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labor participation drops to 62.4% and job growth is better than expected


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2022 Dec 2, 1:23pm   617 views  7 comments

by AD   ➕follow (1)   💰tip   ignore  

WASHINGTON (AP) — The nation’s employers kept hiring briskly in November despite high inflation and a slow-growing economy — a sign of resilience in the face of the Federal Reserve’s aggressive interest rate hikes.

The economy added 263,000 jobs, while the unemployment rate stayed 3.7%, still near a 53-year low, the Labor Department said Friday. November’s job growth dipped only slightly from October’s 284,000 gain.

All year, as inflation has surged and the Fed has imposed ever-higher borrowing rates, America’s labor market has defied skeptics, adding hundreds of thousands of jobs, month after month.

With not enough people available to fill jobs, businesses are having to offer higher pay to attract and keep workers. In November, average hourly pay jumped 5.1% compared with a year ago, a robust increase that is welcome news for workers but one that makes the Fed’s efforts to curb inflation potentially more difficult. On a month-to-month basis, wages jumped 0.6% in November, breaking a streak of smaller gains that had suggested that pay growth might be cooling.

https://apnews.com/article/inflation-economy-amazoncom-inc-business-jerome-powell-a42435c199d221ecdb8680d39d093b6b

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1   AD   2022 Dec 2, 1:25pm  

Yet the labor force participation is going down. More people leaving work force means less competition for jobs.

Employers need to innovate by realizing more productivity with less workers. This requires using technology as consider how the internet and computer technology has automated jobs.

https://www.msn.com/en-us/money/markets/more-americans-leave-the-workforce-as-participation-rate-drops-again/ar-AA14PHDA

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3   mell   2022 Dec 2, 1:39pm  

It's a charade - it's not a full blown recession with high job loss, but that is because more and more people keep dropping out on stimmy checks and forever disability. So hiring remains decent due to this, people just don't want to work anymore or pay the insane xiden admin taxes.
4   1337irr   2022 Dec 2, 2:14pm  

mell says

It's a charade - it's not a full blown recession with high job loss, but that is because more and more people keep dropping out on stimmy checks and forever disability. So hiring remains decent due to this, people just don't want to work anymore or pay the insane xiden admin taxes.

This! Factor in military disability and it's a bit more wonky I imagine.
5   AD   2022 Dec 2, 2:33pm  

1337irr says

Factor in military disability and it's a bit more wonky I imagine.


From Woods Law Blog: "In 2021, 8.3% of veterans with service-connected disabilities had a combined rating of 90%, while 16.9% had a combined rating of 100%"

Figure about 10 million veterans total ( https://www.va.gov/vetdata/docs/Quickfacts/Stats_at_a_glance_12_31_21.PDF ), so about 25.2% of 10 million are receiving at least 90% disability from the VA.

About 2.52 million of veterans are on VA disability of at least 90%, which is about 1.7% of the workforce (age 18 to 65).

How many are on SSDI (social security disability) ?

According to https://www.ssa.gov/policy/docs/quickfacts/stat_snapshot/, 12.1 million are on social security disability. This is about 8.1% of the workforce.

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6   HeadSet   2022 Dec 2, 6:07pm  

mell says

It's a charade - it's not a full blown recession with high job loss, but that is because more and more people keep dropping out on stimmy checks and forever disability.

You may be shocked if you ask around your circle of friends and acquaintances to see how many are receiving disability payments. If one works for any government agency, getting a disability payment is surprisingly easy to do.
7   AD   2022 Dec 2, 7:52pm  

HeadSet says

. If one works for any government agency, getting a disability payment is surprisingly easy to do.


Based on my past post, about 1.7% of working age veterans on disability and 8.1% of working age on SSDI.

So add another 5% of working age adults who collect disability from their former employer (local/state/federal government agency) ?

Hence, about 14% of the USA working age population is on disability ?

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