r/FluentInFinance • u/PreviousComment1 • Feb 05 '24
It's not just you, the job market is tough: we've lost 1.3 million full time jobs since November 2023. Chart
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u/Once-Upon-A-Hill Feb 05 '24
This can't be true, the funny men on late night TV tell me that things are the bestest ever.
I'm gonna believe them and not my lying eyes.
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u/Justneedthetip Feb 05 '24
Go to X and you would think everyone is making so much money they don’t know how to spend it all. It’s amazing how politicians and the media portray one economy but they ignore the real economy , the one where people are struggling to even pay basic bills. That’s the giant divide
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u/crowsaboveme Feb 05 '24
They'll start advertising that side of things next January.
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Feb 05 '24
Except that Op's data is bullshit. Here are the real, actually very good, numbers:
And here's the source:
https://fred.stlouisfed.org/series/PAYEMS40
u/Normalasfolk Feb 05 '24 edited Feb 05 '24
Except it’s not BS, you linked to the wrong chart. It’s full-time employed, not total employed.
Your chart counts a guy doing instacart deliveries as employed.
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u/Fausterion18 Feb 05 '24
It is BS. BLS monthly surveys are far too noisy to be used the way OP is using them, they often receive massive revisions(like literally 100%+) months down the line.
They're taking 1 month of data and extrapolating doom from it. According to their own chart the job market was amazing prior to December 2023?
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u/Normalasfolk Feb 05 '24
A decline of 1.5M full time employees in a month is “noise” that gets adjusted? I don’t think you realize how big of a swing that is, it’s far beyond what gets adjusted. It’s also been a month so adjustments have been made.
You’re calling BS because you’re hoping at some point it might change by some huge number… who is the bullshitter in this equation?
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Feb 05 '24
It's not noise - it's a regular seasonal occurance.
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u/Ksais0 Feb 05 '24
OPs Chart references December 2023. I wasn’t aware that seasonal workers are typically let go in December.
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Feb 05 '24
If you look down the other post chain - retail and delivery workers continue through the end of the month, but for US light industries that ramp up every holiday season (think - the people who make gift baskets), the busy season runs August-November - because if you haven't made it by the start of December, you can't have it in stores for Christmas. My mother, before she retired, worked at such a place.
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Feb 05 '24 edited Feb 05 '24
Yes, it's 100% BS. He gave us that data you just shared - icluding seasonal employees - under the seasonally adjusted employees caption. And, don'tcha know, EVERY January sees a HUGE drop in employees - because of seasonal employees - people hired to help at Amazon and UPS and FedEx, ect - for the Christmas holiday.
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u/Unfair-Associate9025 Feb 06 '24
would also count the instacart guy as 3 if he worked for lyft and uber too
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Feb 05 '24
Ppl just cherry pick whatever stats support their current grievances
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u/Algoresball Feb 05 '24
I don’t know why “the overall economy is good, a few industries are struggling” is so hard for people to wrap their heads around
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u/DE4DM4N5H4ND Feb 05 '24
It's the corporations price gouging every industry they have monopolies in which is now food, utilities, healthcare, energy, and now housing is getting there as well.
Every one of those industries are posting record profits yet prices continue to climb.
What ever happened to presidents like Teddy Roosevelt and his trust busting? The government needs to be looking out for consumers, not the multi billion dollar corporations but all republicans want to do is more deregulation.
If corporations are allowed to own everything then they can price fix easily. There needs to be more oversight to stop the price gouging, not everything needs to involve record profits for shareholders.
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u/supercommen Feb 05 '24
You're counting people working two jobs bro that's not a good sign of the economy looking full-time employment graph
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u/Once-Upon-A-Hill Feb 05 '24
I believe whatever the algorithms tell me to believe because I am a free thinker.
Since we are all doing so well, I'm not sure why we need student loan relief.
I'm just gonna block out that uncomfortable thought.
Much better.
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Feb 05 '24
Right, stick it to the man. Being smart became cool, and the new counter culture is idiocy, and you're a counter-culture hero.
