The July jobs report is 'unambiguously positive'

The Labor Department reported Friday that nonfarm payrolls rose by 943,000 in July, as the unemployment rate fell to 5.4 percent, CNBC reports. This was higher than the roughly 845,000 new jobs that had been predicted by economists, who also forecast an unemployment rate of 5.7 percent. It was also the biggest gain in jobs since August 2020, according to CNN.

This is an unambiguously positive report," Moody's Analytics chief economist Mark M. Zandi, said, per The Washington Post. "It's consistent with a booming economy, and economy that's roaring back from the pandemic recession."
https://www.google.com/amp/s/thewee...uly-jobs-report-is-unambiguously-positive?amp

Some notes I found on twitter
Some of the details:

943,000 jobs in July w/ large upward revisions for May & June

0.5pp reduction in unemployment rate w/ a 1.0pp reduction for Black & 0.8pp reduction for Hispanic/Latino

Labor participation rose 0.1pp

Median duration unemployed fell from 19 to 15 weeks

 

That's great news and I'm happy to hear this, we needed it.

So why are we still paying for people's rents and extending the eviction moratorium?

 

This is just the beginning.

Democrats know how to get a country back on track, this is the third time they've done it in the last 30 years.

With growth this strong, all eyes are now on the FED to see if they will raise interest rates to slow inflation.

 

I am currently on vacation in Maine. Acadia National Park is packed, so are the restaurants and hotels near it. Most have "no vacancy" signs. People are spending money like no tomorrow. No sign of covid. Could it be because Maine has a high vaccination rate?

In any case, the economy feels very good right now. All of my graduates from my lab this year, both undergrad and grad, are getting good (some several) job offers, immediately. I know, all anecdotal...

Now, wait for the Trump fans to find something to complain about. Anything... Because in their mind, only the great leader should have been able to "create" a great economy.

 

We had a record trade deficit in June. China is winning thanks to Biden.

 

Black unemployment rose.

 

Unambiguously.

 

When American consumers - including MAGAs - put America first, there will be no more trade deficit.

 

It's called the pandemic is ending.

You're welcome.

 

good job Biden, thank you

 

same reason we were under Trump, to keep the economy afloat

 

While I didn't agree with it when Trump did it, there is a huge difference in what was happening in 2020 to what is happening now. No reason the people need tax payers covering their rent. Go back to work people.

 

I would agree, but sadly I think we passed the point of no return, were just printing money now until we crash like Russia did

society can not survive with excessive foreign outsourcing, and imports, and it's only got worse since Covid, and with AI coming, not gonna get better

 

Black and Hispanic unemployment dropped to 8.2% and 6.6% respectively
https://www.google.com/amp/s/www.cn...is-higher-for-black-and-hispanic-workers.html

 

Well, what do you expect. Honesty, credibility? From that source?

 

wonder how pissed dems r gonna be when delta shutdowns kill their recovery ...recovery from shutdowns, of course

 

I doubt we’ll see shutdowns again, not with a vaccine available

 

Trump issues the last shutdown guidelines, don't think Biden will be doing the same

 

Link please.

 

So the hoax is ending, eh?

 

Why do you lie about things so easily proven to be a lie

 

Notice now the far right partisans cannot even admit this was a good thing. Instead we they tell lies about trade deficits and UE rates.

What a sad way to live

 

What strikes me in this chart is the consistency of the deficit with China during the Trump years.

The tariffs have had no impact.

Billions of dollars in compensation paid for nothing by taxpayers to farmers, not to mention the fact that they themselves paid the tariffs put in place by Trump.

A waste of money.

 

Not only did it not go up as was stated, it dropped at twice the rate of the overall UE rate.

 

Wait, so Biden and all the other evil libs aren't shutting down the economy and forcing people to stay indoors over a fake pandemic? When did this trumpists talking point end?