Althouse: "Job creation stalled in October, with employers adding only 12,000 positions in a month that included a major strike and two destructive hurricanes."

November 1, 2024

"Job creation stalled in October, with employers adding only 12,000 positions in a month that included a major strike and two destructive hurricanes."

"Unemployment remained steady at 4.1 percent. The number was significantly lower than economists had expected, suggesting either that disruptions took a larger toll than they had forecast, or that the underlying pace of job growth might be slowing.... August and September were revised lower, taking a total of 112,000 jobs off earlier estimates. The average job growth over the past three months is now 104,000, down from 189,000 over the six months before that."

The New York Times reports.

48 comments:

Mike (MJB Wolf) said...: Only missed their "expected" job creation number by a tiny 89%.

Tagline: "LOL It's called Bidenomics!" -- Kamala Harris VP (2022); 11/1/24, 8:39 AM
Mike (MJB Wolf) said...: Can't wait to see what the "revised" number will be after the election. Minus 50,000? Minus 100,000?; 11/1/24, 8:41 AM
Iman said...: I’m sharing a pic from Ring of someone approaching our front gate last evening. For Godsakes… I hope it isn’t who I think it is!; 11/1/24, 8:42 AM
Tank said...: All of these reports are pretty much BS, why didn't they lie more this time?; 11/1/24, 8:43 AM
Captain BillieBob said...: Most of the gains are in government employment. Previous two months numbers revised downward. Shocking. Who would have guessed that previous numbers were over estimated.; 11/1/24, 8:53 AM
Rob C said...: I'm a bit curious how this jobs number works. If they claim in one month 125,000 new jobs, then in the next month they decrease that by 50,000 and claim 125,000 new jobs in that month aren't they essentially taking double-credit for those 50,000?; 11/1/24, 8:55 AM
wendybar said...: Always an excuse. Progressives are Cloward and Pivening us, and pretending they care about us, when everything they are doing is destroying the country.; 11/1/24, 8:55 AM
AlbertAnonymous said...: Revisions ALWAYS go in the same direction. it’s almost as if they’re lying to us. One way ratchet. Like the “throttling” of disinformation (always only “conservative” folks), and the thumb on the scale for the dem candidate, and the trans people (dudes) playing in women’s sports but never the other way around…; 11/1/24, 8:55 AM
RideSpaceMountain said...: The chocolate ration has been increased from 5 ounces to 3 ounces. Best economy ever. Woohoo!; 11/1/24, 9:09 AM
R C Belaire said...: Exactly!; 11/1/24, 9:10 AM
Mike (MJB Wolf) said...: Worse than I thought. This report "includes a net loss of 46,000 manufacturing jobs." Holy recession batman! The entire 2.3% "growth" of GDP last week was government, not private spending, and that is not good news.; 11/1/24, 9:11 AM
Mike (MJB Wolf) said...: "It's a how-to manual!"; 11/1/24, 9:13 AM
Joe Bar said...: This comment has been removed by the author.; 11/1/24, 9:23 AM
Joe Bar said...: Just wait a few weeks. This shall be revised downward for a 100,000 job loss.; 11/1/24, 9:23 AM
Dixcus said...: It's always 1984 at the NY Times.; 11/1/24, 9:27 AM
Dixcus said...: Don't forget about all the election "glitches" we're seeing reported that all ONLY HELP Democrats.; 11/1/24, 9:28 AM
Scott Gustafson said...: Yes Rob C, that is exactly how they take double credit for the same job growth. Note that if they had not revised the prior month number down by 31K, today's number would have been a negative 19K. And it cascades on back.; 11/1/24, 9:29 AM
Mike (MJB Wolf) said...: We (well, the Fed and Treasury) are "borrowing" (actually printing) another $1-trillion every two months now to prop up this fake "growth." To quote the late great Julian Simon (a truly reality-based economist), "That which cannot go on forever, won't."; 11/1/24, 9:32 AM
gilbar said...: August and September were revised lower, taking a total of 112,000 jobs off earlier estimates.

can someone tell me, the last time estimates were EVER revised higher?; 11/1/24, 9:42 AM
MacMacConnell said...: The actual job numbers are about 100k less than their est. for the month.; 11/1/24, 9:50 AM
Bob B said...: Not always on direction. Once Trump takes office corrections will be in the opposite direction, as was the case during his first term.; 11/1/24, 10:04 AM
Leland said...: That is my thoughts. I get the impression they came up with a number that was plausibly positive and posted it. If Trump wins, they’ll then claim job decline began on his watch, when it really began at least 1Q before he took office, and no pandemic this time.; 11/1/24, 10:08 AM
Original Mike said...: I'm sure Rich will be along to explain how this is an outstanding report.; 11/1/24, 10:10 AM
walter said...: I'd love to see the math, if there is any, behind the claim the hurricanes and Boeing account for this. I suspect they just reached for convenient headlines. I bet the trades and cleanup companies are booming in hurricane path. Boeeing has been failing for some time.; 11/1/24, 10:17 AM
walter said...: Was she posting a sign that says "Cultist lives here!"; 11/1/24, 10:19 AM
Rusty said...: She'd be flying over. Your Ring won't catch that.; 11/1/24, 10:24 AM
Let's put her with a rifle standing there with 9 barrels shooting at her said...: This comment has been removed by the author.; 11/1/24, 10:37 AM
Let's put her with a rifle standing there with 9 barrels shooting at her said...: This is what Democrats get for using their space lasers to control the weather. 😉

This was well flagged for the reasons given in the article . The American economy is resilient and it roared back better than any major economy out there.