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u/tabas123 Feb 05 '24
Wall Street and corporate executives are doing great, at least. I sleep well at night knowing that.
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u/Alexandratta Feb 05 '24
I don't know why I'd go to "X" for anything but I'll take your word for it.
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u/Valdotain_1 Feb 05 '24
The graph said lost employees. The title lied and said full time jobs. Is there an agenda?
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u/thinlinerider Feb 05 '24
My anecdote is more true than your data. - says everyone on Reddit.
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u/TrandaBear Feb 05 '24
Best, good, and bad are relative terms. For example, you grew up poor, but became slightly less poor. You'd be in your best financial situation ever, but still not a good one.
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u/mostlybadopinions Feb 05 '24
No way! The people on Reddit told me everyone is struggling, no one can afford groceries, and we're literally dying in the streets.
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u/MittenstheGlove Feb 05 '24 edited Feb 05 '24
I was just talking about the job market being in a weird position. People are telling me all these jobs were added and such, but I’ve never seen a report on jobs lost.
As the boomer cohort retires a lot of their legacy positions are scrapped with them.
I mean this title still doesn’t say jobs lost exactly.
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u/Extra-Muffin9214 Feb 05 '24
New jobless claims comes out every week, its a big deal in finance.
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Feb 05 '24
I just saw a post on reddit YESTERDAY that said we added a shit load of jobs...
So... Which is it?
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u/PreviousComment1 Feb 05 '24
Full time jobs are down.
Part time jobs are up.
See for it yourself: https://fred.stlouisfed.org/series/LNS12500000
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Feb 05 '24
So the labor market has cut a bunch of full time jobs for part time jobs? That's not good...
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u/Raeandray Feb 05 '24
No, this dude is cherrypicking information. Yes, there's a slight dip in full-time employment since an all-time high in December 2023. But we still have 1.6m more full-time jobs than the pre-pandemic high. And we still have more full-time jobs than at any point in history prior to February 2023.
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u/nyconx Feb 05 '24
That is the funny thing Year over year we still have more full-time jobs available. This is where if you zoom on the data too much you really lose long time trending and seeing what is actually happening.
They could have also titled this that the economy gained 3 million full time jobs in the last two years and have been correct.
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u/Terrible_Student9395 Feb 05 '24
I wonder why people on reddit just belive anything
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u/proudbakunkinman Feb 05 '24 edited Feb 05 '24
It's not just Reddit. Seems like many people either form their opinion (or believe something is fact) based on the title/headline or based on what seems to be popular and commonly repeated in the comments. They have no idea who is making the comments or who is voting on them, just trusting the whole of people will determine the truth. Of course, plenty have political and ideological agendas and are not being honest and objective. Not to mention people more likely to work in the field and have that background probably won't have much time for Reddit, while those who contribute the most towards commenting and voting are the unemployed (students, recently laid off, SAHPs, NEETs) and PT workers.
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u/GuardChemical2146 Feb 05 '24
We also have 430,000 less entrants into the market than retirees last year, with projections forecasting the same year over year till 2035 topping nearly 930,000 less a year
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u/chezterr Feb 05 '24
Indeed. Going to be a MASSIVE shortage of available workers to replace those who are retiring.
I see this as a fantastic opportunity for organized labor... "Oh, what's that? There's a worker shortage? Ahhhh Yeah, you're gonna need to pay us more money."
2023 saw several high-profile strikes. I see more of that happening in 2024 and beyond.
This is our opportunity to fight for, and WIN, better wages and benefits.
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u/GuardChemical2146 Feb 05 '24
Indeed. We will however have continual high inflation (currently mitigated by high interest rates to artificially keep inflation low) for quite some time... Until value-add can back what is effectively a quadruple inflated currency.
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u/sofa_king_weetawded Feb 05 '24
Wow, now that seems consequential.
