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April jobs report: Payrolls rose by 266,000, sharply missing estimates, as unemployment rate increased


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 April jobs report: Payrolls rose by 266,000, sharply missing estimates, as unemployment rate increased

The U.S. economy brought back far fewer jobs than estimated in April and the unemployment rate unexpectedly increased, underscoring the choppiness in the labor market's recovery even as social distancing requirements were eased further in the spring.

The Labor Department released the April jobs report Friday morning at 8:30 a.m. ET. Here were the main results from the report, compared to consensus data compiled by Bloomberg:

    Non-farm payrolls, April: +266,000 vs. +1.000 million expected and a revised +770,000 in March

    Unemployment rate, April: 6.1% vs. 5.8% expected and 6.0% in March

    Average hourly earnings, month-over-month, April: 0.7% vs. 0.0% expected and -0.1% in March

    Average hourly earnings, year-over-year, April: 0.3% vs. -0.4% expected and 4.2% in March

Non-farm payrolls rose for a fourth straight month but at a markedly slower-than-expected clip, despite easing social distancing standards across the country that had been expected to support the recovery. Friday's report came as a sharp disappointment for many economists, who had been expecting a blowout payrolls number with job gains north of 1 million, as more stay-in-place restrictions were eased and mobility picked up.

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Unemployment went up because Biden has no economic policy for working people these days, except for giving away money and letting in anyone who wants to come.

 

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These people won't be returning to work ...

 

05/07/2021 11:40:36
TOTAL ESTIMATED U.S. COVID-19 DEATHS: 571,821

Trump Death Clock

343,093
Estimated U.S. COVID-19 Deaths Due To POTUS Inaction
In January 2020, the Trump administration was advised that immediate action was required to stop the spread of COVID-19. According to NIAID Director Dr. Anthony Fauci, “there was a lot of pushback” to this advice. President Trump declined to act until March 16th. Experts estimate that, had mitigation measures been implemented one week earlier, 60% of American COVID-19 deaths would have been avoided. (For further reading, click here).
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23 hours ago, Bogie56 said:

These people won't be returning to work ...

 

05/07/2021 11:40:36
TOTAL ESTIMATED U.S. COVID-19 DEATHS: 571,821

Trump Death Clock

343,093
Estimated U.S. COVID-19 Deaths Due To POTUS Inaction
In January 2020, the Trump administration was advised that immediate action was required to stop the spread of COVID-19. According to NIAID Director Dr. Anthony Fauci, “there was a lot of pushback” to this advice. President Trump declined to act until March 16th. Experts estimate that, had mitigation measures been implemented one week earlier, 60% of American COVID-19 deaths would have been avoided. (For further reading, click here).

In the first place, I think that Trump death clock is much higher than that. It was more than a delay in mitigation. It was the fact that he politicized the mitigation methods until he left office.

But, yep, that which you subsidize you get more of. And if you pay people well to not work they will do just that. 

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32 minutes ago, LsDoorMat said:

In the first place, I think that Trump death clock is much higher than that. It was more than a delay in mitigation. It was the fact that he politicized the mitigation methods until he left office.

But, yep, that which you subsidize you get more of. And if you pay people well to not work they will do just that. 

Job hesitancy.  Why rush back to work in the service industry which was hit hardest by the pandemic when it is still not safe to do so!  And stupid rabid Republicans and people like Tucker Carlson are only prolonging the return to normalcy by vilifying vaccines.

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I keep hearing and seeing stories of many businesses hanging out the "Now Hiring" signs, but nobody's rushing for the jobs.    And old lady McConnell is blaming unemployment insurance,  under the misguided belief that it will satisfactorily replace an actual living wage(which is something him and his rightist cohorts militantly oppose).  I mean, if he ever had to WORK for a living these days, he wouldn't know HOW to live!

Sepiatone

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1 hour ago, LsDoorMat said:

But, yep, that which you subsidize you get more of. And if you pay people well to not work they will do just that. 

Of course there isn't only ONE reason for the poor jobs report,  one just needs to look at things in a less binary manner.  

There is solid data that shows that there are minimum-wage \ low-wage unemployed that continue to receive more in government aid than they would if they went back to work.  If one factors in the cost of child care (since most of those jobs can not be done remotely),  and the fact schools may not be reopened,    it only makes logical sense for many of these individuals to not seek employment until conditions change.   

But again,  that is just one reason.    Some jobs should have been paid at a higher wages before the pandemic and other jobs are still too Covid riskily due to lack of diligence by the employer.      The good news is the as conditions change for the good,    employment will pick back up (I believe rather quickly),  and wages will increase (as they have been doing),  to a more "reasonable" level for those in the lower tier of the economy.   Yea,  that will cost me more for goods and  services,  but I'm fine with that.    (just don't tell me I don't pay my fair share in taxes here in CA!!!! (ha ha).

