How has the recent economic turmoil affected you?

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Re: How has the recent economic turmoil affected you?

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Not all FB jobs are equal.
For this portion of her education, Chloe will have to moderate a Facebook post in front of her fellow trainees. When it’s her turn, she walks to the front of the room, where a monitor displays a video that has been posted to the world’s largest social network. None of the trainees have seen it before, Chloe included. She presses play.

The video depicts a man being murdered. Someone is stabbing him, dozens of times, while he screams and begs for his life. Chloe’s job is to tell the room whether this post should be removed. She knows that section 13 of the Facebook community standards prohibits videos that depict the murder of one or more people. When Chloe explains this to the class, she hears her voice shaking.

Returning to her seat, Chloe feels an overpowering urge to sob. Another trainee has gone up to review the next post, but Chloe cannot concentrate. She leaves the room, and begins to cry so hard that she has trouble breathing.

No one tries to comfort her. This is the job she was hired to do. And for the 1,000 people like Chloe moderating content for Facebook at the Phoenix site, and for 15,000 content reviewers around the world, today is just another day at the office.
...
The use of contract labor also has a practical benefit for Facebook: it is radically cheaper. The median Facebook employee earns $240,000 annually in salary, bonuses, and stock options. A content moderator working for Cognizant in Arizona, on the other hand, will earn just $28,800 per year. The arrangement helps Facebook maintain a high profit margin. In its most recent quarter, the company earned $6.9 billion in profits, on $16.9 billion in revenue. And while Zuckerberg had warned investors that Facebook’s investment in security would reduce the company’s profitability, profits were up 61 percent over the previous year.

Since 2014, when Adrian Chen detailed the harsh working conditions for content moderators at social networks for Wired, Facebook has been sensitive to the criticism that it is traumatizing some of its lowest-paid workers. In her blog post, Silver said that Facebook assesses potential moderators’ “ability to deal with violent imagery,” screening them for their coping skills.
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Re: How has the recent economic turmoil affected you?

Post by Isgrimnur »

April Unemployment - 3.6% (0.2%)

Table A-4 - >= Age 25 by education level
CategoryPercentChangeYOY Change
Less than a high school diploma5.21.70.6
High school graduates, no college3.30.70.8
Some college or associate degree2.90.60.4
Bachelor's degree and higher1.90.10.0

Table A-1 - Unemployment Rate Ages 16-19 - 11.9% (0.2, 0.2 YOY)


Table A-11 - Reasons for unemployment

Job losers and persons who completed temporary jobs1.5
Job leavers0.4
Reentrants1.1
New entrants0.3

Table A-12 - Unemployed persons by duration of unemployment

WeeksChangeYOY Change
Average Duration24.21.30.0
Median Duration11.20.40.7
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Re: How has the recent economic turmoil affected you?

Post by Isgrimnur »



Vox
Even though Americans are finding jobs pretty easily, they still aren’t seeing the so-called “economic boom” reflected in their pocketbooks.

April was another month with disappointing wage growth.
...
Slow income growth has been the weakest part of the US economy in its recovery from the Great Recession. Wages have barely kept up with the cost of living, even as the unemployment rate dropped and the economy expanded.

April’s 6-cent average hourly wage hike suggests more of the same, despite a surprising 10-cent jump in February.

Over the past year, the cost of food and housing has gone up, so paychecks have had to stretch further. But because of recent falling gas prices, the annual inflation rate has fallen to 1.9 percent, compared to a high of 2.4 percent in 2018 (based on the Consumer Price Index).

So when you take inflation into account, workers’ real wages only grew about 1.3 percent within the past year. That’s faster than they’ve been growing since the recession started in 2007, but it’s still pitiful when you compare it to the sky-high payouts corporate CEOs are getting.

Frustration over stagnant wages is also the major underlying factor behind widespread worker strikes across the country in places like California, Illinois, and Missouri. Last month, 31,000 supermarket employees went on strike in the Northeast to reverse proposed pay cuts and rising insurance premiums. The Stop & Shop strike in mid-April was the largest private sector work stoppage in years. After eight days with empty supermarkets, the company agreed to scrap its plan.
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Re: How has the recent economic turmoil affected you?