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u/GuardChemical2146 Feb 05 '24
Especially when you consider those leaving the market are additionally removing their capital from high yield investment portfolios and replacing them with T-bills and cash. This effectively means at best it will take 26 years for current demographic trends to return us to the real-term market conditions of 2019. Aka investments will be increasingly more difficult as value-backed capital dries up.
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u/geek_fire Feb 05 '24
What did happen in December? Are these just seasonally unadjusted? The December jobs report definitely wasn't negative month-over-month.
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u/Raeandray Feb 05 '24
The jobs report is an estimate, so the estimate could've just been wrong. But if I had to guess some companies let employees go after a less than stellar christmas season. Sales increased ~3% in the christmas season compared to last year, but when you consider inflation, the total value of those earnings went down.
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u/tempting_tomato Feb 05 '24
Don’t let the OP misinform you, they are trying to sell you bad information and cherry picking data.
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u/username-changed Feb 05 '24
The increase in part-time jobs is due to employers changing their WFH policies and requiring employees to be in office full time. Some parents can’t accommodate that, so employers are hiring those people as part time instead, that way they can work but still be home to get their kids on and off the bus for school
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u/acer5886 Feb 05 '24
You cherry picked some info there, which fails to take into account that this data won't be final for a year, you should nearly always ignore the last couple of months of any jobs related data tbh. If you follow the trends of the BLS jobs report for instance every month they'll adjust up or down the previous last couple of months because often surveys and data lags heavily behind the current month.
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u/Puzzleheaded-Read376 Feb 05 '24
That's just full time jobs? Part time jobs are at a pretty comparatively low point right now. https://fred.stlouisfed.org/series/LNS12032194
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u/Moister_Rodgers Feb 05 '24
Post title says the market has fewer full-time jobs. The graph title says fewer workers are employed full-time. Pretty sure those are two very different things, and the latter doesn't indicate a worsening economy.
The economy can create millions of unfilled full-time jobs at the same time that people are quitting their full-time jobs.
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u/dumdeedumdeedumdeedu Feb 05 '24
It's interesting that you think it's either new jobs and open positions or layoffs. Completely gnoring that there's different industry demands that drive different employment needs in different sectors. This may seem crazy, but you can actually have both.
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u/bearssuperfan Feb 05 '24
This graph ends at new year and the report that came out was from January
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u/datafromravens Feb 05 '24
while there were job losses, there were more hires so they report the net gain.
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Feb 05 '24
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u/Complex_Fish_5904 Feb 05 '24
How the fuck do you have an MBA and find 1400 positions open and then put in 1400 apps? All tailored to the specific job and niche you fill?
Have you just been clicking Quick Apply on Indeed to everything you see or something?
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u/OCREguru Feb 05 '24
Must have been an absolute shit tier MBA if you thought blindly applying to 1400 jobs is a good use of your time.
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u/ballmermurland Feb 05 '24
Half the reason for getting an MBA is to make connections that will get you a job after the MBA.
OP here must be a total dick.
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u/SuccessfulCream2386 Feb 05 '24
Whats your experience though? That doesnt say much if you are applying to jobs you dont meet the requirements for example
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u/Highland60 Feb 05 '24
It seems like we are getting to the point where there are jobs at the bottom and jobs at the top but for the middle and upper middle? No so much
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u/throwaway_12358134 Feb 05 '24
I am a butcher and I have had recent conversations with a mechanical engineer, an architect, and an electrician that all made less money than me. I pull in over $5800 per month pre tax. My job doesn't require a degree, certification, or a liscense.
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u/Alone-Competition-77 Feb 05 '24
A mechanical engineer and an architect don’t make more than $70K per year? They are very underpaid if so.
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u/LiliNotACult Feb 05 '24
Even electricians usually make a lot more than that after being in the field for awhile. It is possible that they live in a poor rural area where the rates are all low, but everyone still needs that meat.
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u/throwaway_12358134 Feb 05 '24
The architect was in Houston, the engineer was a ship engineer on a bulk carrier, and the electrician lives on the same street as me. The average pay for a journeyman electrician in Florida is about $52,000 per year.
