Economy added 254,000 jobs in September: The key facts and figures

[mystery-ak]

Economy added 254,000 jobs in September: The key facts and figures
By
Zach Halaschak
and
Joseph Lawler
October 4, 2024 8:31 am
.

The economy added 254,000 jobs in September, and the unemployment rate fell to 4.1%, the Bureau of Labor Statistics reported Friday.

Investors had expected roughly 148,000 new jobs and for the unemployment rate to hold steady at 4.2%.
The interpretation

“I would say this is a wow for the economy and a wow for Jerome Powell,” Dan North, a senior economist with Allianz Trade Americas, told the Washington Examiner. “It’s definitely a home-run report, and it’s certainly stronger than what the Fed was expecting.”
What it means … for Biden and Harris

The surprisingly strong job growth in September is good news for President Joe Biden, who is suffering from high disapproval ratings related to his handling of the economy, and for Vice President Kamala Harris. She and Democrats are running low on time to turn around voter perceptions of the party’s economic record before the election.
What it means for … the Fed

The Federal Reserve is likely to take the report as a sign that the economy still has momentum. That might lead it to slow its planned interest rate cuts.

The Fed cut its target interest rate last month by half a percentage point, a large rate cut by historical standards. Investors expect further rate cuts in the months ahead as the Fed tries to prevent a broader economic downturn. But signs that businesses are still adding jobs in large numbers will sway the central bank toward slower and smaller rate cuts.
The underlying reality

It is important not to read too much into any one jobs report. The payroll numbers bounce around from month to month and are revised in subsequent reports.

Instead, it is helpful to look at the trend. The three-month moving average of job gains rose in October to 186,000, above the rate needed to keep up with population growth.

more
https://www.washingtonexaminer.com/policy/finance-and-economy/3176416/economy-added-254000-jobs-in-september-the-key-facts-and-figures/

[Free Vulcan]

Except that after the recently revealed BOLS counting debacle and this close to the election, am I supposed to trust those numbers?

[mystery-ak]

https://twitter.com/QuantusInsights/status/1842223644384116767

[bigheadfred]

To be revised down by 90'000 next month.

[mystery-ak]

Post
Conversation
Marco Rubio
@marcorubio
Another fake jobs report out from Biden-Harris government today

16 of the last 17 reports have been significantly revised  downwards after media helps them with their fake headlines

But all the fake numbers in the world aren’t going to fool people dealing with the Biden-Harris economic disaster every day
11:53 AM · Oct 4, 2024

[mountaineer]

To be revised down by 90'000 next month.

Exactly my first though. The numbers are BS.

[catfish1957]

Exactly my first though. The numbers are BS.

Nothing our government says to us is to be believed.

[catfish1957]

MSM lead story.

Shameless bastards.....

[mystery-ak]

October 5, 2024
Surprise! Huge job growth reported right before the election
By Noel S. Williams

People often ask if the Fed is political, and therefore predisposed to lowering interest rates before the election. The Labor Department and Bureau of Labor Statistics deserves equal questioning.

 Their job growth statistics are untrustworthy, to put it politely. They are almost always revised downwards after Biden had a chance to gloat. A Labor Department report encompassing annual benchmark revisions to the nonfarm payroll numbers was released on August 8, 2024, covering the period of April 2023 through March, 2024. It showed actual non-farm job growth was nearly 30% lower than previously reported.

 On October 4, just an hour ago as I type, the Labor Department issued its September jobs report. Surprise!  They claim the U.S. economy added 254K jobs for the month. That’s dubiously robust; for context, it is the strongest report in six months, and way above the average monthly gain for the prior 12 months.

 Is it coincidence this report is so apparently favorable right before the election?

more
https://www.americanthinker.com/blog/2024/10/surprise_huge_job_growth_reported_right_before_the_election.html

[Bigun]

Nothing our government says to us is to be believed.

 

[DefiantMassRINO]

For every working American, the jobs that matters the most is their own.

These statistics, over the short-term, are witchcraft.  Over the long-term, they can reveal backward-looking trends.

My "sense" of the economy is formed by the performance of my 401K, how much discretionary income I have, and whether or not layoffs are happening.

Higher taxes and higher costs reduce my discretionary income, thus, leaving me feeling "worse" about the economy.

On a micro-level, the biggest  question is "Do I have the confidence to make large purchases, such as appliances, a house, or a car?"  The answer to that question determines if I will make future capital purchases.

[catfish1957]

These statistics, over the short-term, are witchcraft. 

I think something like the past 14 months have been updated, and all have been revised downward.

So when you read shit like Axios saying this is normal random variability, ask them what is the statistical probablity of 14 months in one direction.  The whole damned thing is based on that when this is announced it is Page 1 News.  The revisons?  Page 11.

And why the level of dishonesty in the dimocratic power base is historic. The swampees are all in.

[Kamaji]

It'll be revised downward shortly, and nary a mention of the downgrade in any media.

[mystery-ak]

https://twitter.com/Rasmussen_Poll/status/1842988196109733992

[mountaineer]

Real Unemployment update, up from 8.4% last month and significantly more than double the 4.1% rate officially reported by the Bureau of Labor Statistics

Wow. Not surprising, but still WOW.

[Bigun]

Real Unemployment update, up from 8.4% last month and significantly more than double the 4.1% rate officially reported by the Bureau of Labor Statistics

Wow. Not surprising, but still WOW.

Figures don't lie but liars sure can figure! Doesn't matter whether its unemployment, inflation, illegal border crossings, or crime stats.