Too many people process online news feeds like they’re compiling a ransom note—a few words from this paper, a few words from that paper. The American economy is the post-pandemic benchmark for the world. The Economist’s recent cover feature explains why. If one stops cherry-picking data points that support their bias, and look closer at fundamentals and factors, the news is very good.

Back to the Economist, they endorsed Harris this week. She will win and by greater margins than polls suggest.; 11/1/24, 10:38 AM
boatbuilder said...: This comment has been removed by the author.; 11/1/24, 10:42 AM
Mike (MJB Wolf) said...: It's extraneous data, a distraction, to give lefty reporters something to chit chat about after providing the "news."; 11/1/24, 10:43 AM
boatbuilder said...: Right on cue, Mike--see below.; 11/1/24, 10:43 AM
The Cracker Emcee Refulgent said...: Well, of course. Polls don’t measure fraud.; 11/1/24, 11:00 AM
walter said...: Accepting that assessment at face value..ahem..what has Bidenomics done to cause that? How would Kamala continue syuch success?; 11/1/24, 11:02 AM
walter said...: "Back to the Economist, they endorsed Harris" Shocker!; 11/1/24, 11:03 AM
Mr. T. said...: What in the world are you rambling about?; 11/1/24, 11:03 AM
walter said...: In my world, clients have been holding off projects until they see if Harris gets in.; 11/1/24, 11:04 AM
walter said...: Also folks stringing multiple part time jobs together.; 11/1/24, 11:06 AM
Let's put her with a rifle standing there with 9 barrels shooting at her said...: 1. These numbers say little about the economy.

2. Bigger picture, the US job situation remains good.

3. Inflation has been largely tamed, although the potential for renewed inflation does exist.

4. It is the lingering effect of the 2021-23 inflation spike that still hurts. Housing is prohibitively expensive to most, especially those who must borrow large amounts at very high rates.

The lingering and real effects of a permanent change in price levels is likely continuing to hurt Harris. The fact that inflation is no longer raging could help her campaign. The question is how much. The "new news" today will not affect the election, as much as some politically-driven commentators hope or fear that it will.; 11/1/24, 11:18 AM
cfs said...: In 2020, the week before the election, the NBC headline was "Economy added *only" 661K Jobs last month". "Only"? Harris and the Democrats would love to have a 661K job print to brag about over the weekend.

Instead, they are having to massage the numbers and insist they are due to outside forces that have nothing to do with Biden/Harris policies and are due to circumstances over which this administration has no control.; 11/1/24, 11:20 AM
PM said...: In SF and points below, tech layoffs have gone from alarming to astounding. I don't know exactly what's causing it, but I blame A.I. anyway.; 11/1/24, 11:26 AM
Achilles said...: When Trump was president.; 11/1/24, 11:30 AM
walter said...: Period after lockdowns end naturally look bigger. However, the Covid spending largesse became the baseline and guvmint keeps hiring. It's like raiding your emergency fund and expecting that to be the new norm while expanding your family.; 11/1/24, 11:30 AM
Dogma and Pony Show said...: Oh, yes, the economy is SO resilient, nothing the dems do ever has any negative effect on it. High taxes and inflation? Wonderful! Tens of billions spent on projects with zero results? No problem! Industry-crippling regulations? Completely harmless! Financing foreign wars? Don't worry about it! Trillions of dollars of new debt? We can absorb it forever! Millions of unvetted illegals who need to be placed on the public dole? It's all good!; 11/1/24, 11:42 AM
Butkus51 said...: To be unexpectedly revised downward in the future, and most were government jobs.

You want to keep your job, don't you?

Are any family members or acquaintances Trump supporters?

I repeat, you want to keep your job, don't you?; 11/1/24, 12:14 PM
cubanbob said...: It's bad enough they lie to us. Worse even is that they so blatantly lie to us. They don't even have enough respect for us to try to lie convincingly. What is more depressing is that tens of millions want to buy into the lies.; 11/1/24, 12:38 PM
Iman said...: That number - 12,000 - will be revised downward in a few months. It’s how these people govern. Everything is based on bullshit.; 11/1/24, 1:11 PM
Achilles said...: It is the same as voter fraud. People are not accepting the lie because it is so obvious.

You all don't see the broader ecosystem that takes in this information and makes decisions based off of it. Investor websites try to predict markets and make money off of these numbers.

The BLS has been posting numbers that are obviously and hilariously fraudulent for a long time. We have been in a recession since 2021. We are entering deflationary market conditions. There has not been an economy this bad since 1929 if you use real numbers.; 11/1/24, 1:25 PM
Achilles said...: It is hilarious that Rich thinks he can post this and people will believe him.

You are an idiot Rich. Nobody believes the media propagandists or the Regime that feeds you this garbage. You are a joke.; 11/1/24, 1:28 PM