I'm wary of reading much into any single employment report, but Dean Baker did note a caution in this report. Almost all of the job growth was in healthcare & social assistance and government. Retail, restaurants, transportation & warehouse, and finance were flat to falling. Something to watch as a possible turning point.
I could no longer tolerate X. Bluesky ignores me. Mastodon just didn't quite do it for me. I like Threads so far. But I agree, Zuck will screw it up. The trolls will show up eventually. But I don't think it will be a cheerleader for autocracy and even fascism.
Something struck me about Powell's most recent press conference. He seemed to imply that the economy might be currently running below full potential LEVEL (thus, "catch-up growth" like the one we saw in Q3). Given what is going on with labor supply and labor force growth, I can see why it may be probable that there is a higher new potential level than the past. Millions of new vacancies are still unfilled. It is likely that some work isn't getting done, probably leading to below-potential output. And we don't know when the ongoing increases in the labor force participation rate might help get that work done. But thanks to the increase in that participation and in labor force growth, wage growth has been slowing - just what the doctor ordered. However, that issue about a new potential got lost in the dovish-hawkish-sheepish drivel that the press reports. The matter is probably relevant to the behavior of the 10-year yield. It could be that the yields might gyrate again if such "catch-up"growth rates recur before we reach the new steady state level of full-potential output. That implies more volatility of yields. And that volatility, itself, might be a reason for yields to be up a notch, but not by as much as they have gone up the past two months. So this can't be the whole/right story.
Average hourly earnings had gyrated wildly during the pandemic. As a result people had waited three months for the quarterly ECI to show the underlying picture. Thankfully, the two have been moving more or less in tandem over the past year at least. What you've said about average hourly earnings now more or less applies to the ECI as well. So, bingo, bingo, bingo and bingo!
I've had a request for Bluesky for weeks now. It's hard to flock to a service that won't let you in.
I'm hopeful that there is shift in income from capital to labor.
I'm wary of reading much into any single employment report, but Dean Baker did note a caution in this report. Almost all of the job growth was in healthcare & social assistance and government. Retail, restaurants, transportation & warehouse, and finance were flat to falling. Something to watch as a possible turning point.
Funny that its the Threads comment that will strike a nerve here.
Bluesky, alas, seems to be kind of a proof that a non-BigTech Twitter is impossible.
So Threads it is, until it isn't?
I could no longer tolerate X. Bluesky ignores me. Mastodon just didn't quite do it for me. I like Threads so far. But I agree, Zuck will screw it up. The trolls will show up eventually. But I don't think it will be a cheerleader for autocracy and even fascism.
Something struck me about Powell's most recent press conference. He seemed to imply that the economy might be currently running below full potential LEVEL (thus, "catch-up growth" like the one we saw in Q3). Given what is going on with labor supply and labor force growth, I can see why it may be probable that there is a higher new potential level than the past. Millions of new vacancies are still unfilled. It is likely that some work isn't getting done, probably leading to below-potential output. And we don't know when the ongoing increases in the labor force participation rate might help get that work done. But thanks to the increase in that participation and in labor force growth, wage growth has been slowing - just what the doctor ordered. However, that issue about a new potential got lost in the dovish-hawkish-sheepish drivel that the press reports. The matter is probably relevant to the behavior of the 10-year yield. It could be that the yields might gyrate again if such "catch-up"growth rates recur before we reach the new steady state level of full-potential output. That implies more volatility of yields. And that volatility, itself, might be a reason for yields to be up a notch, but not by as much as they have gone up the past two months. So this can't be the whole/right story.
Average hourly earnings had gyrated wildly during the pandemic. As a result people had waited three months for the quarterly ECI to show the underlying picture. Thankfully, the two have been moving more or less in tandem over the past year at least. What you've said about average hourly earnings now more or less applies to the ECI as well. So, bingo, bingo, bingo and bingo!