Post by stessier »

My COL raise this year was 2%.
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Re: How has the recent economic turmoil affected you?

Post by pr0ner »

stessier wrote: Fri May 03, 2019 5:00 pm My COL raise this year was 2%.
Mine was 1.4%. I didn't even get the "full" federal government raise.
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Re: How has the recent economic turmoil affected you?

Post by Isgrimnur »

Ford
Ford is cutting 7,000 white-collar jobs, or about 10% of its salaried staff worldwide, as part of a cost-cutting effort it says will save the company about $600 million a year.

Ford (F) says workers will begin to be notified of cuts starting Tuesday, and the terminations will be completed by the end of August. About 2,400 of the jobs cuts are in North America, and 1,500 of the positions will be eliminated through a voluntary buyout offer.

The move is an effort to cut bureaucracy within the company and flatten the management structure in addition to its desire to cut costs, according to a letter CEO Jim Hackett sent to employees Monday morning.

Ford's layoffs are similar to white-collar job cuts rival General Motors (GM) announced in November, but GM's cuts were deeper. GM eliminated about 8,000 non-union jobs, or 15% of its salaried and contract workers. It also closed five North American factories as part of that announcement.
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Re: How has the recent economic turmoil affected you?

Post by Isgrimnur »

Yahoo Finance
“The market seems balanced between good and worrisome indicators, implying that the various pushes and pulls lead us to consider a stubborn burro, unwilling to move meaningfully in either direction,” Citi analyst Tobias Levkovich wrote in a note Monday. “We find equity indices to be stuck between optimists and pessimists.”

Recent weakness in economic data underpins the bear argument for markets – and two key pieces of survey data in particular have been flashing red. Both come from the NFIB’s Small Business Economic Trends data.

“The two scariest charts for us to consider” are those highlighting the inverse correlation between the percentage of small businesses planning to increase employment versus the civilian unemployment rate, and the “drop-off in small business surveys regarding it being a good time to expand businesses,” Levkovich said.

The former suggests the likelihood of a higher unemployment rate over the next 9 to 12 months, while the latter underscores a reduction in the number of small businesses planning to make expansions in the near-term.
...
“For those who think that this would mean lower interest rates, which then would be S&P 500 supportive, we are unsure,” Levkovich said. “Too many clients have this nagging concern about the next recession and the current cycle being long in the tooth. Hence, any signs of sustained economic weakness may not be readily accepted as positive progress.”
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Re: How has the recent economic turmoil affected you?

Post by Kraken »

The PushMePullYou dynamic extends to interest rates, too. I haven't seen this mentioned anywhere, so maybe it's just my own hunch, but Trump's tariffs stand to nudge inflation upward and raise the odds of an interest-rate hike, if it doesn't simultaneously suppress growth. As some wag once said, the only thing we can predict about interest rates is that they will fluctuate.
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Re: How has the recent economic turmoil affected you?

Post by Isgrimnur »

May Unemployment - 3.6% (0.0%)

Table A-4 - >= Age 25 by education level
CategoryPercentChangeYOY Change
Less than a high school diploma4.40.80.2
High school graduates, no college3.30.00.3
Some college or associate degree2.50.40.5
Bachelor's degree and higher2.00.10.2

Table A-1 - Unemployment Rate Ages 16-19 - 12.8% (0.9, 0.1 YOY)


Table A-11 - Reasons for unemployment

Job losers and persons who completed temporary jobs1.4
Job leavers0.5
Reentrants1.2
New entrants0.3

Table A-12 - Unemployed persons by duration of unemployment

WeeksChangeYOY Change
Average Duration24.80.63.0
Median Duration9.71.50.2
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Re: How has the recent economic turmoil affected you?

