January’s nonfarm payrolls report made clear that the US is not experiencing, nor is moving toward, maximum employment😱
📈The 49K jobs added is only the tip of the iceberg of bad news the report contained.
📉The Labor Department also reported that the US shed an additional 87K jobs in December, for a total of 227K jobs lost.
📈In November, the US added 72K fewer jobs than originally reported.
📉That brought the 3-month average of job gains to under 29K, about 100K less than needed simply to keep up with population growth — to say nothing of the 9.9M people who had jobs in February 2020 but do not now.
👉Treasury secretary and former Fed chair, Janet Yellen, says:
✔️”I’m afraid that the job market is stalling,”
✔️”We have 10M people unemployed, 4M have dropped out of the labor market and another 2M are working part-time who really would like full-time work.”
✔️”We’re in a deep hole with respect to the job market and a long way to dig out.”
🖼️The big picture: While the low-tax environment and the Fed’s super-easy monetary policies are helping make businesses flush with cash, it’s not being used to hire workers.
💵Additional profits are being plowed into technology advances like AI and e-commerce, stock buybacks, and adding cash reserves to pad balance sheets.
From Axios. What are your thoughts on these numbers and how is your job hunt doing? Feel free to join in the conversation here!
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