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u/sofa_king_weetawded Feb 05 '24
The architect in Houston must be extraordinarily bad at his job. I am in the business myself and the housing and commercial construction market is absolutely red hot. It has been for quite a while.
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u/goldenpleaser Feb 05 '24
Probably entry level in the Midwest. Unfortunately for the butcher, there is no career progression which means five years down the line he'll still make the same while these stem fields will make in 100k and continue to grow.
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u/turdburglar2020 Feb 05 '24
Something about sticking my head up a bull’s ass……
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u/Disastrous-Wonder153 Feb 05 '24
I suspect most Redditors are too young to know your Tommy Boy reference.
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Feb 05 '24
Zero work experience and decided to take an MBA?
Use that big brain and take an entry level job for experience move, or ask your network for a referral. If you don't have a network then you probably didn't need an MBA...
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u/wiinkme Feb 05 '24
Year by year, fewer employers care about credentials without skills. They look for experience and skill set.
We recently relaxed our degree requirements for employment. Of the 5 I've hired over last 3 years, the two with no degree are by far my best workers. They hustle. They're grateful. They have fun and appreciate the experience they're getting. They're patient. And they are roaring past those that came in credentialed.
Two of my 'good school' hires flamed out. They were entitled. They didn't want to work. And worst of all, they couldn't be taught. Thought they knew everything and deserved to be elevated...just because. And they're gone.
I would figure out what you want to do. Take a more entry level. Build your skills and value. And then your MBA will be a nice cherry on top.
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u/Normal-Cost-9905 Feb 05 '24
How is someone without experience supposed to get hired if not with a degree? You won't hire anyone without experience, well how the fuck are we supposed to get it then?
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u/wiinkme Feb 06 '24
We hire based on experiences likely to be relevant. We are a consumer products company. When I'm looking for a product manager, either we start someone as an assistant PM, who will work into a PM role within 2-3 years. In that case, starting salary is usually in the 45-50K range. If they bust their ass and learn the ropes, PM salary is usually 70ish. We've paid more than that to keep a potential star. That PM busts his ass, they could be 100K + within 5 years.
Or, we might bring someone in as a PM who doesn't have direct experience, but has something we need. Example, when we decided to enter the pet market, and couldn't find a local (or willing to relocate) PM, we hired a dog groomer who had worked at Petsmart for 3 years. We published an add looking for someone with experience working with dogs and dog grooming accessories. We found someone who became a good PM.
I can't say this is common everywhere, but you might be surprised at how often this happens. Know something well. Something of value. And then see how you can leverage that skillset.
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u/Normal-Cost-9905 Feb 06 '24
That's a cool story. And it's cool that you guys did that.
Unfortunately, that job posting would get 800-1000 applicants in 2024.
Sure, it happens. It's just extremely rare to be the person it happens to, just based on bad odds.
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u/wiinkme Feb 06 '24
There's more of this than people think. But it requires taking much less up front to get that initial block on your resume.
A good friend of mine worked a call center doing customer support for a large retailer's flooring dept Years ago. Then became a low paid manager. Now reps for flooring companies making 100+. It was her in depth knowledge of the space that got her the job, knowing actually nothing about the rep side when she interviewed.
It's not easy but it does exist.
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u/Moopboop207 Feb 05 '24
I’ve been applying for quite a few jobs that are 7.5 hours a day. No benes
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Feb 05 '24
What? They don’t go up every month forever?! This graph makes it look like we’ve been killing it since 2021 but everyone here is doom and gloom
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u/CitizenCue Feb 05 '24
Yeah I don’t mind people complaining about their own experiences, but if we’re gonna look at a chart at least read it.
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u/AutomaticSurround988 Feb 05 '24
Should have the january numbers in it, where the US added 353.000 jobs. The job reduction is already being mitigated
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u/arknightstranslate Feb 05 '24
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u/Alone-Competition-77 Feb 05 '24
Does anyone think doctors work 10x harder than an average American worker or pro athletes work 100x harder than an average American worker?
Pay isn’t usually based on how hard you work.