Post by Isgrimnur »

June Unemployment - 3.7% (0.1%)

Table A-4 - >= Age 25 by education level
CategoryPercentChangeYOY Change
Less than a high school diploma4.60.20.2
High school graduates, no college3.70.40.2
Some college or associate degree3.00.50.2
Bachelor's degree and higher2.20.20.2

Table A-1 - Unemployment Rate Ages 16-19 - 15.0% (2.2, 0.1 YOY)


Table A-11 - Reasons for unemployment

Job losers and persons who completed temporary jobs1.6
Job leavers0.5
Reentrants1.2
New entrants0.5

Table A-12 - Unemployed persons by duration of unemployment

WeeksChangeYOY Change
Average Duration20.24.60.8
Median Duration7.32.40.7
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Re: How has the recent economic turmoil affected you?

Post by Isgrimnur »

Reuters
In a ranking of 378 metropolitan areas by how their share of national employment changed from 2010 to 2017, 40% of the new jobs generated during that time went to the top 20 places, along with a similar share of the additional wages.

Those cities represent only about a quarter of the country’s population and are concentrated in the fast-growing southern and coastal states. None were in the northeast, and only two were in the “rust belt” interior - Grand Rapids, Michigan, and a rebounding Detroit.
...
It is a map that hews close to Trump’s election results: Of 221 counties that voted for President Barack Obama in 2012 and Trump in 2016, only three are in the metropolitan areas that won the most job share. Sixty-two are part of metro areas where the share of national employment declined.
...
Image
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Re: How has the recent economic turmoil affected you?

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and I feel it every time I drive to work
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Re: How has the recent economic turmoil affected you?

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"Grand Rapids-Wyoming"

Um...wat?
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How has the recent economic turmoil affected you?

Post by Isgrimnur »

Wiki says:
Wyoming is a city in Kent County, Michigan. As of the 2010 census, the city has a total population of 72,125, which makes it the 3rd largest community or city in West Michigan, the 14th largest city in the state of Michigan, and the 18th largest community in the state as well as the largest suburb of Grand Rapids.
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Re: How has the recent economic turmoil affected you?

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BBC
Germany's economy shrank during the April-to-June period of this year.

A decline in exports dampened growth, according to official data, which comes amid concerns of a global slowdown.

Gross domestic product (GDP) fell by 0.1% compared with the previous quarter, according to the Federal Statistics Office.

That takes the annual growth rate down to 0.4%. Germany, Europe's largest economy, narrowly avoided a recession last year.

Early signs for the third quarter "look ominous", said Andrew Kenningham, chief Europe economist at Capital Economics. "Manufacturing business surveys for July were all gloomy.

"And while the services sector should continue to hold up better, there are some signs that the slump is spreading to the labour market."
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Re: How has the recent economic turmoil affected you?

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July Unemployment - 3.7% (0.0%)

Table A-4 - >= Age 25 by education level
CategoryPercentChangeYOY Change
Less than a high school diploma4.60.00.1
High school graduates, no college3.60.10.4
Some college or associate degree3.30.30.0
Bachelor's degree and higher2.50.30.0

Table A-1 - Unemployment Rate Ages 16-19 - 13.3% (1.7, 0.1 YOY)


Table A-11 - Reasons for unemployment

Job losers and persons who completed temporary jobs1.8
Job leavers0.5
Reentrants1.1
New entrants0.5

Table A-12 - Unemployed persons by duration of unemployment

WeeksChangeYOY Change
Average Duration18.71.53.3
Median Duration7.90.60.9
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Re: How has the recent economic turmoil affected you?

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August Unemployment - 3.7% (0.0%)

Table A-4 - >= Age 25 by education level
CategoryPercentChangeYOY Change
Less than a high school diploma4.70.10.3
High school graduates, no college3.60.00.3
Some college or associate degree3.20.10.5
Bachelor's degree and higher2.40.10.1

Table A-1 - Unemployment Rate Ages 16-19 - 12.1% (1.2, 0.2 YOY)


Table A-11 - Reasons for unemployment

Job losers and persons who completed temporary jobs1.8
Job leavers0.5
Reentrants1.1
New entrants0.4

Table A-12 - Unemployed persons by duration of unemployment

WeeksChangeYOY Change
Average Duration21.73.00.5
Median Duration8.60.70.4
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Re: How has the recent economic turmoil affected you?

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CNN
he United Auto Workers union went out on strike against General Motors Sunday night, the first work stoppage in the US auto industry in 12 years.

