January Jobs Report, U.S. Job Growth Surges

[charleskerins]

The labor market added 353,000 jobs in January, far more than expected, in a sign that economic growth remains vigorous. Source Link:

Friday, February 2, 2024 8:37 AM ET

The numbers added further evidence that the economy still has plenty of steam. The unemployment rate remained at 3.7 percent.

[sqwakvfr]

I have been back in So Cal for the past two months and I can say categorically these allegedly positive economic numbers mean nothing to most Americans.  “GDP grew at 3%” and “335,000 jobs added”(most were probably for Christmas).   What does this got to with the cost of lunch.  The cheapest lunch out for me was $10 dollars.  The average was around $15 to $17 dollars.  The only stores that’s were full of shoppers were 1) Wal Mart 2) Target 3) Dollar Tree 4) 99 Cent Store.  I took a stroll through a local Kohl’s  and it was like a ghost town.  The local people I spoke to had the look of despair and most just wanted to make it to pay day or the end of the month.  Even with some fast food places offering entry level job at $20 per dollar an hour many people looked somewhat anxious.  It looked like those fast food places that started out at $20+ per hour were operating with a limited number of employees.  

 

The most interesting person I spoke to was a barber.  The barber just opened up his shop and came from Vietnam 10 years ago.  He said “ I never knew life would be so hard in America and my wife just wants to back to Vietnam”.  HIs barber shop charges $25 for a man’s haircut and he was just barely getting by.  I will never say anything bad about the 150 Baht haircut I am used to getting a local shop in Chiang Mai. 

 

For the first time in my life I fear the future of America.  I fear some kind of internal conflict will be triggered not by politics but economics.  I hope I am wrong.  I look forward to going back to LOS. 

[ChristianBlessing]

You base your "categorical" statements upon anecdotal observations and how people and places "looked" to you. That a barber shop owner who just opened his shop is struggling, whether he's an immigrant or not, is hardly news. 

 

But the empirical data reflects a different reality. The US economy is the strongest of all developed countries. It may take a while for most Americans to come to realize this given the heated anti-incumbent rhetoric of the coming election season. 

 

I too have been back for the past two months and everywhere I look I see hope and heightened expectations, tempered only by the fear of a reversal driven by ugly partisanship. Like you, I hope that fear is unfounded.

 

 

[placeholder]

Here's a link to the article that doesn't require a subscription to the NY Times:

https://archive.ph/VVh9b

[placeholder]

2 hours ago, sqwakvfr said:

I have been back in So Cal for the past two months and I can say categorically these allegedly positive economic numbers mean nothing to most Americans.  “GDP grew at 3%” and “335,000 jobs added”(most were probably for Christmas).   What does this got to with the cost of lunch.  The cheapest lunch out for me was $10 dollars.  The average was around $15 to $17 dollars.  The only stores that’s were full of shoppers were 1) Wal Mart 2) Target 3) Dollar Tree 4) 99 Cent Store.  I took a stroll through a local Kohl’s  and it was like a ghost town.  The local people I spoke to had the look of despair and most just wanted to make it to pay day or the end of the month.  Even with some fast food places offering entry level job at $20 per dollar an hour many people looked somewhat anxious.  It looked like those fast food places that started out at $20+ per hour were operating with a limited number of employees.  

 

The most interesting person I spoke to was a barber.  The barber just opened up his shop and came from Vietnam 10 years ago.  He said “ I never knew life would be so hard in America and my wife just wants to back to Vietnam”.  HIs barber shop charges $25 for a man’s haircut and he was just barely getting by.  I will never say anything bad about the 150 Baht haircut I am used to getting a local shop in Chiang Mai. 

 

For the first time in my life I fear the future of America.  I fear some kind of internal conflict will be triggered not by politics but economics.  I hope I am wrong.  I look forward to going back to LOS. 

Here's the results of a survey taken by an organization that does more than speak to barbers

U.S. Consumer Confidence Jumps Again — University of Michigan

Sentiment among U.S. consumers climbed in January to its highest level since July 2021, amid falling inflation expectations and hopes of rising real incomes, with greater confidence appearing to be returning to the economy after recent lows.

The final reading of the consumer sentiment index rose to 79.0 in January from 69.7 in December, according to data from a survey carried out by the University of Michigan released Friday. The reading matched expectations of economists polled by The Wall Street Journal, which were a little higher than the preliminary estimate made in mid-January of 78.8.

https://www.morningstar.com/news/dow-jones/202402025830/us-consumer-confidence-jumps-again-university-of-michigan

[sqwakvfr]

3 hours ago, ChristianBlessing said:

You base your "categorical" statements upon anecdotal observations and how people and places "looked" to you. That a barber shop owner who just opened his shop is struggling, whether he's an immigrant or not, is hardly news. 