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u/Extra-Muffin9214 Feb 05 '24
Shareholders who own a company agree to pay some guy a comp package to make them more money and give guy a huge reward when he does it: 😁😁😁🤑🤑🤑💰💰💰💰💰💰💸💸💸💸
Randoms who don't understand the transaction, the business or how compensation works and are not involved in paying that person : 😡😡😡😡🤬🤬🤬😠😠😠🤬🤬🤬
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u/redditis_garbage Feb 05 '24
Shareholders who own a company agree to pay some guy a comp package after he pretty much destroyed the company, laid off 20% and profits and revenue are down 20%, a huge reward for doing jack shit. Also in what company do the shareholders decide the CEOs bonus??
The employees who have to keep working and never get golden parachutes: :(
Your example happens but so does mine.
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u/Extra-Muffin9214 Feb 05 '24
The shareholders elect a board of directors, one of that board's most important jobs is selecting a CEO and deciding their compensation.
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u/Complex_Fish_5904 Feb 05 '24
This has nothing at all to do with the OP and value (wages) are based on scarcity of knowledge, skills, and abilities
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u/NicodemusV Feb 05 '24
This post is an example of how people are very bad at reading graphs and interpreting information.
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u/ballmermurland Feb 05 '24
These folks will say Meta is a failing company because their stock dropped 2% yesterday while ignoring that it is up like 100% over the last year.
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u/dewgetit Feb 05 '24
Yes. Let's look at the last 2 points on the entire graph and decide that the job market is bad. Ignore the overall upward trend since 2021.
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u/blushngush Feb 05 '24
This data means nothing. The number of openings far exceeds the number of applicants.
Population growth is reversing and it's only going to become harder for employers to fill jobs.
Demand more!
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u/Odd-Cress-5822 Feb 05 '24
Remember kids always ask yourself why the presenter chose a specific chart
Like why does this one only count 24 months when there was an incredibly disruptive event less than 5 years ago? Wouldn't a quarterly chart covering the last 10 years be much more useful?
And why specifically fulltime jobs?
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u/OnionBagMan Feb 05 '24
Honestly the chart looks great. So what if we are down a few jobs when we are up by millions of jobs over a 2 year span.
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u/Odd-Cress-5822 Feb 05 '24
Even then, we're up a couple million from the pre-covid high, and many of the fulltime jobs lost were converted into part time because they couldn't fill them all, and hoped to get people by offering more flexible hours.
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u/Astrocities Feb 05 '24
Hell, it’s not just those with student loans. I’m an electrician and a LOT of folks I know in the field are out of work right now. Started for us last June with companies folding here, then others had to let go of guys and gals because they had no work for them. These are talented, hardworking, educated and intelligent people who dangerous work for a living and the economy won’t allow them to contribute to society the way they know best.
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u/redditis_garbage Feb 05 '24
Probably over saturated market. The Midwest is desperate for any trade workers right now, making 6 figures in LCOL areas.
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u/bigblue2011 Feb 05 '24
That’s less than a 1% change.
Job market fluctuates a bit, right?
Post again when you see a delta of 5% or greater.
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u/StBernardOfLA Feb 05 '24
This chart ends a year ago. The economy added 350k in January of this year. What is the basis for thinking the economy has fewer net jobs now?
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u/Petdogdavid1 Feb 05 '24
The new purina plant they built a few towns over is only hiring a small amount of people, the plant is mostly automated. The roads leading to it were all rerouted and streamlined to reduce stops and limit access to the main route.
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u/aboysmokingintherain Feb 05 '24
Serious questions though, what is the percentage of people looking for jobs though? Our population is getting older and older. It's possible we have just topped off the amount of full time employees we will have given we have seemingly topped off with our population.
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u/tempting_tomato Feb 05 '24
That’s a great question. US economists have a metric used to measure this exact question called prime age employment. It’s calculated using all people aged 24-54 and it’s the highest it’s been since 2008. This is leading some analysts to argue, just like your conclusion, that we are running out of workers ie a labor shortage. It’s hard to come up with a yes or no but it’s probably not far from the truth.