The union's nearly 50,000 hourly fulltime and temporary workers walked out at 31 GM factories and 21 other facilities, spread across nine states, mostly in the center of the country. It's the largest strike by any union against any business since the last strike at GM in 2007.
...
The union said that GM was putting profits ahead of employees who helped to turn the company around when it went through bankruptcy and federal bailout a decade ago.

The union is seeking higher hourly wages, lump sum payments and a better profit sharing plan. It also wants GM to agree to limit the use of temporary workers and give them a clearer path to permanent employment. In addition, the UAW says the two sides are far apart on other issues including health care benefits and job security.

General Motors said it made a substantial offer, including higher pay and profit sharing, along with investment to bring new jobs. It said it offered to commit to invest $7 billion in coming years to preserve 5,400 jobs. It also promised a "solution" for two of the four plants currently slated for closure: one in Detroit and another in Lordstown, Ohio.

The company did not say what the solution would be. But a person familiar with GM's offer said it included a promise to build a new electric truck at Detroit Hamtramck, and to build new batteries for electric vehicles in Lordstown. That work wouldn't start immediately, so the plants would likely remain dark for some time. Work would start sometime in the next four years if the offer is accepted.

A source close to the UAW with direct knowledge of negotiations said most of the proposals the company disclosed publicly on Sunday came very late in negotiations Saturday.
...
GM says its average hourly employee earns about $90,000 per year, not including benefits. But the number of hourly workers at GM has declined sharply in recent decades, due to a combination of automation, lost market share and outsourcing. But GM still builds the overwhelming majority of cars it sells in the US market in North America. And it has far more factories in the United States than it does in Mexico or Canada.

The union had earlier extended the contracts at two other US automakers with UAW contracts, Ford (F) and Fiat Chrysler (FCAU). Any deal the it reaches with GM will set a pattern for talks with the other two companies.
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Re: How has the recent economic turmoil affected you?

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CNBC
FedEx Chairman and CEO Fred Smith expressed extreme pessimism about the global economy on the delivery giant’s post-earnings conference call with analysts.
...
Shares of FedEx plunged about 14% on Wednesday after the company late Tuesday blamed the U.S.-China trade war and the loss of Amazon as a customer for its quarterly earnings and revenue misses. FedEx also lowered full-year guidance for fiscal 2020.
...
CNBC’s David Faber pointed out Wednesday that AT&T Chairman and CEO Randall Stephenson shared similar sentiments Tuesday while presenting at a Goldman Sachs conference.

“U.S. business is so dependent upon exports and trade. And when you have your two biggest trading partners kind of frozen between the NAFTA rewrite and China trade, it shouldn’t be a surprise to anybody that business investment starts slowing down. And that’s exactly what we’re seeing,” Stephenson said, adding business investment is “flashing yellow.”

“I don’t think we’re headed to a recession, but we’re definitely slowing down,” Stephenson said. “You can’t have that kind of slowdown in business investment and not find its way into the consumer ultimately.”
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Re: How has the recent economic turmoil affected you?

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MarketWatch
The nation’s businesses added a modest 135,000 private-sector jobs in September, ADP said, in another sign that hiring is slowing along with the broader U.S. economy.

Economists polled by Econoday had forecast a gain of 152,000.

ADP also reduced its estimate of new jobs created in August to 157,000 from an original 195,000.
...
Big companies added 67,000 jobs, mid-sized firms hired 39,000 new workers and small businesses filled 30,000 positions.

“Businesses have turned more cautious in their hiring,” said Mark Zandi, chief economist of Moody’s Analytics. “Small businesses have become especially hesitant. If businesses pull back any further, unemployment will begin to rise."
...
Hiring in the U.S. has tapered off since the end of 2018. There’s even been reports that some companies are reducing employment for the first time in years, though so far these job cuts have not shown up in the weekly tally of Americans applying for unemployment benefits.

Economists predict job creation will continue to slow owing to the ongoing trade war with China that has damaged the global economy and boomeranged on the U.S. Manufacturers and exporters have been particularly hard hit.
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Re: How has the recent economic turmoil affected you?