 

But the empirical data reflects a different reality. The US economy is the strongest of all developed countries. It may take a while for most Americans to come to realize this given the heated anti-incumbent rhetoric of the coming election season. 

 

I too have been back for the past two months and everywhere I look I see hope and heightened expectations, tempered only by the fear of a reversal driven by ugly partisanship. Like you, I hope that fear is unfounded.

 

 

Have you been to Los Angeles County lately?  Have you been to San Francisco lately? It is not pretty.  What people say on a survey can be different than what they actually feel or do.  Of course I know families that have one, two and even three Tesla's and they rarely feel much pain.  When I was working and was making a lot of money I felt none of the pain that I see.  Why is the US economy so strong? What about the 31+ trillion in national debt?   California has a 68+ Billion budget deficit and no one seems to care.  This is concerning to me because my retirement pay comes out of Sacramento.  "Empirical Data" does not feed you.  I went to three other barber shops in the same area and they were all busy.  All asked me to make an appointment for next weeks because they charged the bargain price of only $20 per haircut.   Also, for the first time I was offered $100 dollar bills when I withdrew money from a Bank of America ATM; I guess a $20 dollar bill just is not enough.  Money or lack of money has always been the great equalizer.  Just imagine if welfare payments, SSA, SSI or SSID payments are delayed?  i know many who rely on those payments to get by. 

[charleskerins]

So you didn't fear for the future of America on 1/6/21 ?  A barber's story from Vietnam  over rides the data? But then you say three other barber shops were so busy that you had to make an appointment?   Consumer confidence is surging ,Stock marker record  high jobs added  were for January not for Christmas which would be counted as seasonal employment anyway.  Doesn't California have the seventh highest GDP in the world (not sure)  .  So you are concerned about the US  Debt and Deficit  many have been  it's been a problem for decades.Few want to address it.  The US economy is booming.  

[charleskerins]

4 hours ago, placeholder said:

Here's a link to the article that doesn't require a subscription to the NY Times:

https://archive.ph/VVh9b

Thanks placeholder

[charleskerins]

6 hours ago, ChristianBlessing said:

You base your "categorical" statements upon anecdotal observations and how people and places "looked" to you. That a barber shop owner who just opened his shop is struggling, whether he's an immigrant or not, is hardly news. 

 

But the empirical data reflects a different reality. The US economy is the strongest of all developed countries. It may take a while for most Americans to come to realize this given the heated anti-incumbent rhetoric of the coming election season. 

 

I too have been back for the past two months and everywhere I look I see hope and heightened expectations, tempered only by the fear of a reversal driven by ugly partisanship. Like you, I hope that fear is unfounded.

 

 

Intelligent post  agree        except for the ""ugly partisanship " part.

[impulse]

And the hits just keep coming for Bidenomics.

 

Credit Card and Auto Loan Delinquencies Continue Rising; Notably Among Younger Borrowers

 

The report shows total household debt increased by $212 billion (1.2%) in the fourth quarter of 2023, to The report is based on data from the New York Fed’s nationally representative

 

Credit card balances increased by $50 billion to $1.13 trillion. Auto loan balances rose by $12 billion, continuing the upward trajectory seen since 2020, and now stand at $1.61 trillion.

 

https://www.newyorkfed.org/newsevents/news/research/2024/20240206

 

I don't know how much longer we can afford to keep on winning like this.

 

[heybruce]

5 hours ago, impulse said:

And the hits just keep coming for Bidenomics.

 

Credit Card and Auto Loan Delinquencies Continue Rising; Notably Among Younger Borrowers

 

The report shows total household debt increased by $212 billion (1.2%) in the fourth quarter of 2023, to The report is based on data from the New York Fed’s nationally representative

 

Credit card balances increased by $50 billion to $1.13 trillion. Auto loan balances rose by $12 billion, continuing the upward trajectory seen since 2020, and now stand at $1.61 trillion.

 

https://www.newyorkfed.org/newsevents/news/research/2024/20240206

 

I don't know how much longer we can afford to keep on winning like this.

 

When all the top numbers look good, go down into the details to cherry pick a few metrics that don't look good.  We can't have Americans thinking that the economy isn't perfect but it's dong pretty darn good, right?