Where are these jobs numbers coming from?
On 5/4, the latest U.S. jobs report came out showing unemployment at 3.9%(?!) with 164,000 jobs added and wage growth virtually nonexistent.
The jobs report was partially responsible for the market pop on Friday. But was the pop warranted?
Hi Steemians, I'm @holsturr.
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The market (DIA) couldn't decide what to do with that news early on, but Apple (plus tech overall) and energy (stocks like Transocean (RIG)) were credited with lifting the indices higher, and traders ultimately deciding the jobs report shows inflation being held at bay. Thanks in advance for lending me your attention! But if the market pop is on low unemployment (fake news) and staved-off inflation (short-term reprieve from the inevitable), that's not going to prop the market long. How is that 3.9% unemployment even calculated? Without going into details, the way unemployment is calculated has changed over the years. Many experts will tell you that if unemployment was calculated as it was back in the 90's, the number would be much, much higher. Even still, I believe unemployment has been miscalculated for a long time - presenting numbers lower than what is realistic - and a claim that unemployment is below is 4% is outrageous. The jobs environment is desolate, especially for young people. Not only is entry-level pay below livable wages, but a massive amount of jobs are ready for replacement by automation. More and more people are dropping out of the workforce, and record debt levels are coming to pass as the U.S. population is forced to turn to credit - rather than a paycheck - to maintain an acceptable standard of living. Peak earnings, slow global growth, fake jobs news, a destitute situation for young and old workers alike - the short term (questionable) news can't change the nature of reality, and if there is something that can legitimately send the markets higher, it's not - and won't be -jobs. 💰✨Remember… Every single person is their own trusted expert and seeking to promote yourself in that role is vital today, now more than ever. EBT cardholder? Get Amazon Prime discounts! Recent votable posts: We participate in affiliate programs to fund content creation, please see our disclaimer for details!
This has been @holsturr, thank you for reading!
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