Post by Kraken »

The Globe reported that the greater Boston housing market is (finally) cooling, which is not a bad thing -- it's been a seller's market for years now. Two houses in my neighborhood have been on the market for more than a month, which was unheard-of even a couple of months ago. We've also seen several restaurants close unexpectedly, although that's due more to a scarcity of workers and soaring rents than weak demand, so not really a sign of impending doom.
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Re: How has the recent economic turmoil affected you?

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Coming soon: Robot servers. :coffee:
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Re: How has the recent economic turmoil affected you?

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September Unemployment - 3.5% (0.2%)

Table A-4 - >= Age 25 by education level
CategoryPercentChangeYOY Change
Less than a high school diploma4.00.70.9
High school graduates, no college3.30.30.2
Some college or associate degree2.80.40.3
Bachelor's degree and higher2.00.40.0

Table A-1 - Unemployment Rate Ages 16-19 - 12.1% (0.0, 0.2 YOY)


Table A-11 - Reasons for unemployment

Job losers and persons who completed temporary jobs1.4
Job leavers0.5
Reentrants1.0
New entrants0.4

Table A-12 - Unemployed persons by duration of unemployment

WeeksChangeYOY Change
Average Duration23.01.71.7
Median Duration9.81.20.4
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Re: How has the recent economic turmoil affected you?

Post by Isgrimnur »

CNBC
Based on their fears of a potential recession, 17% of Americans have started hiding cash in their home, according to a new poll from MetLife of over 8,000 U.S. adults over the age of 18. And 21% of respondents report they have become more conservative with their money.
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Re: How has the recent economic turmoil affected you?

Post by LawBeefaroni »

Kraken wrote: Wed Oct 02, 2019 12:40 pm The Globe reported that the greater Boston housing market is (finally) cooling, which is not a bad thing -- it's been a seller's market for years now. Two houses in my neighborhood have been on the market for more than a month, which was unheard-of even a couple of months ago. We've also seen several restaurants close unexpectedly, although that's due more to a scarcity of workers and soaring rents than weak demand, so not really a sign of impending doom.
I read somewhere (probably Crain's) that Boston Intown was in the top 5 highest average rent/sq foot in the nation. Along with Manhattan, SoMa, Downtown SF, and Brooklyn. Surprised me.
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Re: How has the recent economic turmoil affected you?

Post by em2nought »

Isgrimnur wrote: Thu Oct 10, 2019 11:00 am CNBC
Based on their fears of a potential recession, 17% of Americans have started hiding cash in their home, according to a new poll from MetLife of over 8,000 U.S. adults over the age of 18. And 21% of respondents report they have become more conservative with their money.
There's always money in the banana stand.
Sounds like made up facts to me. Who's going to tell anyone if they have money stashed in their house? Really? :doh:

On the other hand, there might be money in bananas if it's not the Cavendish which is looking at a potential event from fungus as bad as citrus greening was for oranges.
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Re: How has the recent economic turmoil affected you?

Post by Kraken »

LawBeefaroni wrote: Thu Oct 10, 2019 12:37 pm
Kraken wrote: Wed Oct 02, 2019 12:40 pm The Globe reported that the greater Boston housing market is (finally) cooling, which is not a bad thing -- it's been a seller's market for years now. Two houses in my neighborhood have been on the market for more than a month, which was unheard-of even a couple of months ago. We've also seen several restaurants close unexpectedly, although that's due more to a scarcity of workers and soaring rents than weak demand, so not really a sign of impending doom.
I read somewhere (probably Crain's) that Boston Intown was in the top 5 highest average rent/sq foot in the nation. Along with Manhattan, SoMa, Downtown SF, and Brooklyn. Surprised me.
Geographically, Boston's a small city with no room for new development and considerable hurdles to redevelopment. Over the past decade we've built a lot of high-income condos and low-income apartments, and nearly no middle-class housing in between. That has exaggerated income disparity, too.
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Re: How has the recent economic turmoil affected you?

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CNBC
U.S. consumer prices rebounded more than expected in October and underlying inflation picked up, which together with abating trade tensions and fears of a recession, support the Federal Reserve’s signal for no further interest rate cuts in the near term.