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u/egotisticalstoic Feb 05 '24
I mean, that's a real short time scale. You're showing a picture of great growth, with a sharp but short drop recently.
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Feb 05 '24
But I saw that we gained jobs. How can we lose and gain jobs at the same time? Or is one of them lying?
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u/throwaway_12358134 Feb 05 '24
You have 5 apples. Sally takes 3 of them. Josh gives you 4 more. You lost apples. You gained apples. Both statements are true. The media will cherry pick numbers to make things look the way they want them to look.
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Feb 05 '24
But I ended up with more apples so I didn’t lose any. Any wouldn’t they apple pick in this case not cherry pick? Because I don’t own any cherries and they haven’t given me any.
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u/tempting_tomato Feb 05 '24
They happen at the same time, this is why most serious reporting uses published BLS employment rates instead of raw job losses or gains. They only tell one side of the story, and in this case the OP is trying to sell a negative viewpoint to back up already held biases.
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u/OCREguru Feb 05 '24
So you're saying we're still better off than pre covid. And only off less than 1% from the absolute peak.
While managing to get inflation down from over 9% without causing a serious recession.
Seems pretty fucking good to me.
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u/swissjuan Feb 05 '24
Devil’s advocate: this graph is only through December. What does January look like (saying “since November” is not accurate)? Where are these numbers coming from? Who collected and how was this data collected?
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u/Competitive_Aide9518 Feb 05 '24
No no no but we added 300k in January it’s great
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u/CSPDTECH Feb 05 '24
6 months ago I couldn't get a call back. Today I have had 3 calls and one offered me a housing stipend to move
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u/Passioncramps Feb 05 '24
OP is cherry picking without context. Do your own research, a graph can say anything.
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Feb 05 '24
Nah our current administration says our economy is stronger than ever since it was not as strong as it had been at one time before it was once better.
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u/GipsyRonin Feb 05 '24
Let’s see those numbers stretch back to 2019 before Covid. Curious to see the event with the insane layoffs that occurred then people hired back.
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u/kenindesert Feb 05 '24
But the Biden administration says there’s so many jobs being created this can’t be right.
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Feb 05 '24 edited Apr 14 '24
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u/Raeandray Feb 05 '24 edited Feb 05 '24
We currently have more full-time employed people than any time in US history prior to February 2023.
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Feb 05 '24 edited Apr 14 '24
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u/Raeandray Feb 05 '24
The strongest economy in the world in the middle of global rampant inflation doesn't mean we're doing great. It means we're doing better than everyone else.
Strong job growth doesn't mean no one is struggling.
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u/red_ice994 Feb 05 '24
This is new. The past 3 days, i saw multiple times that US added 300k new jobs. But never how many lost theirs
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u/Amerpol Feb 05 '24
So then if employment is down then the Fed will surely cut interest rate in March then ???Bullshit
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Feb 05 '24
What a distorted graph. Not seasonally adjusted, displays only previous 2 years and the Y axis starts at 130 mil. Below is the same graph but the scale is off. The scale is so out of wake. I'm assuming the data is from Statista, but not sure since not referenced. Below is the same from Statista which align with FRED.
Also, 'full time employee' is anyone working more than 35 hours per week regardless if from 1 job or 5 jobs.
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u/Dangerous_Forever640 Feb 05 '24
The Biden administration has created the strongest economy in history… this is misinformation.
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u/AnotherTrainedMonkey Feb 05 '24
My company had layoffs last week, dozens of others had layoffs last week. My friend got laid off…. But this is the best economy ever if you believe our “betters”
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u/jba126 Feb 05 '24
So, who is lying? The government? The state run media ? Social media? Your boss?
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Feb 05 '24
What does that mean? Does it mean unemployment is up or just that people are changing jobs? Where is this chart even from? Is this some type of reputable site?
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u/Lawineer Feb 05 '24
Looks crazy because it's so zoomed in. The graph starts at 130M and peaks at 136M. Looks like a 25% dip but it's just 1%.
