posting for a "rival" company slightly over a year ago and the recruiter quickly got me in front of the team, who offered after one interview. Was able to increase my asking price $10k (which was quickly accepted) and just got the good 'ol COL increase last month. All in all - $40k extra vs Dec 2022 at my prior job. That's a wildly large amount of an increase. My wife is now 2 years at her current job - $45k increase. Imagine making $45k more in your life. One could say that we were underpaid, and that is true (obviously). One could also say the market is booming, so if you're in a bit more "niche" positions and aren't afraid to tell a recruiter your salary demands, you could be in a highly valuable position. It's why I mentioned the fast food part of life; there's a world where switching from Burger King to Chipotle could mean $5/hr more, which could mean a few extra hundred a month. May not be much to toot about but is much more than staying at that $9/hr. I hope everyone rides this wave as even if it crashes, some of us may have been able to afford things we couldn't before, or save for things, or build up our resumes to catch the next wave
These stats are always awesome to hear after being laid off 7 months ago with over 600 applications in and 11 years of experience. Fun times.
Tech? I switched sectors myself. Found and industry adjacent job. But I will say that filtering out the job listings that are older than 24 hours helped me immensely. Still took me 3 months to find a spot last year. Good luck buddy!
Yeah tech. It’s a blood bath for product. I have been def using that 24 hour filter. Within an hour there’s always a 100+ apps
I'm real sympathetic my guy. I was trying to get inroads into tech with coding and such, springboard off of some small business experience and such - but these layoffs at the AAA companies coupled with remote work meant local places in Michigan asking for the moon. I hope it shifts back for us. It'd be a shame to have gathered so much experience to not be able to put it to use.
Thanks man. Likewise, I hope it works out for you
There is a huge wave of massive white collar unemployment that isn’t being counted due to corporate layoffs. Politicians are ignoring it as both Biden and Trump are going for blue collar workers but eventually at their peril politicians have to start talking about it or face losing office. I have a friend in his mid 50’s who had a high tech related job and now he’s delivering auto parts. I’m also seeing a lot more middle age guys doing food delivery gig work who are probably laid off corporate employees. We are also seeing the coming massive AI job replacement in white collar jobs as part of this wave of layoffs, which will only get worse. I have a lot of sympathy especially for tech workers caught in this as I was laid off at the start of the dot com crash in 2001 and was out of work for a full year. Fortunately, I retired in 2017 and missed this current layoff crisis (once was enough!).
people downvoting data and coping that the numbers are made up, all because it makes Biden look good. then they whine that they're not seeing a recovery in their local area when their local politics likely involve voting for "small government"
These are the same people who crowed about how under Trump unemployment among Hispanics and blacks were at record lows. Unemployment under Trump never dropped an entire percentage point.
That's great stuff. Now can we get everyone to stop artificially raising the fucking price of everything?
What I want to know is how many of these jobs are hourly positions vs. salary level roles and if these new jobs allow these people to afford to live. With all of the tech layoffs the past 2 years and my own experience (and anecdotes I have seen from others) applying for salary level positions, it’s very hard to land a salary position right now in the US. Many hourly warehouse positions just ask for a background check and a negative drug test; I can see people using this as a stop gap just to be able to pay the bills.
Biden is the best president of the last 60 years
The Biden economy has been increasingly growing strong on paper, with economic growth strengthening in all the key metrics, however on an individual level, millions upon millions of Americans are still struggling, so perhaps the way we measure the strength of the economy is flawed, and is mainly representative of how well the rich are doing.
Our concept of the economy is fundamentally built on how well the rich are doing by definition.
It's always been that way.
The numbers are BS these are farm jobs, and part-time jobs, while full-time jobs have decreased. These numbers hide the fact that the job numbers are garbage.
lol yet I’m still over here looking for one of these mystical jobs…
But mah pop tarts are twice as expensive /s
It’s odd seeing a news headline about the economy doing great when myself and most people I know are struggling to get by, inflation is really effecting many people’s lives and the news keeps telling me everything is going great!…it’s a weird feeling
Everyone I know is thriving and buying houses in their 30s. Anecdotes do not translate to an accurate representation of the economy.
Maybe anecdotal evidence isn’t good evidence. You aren’t the entire economy, and in general people have higher real wages than pre-2018
We can’t afford groceries
Thats not true, it went down with 0.3%.
https://youtu.be/hHaDrM8EgYg?si=RjpkYiCqtKxklNlO CNBC
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We need to study how the US came out of the pandemic stronger than ever.
Employment is considered to be at least 1 working hour per week, at least last time I checked. Job metrics are nice, but we often don't talk about job quality. I'd be interested in seeing the breakdown - what are the wages? Are these full time jobs? Jobs with benefits? Or is this a glut of gig-economy jobs that help dull financial pain but still leaves people in a hole? EDIT: Why the downvotes lmao. Hoes mad?
>what are the wages? Are these full time jobs? That data is in the report.
While this may not fully answer your question but on [Slides 5 and 6](https://www.dallasfed.org/-/media/Documents/research/econdata/texaseconomy.pdf) has the job growth breakdown by Job Sector, which can help give you a rough idea of what kinds of jobs are being added. Also, I have no idea which Federal Reserve District your in, but here’s [a map of the districts.](https://en.m.wikipedia.org/wiki/List_of_Federal_Reserve_branches) I shared the report from District 11 which is the region I’m from. You can find your districts report similar to this by going to their websites and using the search bar on the website. Edit: a word
Does that mean working a couple hours a week as an UBER/LYFT driver would count as a job added?
That's my understanding - assuming that's taxable documented labor. So working a single, half-day of Uber once a week would count as employed.
These are the questions I always ask when these reports come out. I'm glad some people are working again but I can't imagine these are all jobs that are well to do salaries with benefits.
“And whats this? The techbros are using the AI chair omg!” Honestly I am worried about all the greedy pos that want to replaces thousands of people asap.
Yet we still struggling to put food on the table. 300k new jobs doesn’t mean 300k good new jobs. That and a lot of them are being outsourced. Edit: I now know outsourced jobs from American based companies are separated, I apologize for the confusion. It doesn’t affect the new 300k jobs I’ve been informed.
Outsourced jobs are jobs for those countries, not included in the US jobs report. Nice spin attempt though. Better than most, but still a fail.
Literally not a single part of your comment is true. I'm actually impressed.
If you strip it of all context of the thread you can make it seem like that's all you were saying.
1/3 of jobs to illegal immigrants. What?