The Labor Department said on Wednesday its consumer price index increased 0.4% last month as households paid more for energy products, healthcare, food and a range of other goods. That was the largest gain in the CPI since March and followed an unchanged reading in September.

In the 12 months through October, the CPI increased 1.8% after climbing 1.7% in September.

Economists polled by Reuters had forecast the CPI advancing 0.3% in October and gaining 1.7% on a year-on-year basis.

Excluding the volatile food and energy components, the CPI rose 0.2% after edging up 0.1% in September. The so-called core CPI rose as healthcare costs jumped by the most in more than three years. There were also increases in prices of used cars and trucks and recreation and rents.
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Re: How has the recent economic turmoil affected you?

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CNBC
Job growth slowed to a crawl in November, with private payrolls increasing by just 67,000, according to an estimate Wednesday from ADP and Moody’s Analytics.

The count was well below the 150,000 consensus from economists surveyed by Dow Jones and the lowest month since May. The big miss could call into question the relatively rosy estimates for Friday’s closely watched nonfarm payrolls report from the Labor Department, with the current forecast of 187,000 boosted by the return of striking GM workers.

November’s tally also was a sharp decline from the 121,000 in October, which was revised down from an initially reported 125,000.
...
Goods-producing industries lost 18,000 jobs for the month. The decline came amid an even split from natural resources/mining, construction, and manufacturing.

Trade, transportation and utilities, a sector that often leads job creation, saw a 15,000 loss, while information services also declined by 8,000.

Small businesses also had a poor month, as firms with fewer than 20 employees saw a drop of 15,000 workers.
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Re: How has the recent economic turmoil affected you?

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October Unemployment - 3.6% (0.1%)

Table A-4 - >= Age 25 by education level
CategoryPercentChangeYOY Change
Less than a high school diploma4.70.70.4
High school graduates, no college3.50.20.3
Some college or associate degree2.70.10.2
Bachelor's degree and higher2.00.00.0

Table A-1 - Unemployment Rate Ages 16-19 - 11.7% (0.4 , 0.1 YOY)


Table A-11 - Reasons for unemployment

Job losers and persons who completed temporary jobs1.4
Job leavers0.5
Reentrants1.0
New entrants0.4

Table A-12 - Unemployed persons by duration of unemployment

WeeksChangeYOY Change
Average Duration23.10.10.7
Median Duration9.80.00.1
Last edited by Isgrimnur on Fri Dec 06, 2019 3:33 pm, edited 1 time in total.
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Re: How has the recent economic turmoil affected you?

Post by Isgrimnur »

November Unemployment - 3.5% (0.1%)

Table A-4 - >= Age 25 by education level
CategoryPercentChangeYOY Change
Less than a high school diploma5.10.40.3
High school graduates, no college3.50.00.2
Some college or associate degree2.80.10.2
Bachelor's degree and higher1.80.20.3

Table A-1 - Unemployment Rate Ages 16-19 - 11.6% (0.1 , 0.4 YOY)


Table A-11 - Reasons for unemployment

Job losers and persons who completed temporary jobs1.6
Job leavers0.5
Reentrants1.0
New entrants0.3

Table A-12 - Unemployed persons by duration of unemployment

WeeksChangeYOY Change
Average Duration20.82.31.9
Median Duration9.30.50.4
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Re: How has the recent economic turmoil affected you?

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Isgrimnur wrote: Wed Dec 04, 2019 12:22 pm CNBC
Job growth slowed to a crawl in November, with private payrolls increasing by just 67,000, according to an estimate Wednesday from ADP and Moody’s Analytics.

The count was well below the 150,000 consensus from economists surveyed by Dow Jones and the lowest month since May. The big miss could call into question the relatively rosy estimates for Friday’s closely watched nonfarm payrolls report from the Labor Department, with the current forecast of 187,000 boosted by the return of striking GM workers.

November’s tally also was a sharp decline from the 121,000 in October, which was revised down from an initially reported 125,000.
...
Goods-producing industries lost 18,000 jobs for the month. The decline came amid an even split from natural resources/mining, construction, and manufacturing.