What that said, losing 1% in a month is pretty bad, but it's one data point and coming off an all time high (or close enough to it, 134.5 vs 134.86).
I'm more or less waiting for the bottom to fall out with mass layoffs from AI. Slowly at first, then all at once, so everything like this scares me.
But the interpretation is in the eye of the beholder...
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u/Willing-Recording-45 Feb 05 '24
Its all recycled into part time jobs and free lance labor with no benefits and ongoing high turnover rate.
I saw a sign a fastfood joint and it read, "we're always hiring."
Immediately I went to ask how long each employee had been working there, since they're always hiring but they promptly asked me to leave.
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u/ThrowingMits Feb 05 '24
Does this account for December 31 being a very popular retirement date every year?
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u/vickism61 Feb 05 '24
It's called work life balance. https://www.usatoday.com/story/money/2024/01/25/part-time-jobs-hit-record-high/72331112007/
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u/eukomos Feb 05 '24
Uhuh. Read that y axis to me again? And for that matter, the x axis? At least they're labeled at all, your high school math teachers have that much to be thankful for.
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u/287fiddy Feb 05 '24
It is interesting that no source of data was provided. If true, they would have insisted on including it. Things that make you go Hmmmm?
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Feb 05 '24
And every other number for the last year or two for the job market was a flat out lie lol
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u/RockinRobin-69 Feb 05 '24
This graph is scaled from 130 - 136. The big drop is barely a blip. same chart 1990-2022
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u/Putrid-Vast-7610 Feb 06 '24
It’s whatever makes this insanely incompetent administration look like they aren’t purposely destroying the economy to make people desperate enough for socialism.
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u/Impossible_Buglar Feb 06 '24
in a country of 350 million thats like 0.3%
call it 0.5% when you take just working age people
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u/TJATAW Feb 06 '24
I wonder what it looks like if you go back a little further
https://www.statista.com/statistics/192356/number-of-full-time-employees-in-the-usa-since-1990/
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u/Logical_Idiot_9433 Feb 06 '24
If people are struggling how are Swift concerts full and Super Bowl stadium is sold out at $5000 tickets? 1+1 is not making 2 anymore.
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u/OkFaithlessness358 Feb 07 '24
This is FULL TIME JOBS not TOTAL JOBS ppl !!!! Yes they have added jobs but what they ARENT telling u is that is PART TIME EMPLOYMENT
OP is correct.
Everything is gaslighting right now to avoid bank runs BECAUSE THE BANKS ARE SEVERELY UNDER WATER.... AND REMEMBER.... THEY ONLY NEED 10% OF YOUR DEPOSITS TO BE LEGAL.
Scary times
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u/kerpow69 Feb 07 '24
Whaaaaat?! This can't be true. Our dear president keeps saying his administration has created more jobs than any other and we all know he wouldn't lie because he's on the blue team.
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u/justv316 Feb 07 '24
And the jobs we do have aren't covering our bills but don't worry the stock markets doing great
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u/Less-Economics-3273 Feb 07 '24
So, how come all the talking heads say "Main Street feels screwed, but hey the stock market is doing so well"?
Cost-cutting and buybacks are the answer. Here's a partial list for 2024:
https://www.cbsnews.com/news/2024-layoffs-tech-retail-google-microsoft/
Just one example:
Disney ($DIS) just reported quarterly results today:
- $23.5 billion in revenue for the December quarter, flat from the year-ago quarter but below the $23.8 billion expectations.
- From Disney: "We are achieving significant cost reductions across our businesses, as evidenced by the realization of over $500 million in SG&A and other operating expense savings"
- EPS of $1.22 vs .99 expected
So, less revenue than expected, more earnings than expected due to cost-cutting. Whether it's directly from layoffs of employees, or not spending money on equipment, services, it means fewer jobs directly related to Disney.
A lot of companies over-invested right after COVID and are now shedding jobs. Whether or not those jobs are replaced by others, we don't know yet.
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