U.S. Bureau of Labor Statistics announces decline in unemployment rate from 7.9% to 6.9% over the last month, beats expectations

[bre1]

@girlrose Your right, people seem to be oblivious to unprecedented amount of money we have printed to stay afloat. With a Senatete that refuses tax billionaires we will see how long charade can go on .

 

[untoanemerald]

@girlrose Congratulations you're the 5000th person to say this in the past 8 months. People are figuring out how to deal with the pandemic. The only thing that's going to happen is business getting better unless another lockdown is put in place. And if it doesn't, then every purchase I make will be at a discount. No big deal.

 

[bedia]

@beautybarb And yet the market shrugs, because the unemployment rate is a lagging indicator. This is the tail of the COVID dip in August and Sept, but with record cases and (more importantly) record hospitalizations, unfortunately there will be more lock-downs and it'll be a rough holiday season.

 

[resjudicata]

@bedia

it’ll be a rough holiday season

Go outside

 

[bedia]

@resjudicata I am outside.

 

[santiagojp]

@bedia Go further outside.

 

[idieva]

@santiagojp Outsider

 

[pchees]

@idieva In space rn, kinda cold ngl

 

[antonf7]

@pchees In space, no one can hear you hodl.

 

[tolufawas]

@resjudicata You can't really have holiday gatherings outside if you live somewhere cold.

 

[joshualiley]

@beautybarb I've got a laundry list of friends in management who have brought back portions of their hourly payroll at significantly reduced time. So take unemployment numbers with a grain of salt.

 

[koolkid]

@joshualiley

The number of persons employed part time for economic reasons increased by 383,000 to 6.7 million in October, after declines totaling 4.6 million over the prior 5 months. These individuals, who would have preferred full-time employment, were working part time because their hours had been reduced or they were unable to find full-time jobs. This group includes persons who usually work full time and persons who usually work part time.

 

[robert2032]

@joshualiley It never fails, every single thread has some armchair economist at the top comment explaining why things are totally much worse than the numbers indicate, and basing all of that off their limited worldview.

“How can unemployment be going down if my best friend Bennie can’t get a job?” Is not a useful or accurate thing to inject in an economic discussion.

 

[emmanie]

@robert2032 Those people were around even in 2019 when the unemployment rate was 3.5% and job increase numbers in the 200ks with rising wages.

 

[nibes]

@emmanie People in crappy situations want to believe everyone else is in the same boat. Regardless of how good the economy is, somebody is going to be in a bad spot and tell you about it on Reddit.

 

[robert2032]

@nibes

People in crappy situations want to believe everyone else is in the same boat.

I mean that’s most of it, Reddit is heavily weighted towards young people with medium to probably lower incomes. That’s not necessarily bad but we’ve got to understand that unemployment this year is hugely segmented. Unemployment for those with a college degree is basically back to where it was pre pandemic, if one removes new grads from those figures it’s even more robust. This isn’t to minimize anyone else’s personal situation but ya can’t go calling bullshit on national stats just because you personally know someone who doesn’t have a job.

 

[lamardiazthomas]

@robert2032 Fuck em with their constant "woe is me" shit

Not everyone can be rich okay?

 

[tambestanley]

@lamardiazthomas https://getyarn.io/yarn-clip/a2735a45-1617-4b36-a604-94649be10eff

 

[loves_jesus]

@lamardiazthomas That's easy to say if you're speaking from a point of privilege. Why don't you word it, "Not everyone should make enough to live comfortably" because that's what you're kind of implying.

 

[chotkisteve]

@nibes A downturn is when a shitbag loses their job

A recession is when your neighbor loses theirs

A depression is when you lose yours

• Milton Friedman
• - Michael Scott