Trade, transportation and utilities, a sector that often leads job creation, saw a 15,000 loss, while information services also declined by 8,000.

Small businesses also had a poor month, as firms with fewer than 20 employees saw a drop of 15,000 workers.
Wait a second.
CNBC wrote: The jobs market turned in a stellar performance in November, with nonfarm payrolls surging by 266,000 and the unemployment rate falling to 3.5%, according to Labor Department numbers released Friday.

Those totals easily beat the Wall Street consensus. Economists surveyed by Dow Jones had been looking for solid job growth of 187,000 and saw the unemployment rate holding steady from October’s 3.6%. The decline in November’s jobless rate came amid a corresponding 0.1 percentage point drop in the labor force participation rate, to 63.2%.

Stocks opened sharply higher in reaction to the better-than-expected report. Bond yields also surged.

“Bottom line, America is working,” Larry Kudlow, director of the National Economic Council, told CNBC’s “Squawk on the Street.” “These are very strong numbers. These are happy numbers, these are sunny Friday numbers.”

The jobs growth was the best since January’s 312,000 and well clear of the November 2018 total of 196,000. While hopes already were up, much of that was based on the return of General Motors workers following a lengthy strike. That dynamic indeed boosted employment in motor vehicles and parts by 41,300, part of an overall 54,000 gain in manufacturing. The vehicles and parts sector had fallen by 42,800 in October.

Average hourly earnings rose by 3.1% from a year ago, while the average workweek held steady at 34.4 hours.

Economists had been looking for wage gains of 3%. A separate gauge of unemployment that includes discouraged workers and the underemployed declined as well, falling to 6.9%, one-tenth of a percentage point below October.

In addition to the robust November gains, revisions brought up totals from the two previous months. September’s estimate went up 13,000 to 193,000 and the initial October count increased by 28,000 to 156,000. Those changes added 41,000 to the previous tallies and brought the 2019 monthly average to 180,000, compared with 223,000 in 2018.

“This is a blowout number and the U.S. economy continues to be all about the jobs,” Tony Bedikian, head of global markets for Citizens Bank said in a note. “The unemployment rate is at a 50-year low and wages are increasing. Business owners may be getting more cautious due to trade and political uncertainty and growth may be slow, but consumers keep spending and the punch bowl still seems full.”

The unemployment rate of 3.5%, down from 3.6% in October, is back to the 2019 low and matches the lowest jobless rate since 1969. The U.S. economy needs to create about 107,000 jobs a month to keep the unemployment rate steady, according to calculations from the Atlanta Federal Reserve.

There was some thought that the November count might disappoint after ADP reported Wednesday that private payrolls rose just 67,000. The Bureau of Labor Statistics, though, put that number at 254,000, with the remaining 12,000 jobs created at the government level.

“Today’s job report, more than any other report in recent months, squashed any lingering concerns about an imminent recession in the US economy,” said Gad Levanon, head of the Conference Board’s Labor Market Institute. “Employment growth also shows no signs of slowing further despite the historically low unemployment rate.”
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Re: How has the recent economic turmoil affected you?

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I guess the ADP and Moody's numbers were wrong.
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Re: How has the recent economic turmoil affected you?

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Isgrimnur wrote: Fri Dec 06, 2019 6:26 pm I guess the ADP and Moody's numbers were wrong.
Well the Gub'ment numbers include all the striking GM workers coming back to work so I think they're a bit skewed.
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Re: How has the recent economic turmoil affected you?

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Isgrimnur wrote: Fri Dec 06, 2019 6:26 pm I guess the ADP and Moody's numbers were wrong.
I certainly wasn't criticizing you. I was just amused at CNBC's change in tone.
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Re: How has the recent economic turmoil affected you?

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No worries. I didn’t take it personally.
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Re: How has the recent economic turmoil affected you?

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CNBC
U.S. worker productivity fell by the most in nearly four years in the third quarter, the government confirmed, while growth in unit labor costs was not as robust as initially thought.