 

 

 

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I would call anyone who stays home because they can make more from UE than working

fiscally intelligent. 

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The Business Class Has Been Fearmongering About Worker Shortages for Centuries

Our so-called staffing crisis hearkens back to the colonial era.

".........In reality, though, this should be understood as the latest iteration of a question that’s plagued the owning class for centuries: How can they get everyone to do awful jobs for them for awful pay?

Employers’ anxiety about this can be measured by the fact that these stories have erupted when there currently is no shortage of workers. An actual shortage would result in wages rising at the bottom of the income distribution to such a degree that there was notable inflation. That’s not happening, at least not now.

Instead, business owners seem to mean that they can’t find people who’ll work for what the owners want to pay them. This is a “shortage” in the same sense that there is a shortage of new Lamborghinis available for $1,000. ............

Today, with the additional unemployment benefits from the recent Covid-19 relief bill, business owners are living their greatest nightmare: workers with genuine leverage over their wages and working conditions. The owner of a Florida seafood restaurant recently explained this straightforwardly: “You need to have incentives to get people to work, not to stay home. You’ve got the hard workers who want to have a job, but the others need that motivation.”

In theory, there are many possible such incentives: better pay, better working conditions, even a slice of ownership of the company.

But the owning class hasn’t been interested in those incentives at any point in the last few centuries. There’s only one incentive that makes sense to them: You work or you starve."

https://theintercept.com/2021/05/07/worker-shortage-slavery-capitalism/?utm_campaign=theintercept&utm_source=facebook&utm_medium=social&fbclid=IwAR0mAEPYZI8YteAFyIG20lY0xWykMANY0QBR6yfrx0csyhdfPWwF-oSuh-M

-_-

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1 hour ago, mr6666 said:

The Business Class Has Been Fearmongering About Worker Shortages for Centuries

Our so-called staffing crisis hearkens back to the colonial era.

".........In reality, though, this should be understood as the latest iteration of a question that’s plagued the owning class for centuries: How can they get everyone to do awful jobs for them for awful pay?

Employers’ anxiety about this can be measured by the fact that these stories have erupted when there currently is no shortage of workers. An actual shortage would result in wages rising at the bottom of the income distribution to such a degree that there was notable inflation. That’s not happening, at least not now.

Instead, business owners seem to mean that they can’t find people who’ll work for what the owners want to pay them. This is a “shortage” in the same sense that there is a shortage of new Lamborghinis available for $1,000. ............

Today, with the additional unemployment benefits from the recent Covid-19 relief bill, business owners are living their greatest nightmare: workers with genuine leverage over their wages and working conditions. The owner of a Florida seafood restaurant recently explained this straightforwardly: “You need to have incentives to get people to work, not to stay home. You’ve got the hard workers who want to have a job, but the others need that motivation.”

In theory, there are many possible such incentives: better pay, better working conditions, even a slice of ownership of the company.

But the owning class hasn’t been interested in those incentives at any point in the last few centuries. There’s only one incentive that makes sense to them: You work or you starve."

https://theintercept.com/2021/05/07/worker-shortage-slavery-capitalism/?utm_campaign=theintercept&utm_source=facebook&utm_medium=social&fbclid=IwAR0mAEPYZI8YteAFyIG20lY0xWykMANY0QBR6yfrx0csyhdfPWwF-oSuh-M

-_-

If what is mentioned here is true,  then the better idea for the Biden admin would have been to try to pass legislation that  raised the minimum wage and cutoff and \ or severely reduced, many of the benefits to the unemployed.     Of course most GOPers in Congress would have rejected this idea.        Oh, well,   let the stalemate continue!    

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17 hours ago, jamesjazzguitar said:

If what is mentioned here is true,  then the better idea for the Biden admin would have been to try to pass legislation that  raised the minimum wage and cutoff and \ or severely reduced, many of the benefits to the unemployed.     Of course most GOPers in Congress would have rejected this idea.        Oh, well,   let the stalemate continue!    

I don't know about Cali, but in Mich. unemployment compensation only lasts for 26 weeks.  I'm betting most jobs last much longer than that.  Of curse, these days they might just last until the next Covid shutdown.

Sepiatone

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1 hour ago, Sepiatone said:

I don't know about Cali, but in Mich. unemployment compensation only lasts for 26 weeks.  I'm betting most jobs last much longer than that.  Of curse, these days they might just last until the next Covid shutdown.

Sepiatone

I think in most places 26 weeks is the norm.  However, due to the pandemic, this has been extended more than that one or more times.

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