The Labor Department said on Tuesday nonfarm productivity, which measures hourly output per worker, decreased at a 0.2% annualized rate in the last quarter, the biggest drop since the fourth quarter of 2015.
...
Economists polled by Reuters had expected third-quarter productivity would be revised up to show it falling at a 0.1% rate.
...
Some economists blame soft productivity on a shortage of workers as well as the impact of rampant drug addiction in some parts of the country. Others also argue that low capital expenditure, which they say has resulted in a sharp drop in the capital-to-labor ratio, is holding down productivity.
...
Hourly compensation increased at a 2.3% rate in the third quarter, instead of the originally reported 3.3% pace.
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Re: How has the recent economic turmoil affected you?

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Reuters
U.S. producer prices were unexpectedly unchanged in November as increases in food and gasoline prices were offset by declining costs for services, pointing to muted inflation despite a recent uptick in consumer prices.

Other data on Thursday showed the number of Americans filing for unemployment benefits surged to more than a two-year high last week. The jump in jobless claims, however, likely does not signal a pickup in layoffs as the data tends to be volatile in the period following the Thanksgiving Day holiday.
...
Excluding the volatile food, energy and trade services components, producer prices were also unchanged last month after edging up 0.1% in October. The so-called core PPI increased 1.3% in the 12 months through November, the smallest gain since September 2016, after advancing 1.5% in October.
...
In another report on Thursday, the Labor Department said initial claims for state unemployment benefits surged 49,000 to a seasonally adjusted 252,000 for the week ended Dec. 7, the highest reading since September 2017. The increase was the largest since August 2017.

Claims dropped to 203,000 in the prior week, which was a seven-month low. The decline probably reflected a late Thanksgiving Day this year compared to 2018, which could have thrown off the model used by the government to strip out seasonal fluctuations from the data.
...
The underlying trend in claims remains consistent with a strong labor market. The government reported last Friday that the economy added a robust 266,000 jobs in November and the unemployment rate fell back to 3.5%, its lowest level in nearly half a century. Other data on housing, trade and manufacturing have also been relatively upbeat and suggested the economy was growing at a moderate speed rather than stalling.
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Re: How has the recent economic turmoil affected you?

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CNBC
General Motors, Ford Motor and other automakers in the past year cut thousands of jobs and shuttered factories as industry vehicle sales slow and fears of an economic slowdown pick up.

No one is forecasting an industry downturn comparable to when vehicle sales dropped below 11 million in the U.S. in 2009. However, domestic sales next year are forecast to drop for a second consecutive year in 2020 to below 17 million vehicles. Global vehicle sales also are expected to fall by about 3.1 million in 2019 – the steepest year-over-year decline since the financial crisis a decade ago.

Automakers took lessons learned from the Great Recession, which led to the government-backed bankruptcies of GM and then-Chrysler in 2009, to proactively restructure operations this year amid robust profits and healthy, yet slowing, vehicle sales.
MarketWatch
Orders for durable goods sank 2% in November, the U.S. government said Monday. This is the biggest decline since May.

Economists had expected a strong 1% rebound in durable-goods orders in November as a result of the end of the General Motors strike. But orders were dragged down by a major decline in defense aircraft combined with a small drop stemming from Boeing’s woes with the 737 MAX airplane design.

Orders in October were lowered to a 0.2% gain from the prior estimate of an 0.5% increase.
...
The outlook for manufacturing remains grim, as business sentiment is sluggish, the outlook for profits is soft, and global trade flows shrink given ongoing uncertainty.
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Re: How has the recent economic turmoil affected you?

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December Unemployment - 3.5% (0.0%)

Table A-4 - >= Age 25 by education level
CategoryPercentChangeYOY Change
Less than a high school diploma5.90.80.5
High school graduates, no college3.70.20.1
Some college or associate degree2.60.20.6
Bachelor's degree and higher1.80.00.2

Table A-1 - Unemployment Rate Ages 16-19 - 11.0% (0.6 , 0.0 YOY)


Table A-11 - Reasons for unemployment

Job losers and persons who completed temporary jobs1.7
Job leavers0.5
Reentrants0.9
New entrants0.3

Table A-12 - Unemployed persons by duration of unemployment

WeeksChangeYOY Change
Average Duration20.30.51.2
Median Duration8.40.90.5
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