Mulberry Heel
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Oh, the numbers will be "amazing" all right - just not in the way they think.
Economic News
- Thread starter nycfan
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Oh, the numbers will be "amazing" all right - just not in the way they think.
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Mulberry Heel
Inconceivable Member
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Honestly, economic pain was inevitable the moment Dear Leader got a second term. It's no accident that the last time we had a jobs report this bad was Trump's last full month of office - December 2020.
You left out two H’s and used two too many N’s.He's amazing isn't he?! He just keeps winning and winning.
“Whining and whining.”
heelslegup
Esteemed Member
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4 straight months (and counting) of manuf job losses
Mulberry Heel
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Unpossible! I've been hearing since 2016 from my Trumper relatives and people I know in my old foothills hometown that Dear Leader was going to bring back all of their old factory jobs and those furniture plants and textile mills would reopen as if by magic. Instead Trump's policies are actually going to cost us even more manufacturing jobs than would otherwise be the case. But good luck convincing any of them of that - they'll go down on the SS Trump insisting that they're not sinking at all.
They really, really believed he was going to bring their job world back? You know, the magic of Trump was that he could make countless promises (not backed up by a plan) and his voters would believe it simply because they understood his central promise to them. "That he was going to fight for them". Its too bad his resume of being a con man and a fraud didn't get noticed.
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The U.S. could tumble into recession before seeing Trump’s promised golden age
The U.S. economy is at risk of entering a recession before President Trump’s promised golden age, with weak job growth and high inflation blamed on his policies.
—> https://wapo.st/45TW0cA“… Whether you blame President Donald Trump’s unorthodox tariff and immigration policies or a slow-footed Federal Reserve Chair Jerome H. Powell, the federal government is not doing the economy any favors these days.
The United States began the year having grown at an annual rate of 2.4 percent in the final three months of 2024. Hiring was robust: employers added 323,000 jobs in December.
Fast forward to today and the news is less cheery. On Friday, the Bureau of Labor Statistics said the economy added only 22,000 jobs in August, meaning the labor market has basically stalled since the president kicked off his historic “Liberation Day” tariff offensive in April. Some on Wall Street are mulling the likelihood of a recession.
… Administration officials dismiss that possibility out of hand. But, outside of recessionary periods, the U.S. has not seen hiring this weak relative to the size of the economy in more than 60 years, Jason Furman, a former adviser to President Barack Obama, posted on X.
Trump and his advisers were quick to point the finger at the Fed or the BLS while urging Americans to be patient. In an interview with CNBC, Commerce Secretary Howard Lutnick said the economy could dazzle again in as soon as “six months.”
The president himself began laying the groundwork for that argument one day earlier, saying that “in a year from now,” the employment picture will be brilliant, thanks to new investments in artificial intelligence and other marvels….”
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“… To be sure, Trump warned voters earlier this year to brace for a painful transition as he retools the economy for a manufacturing-rich “golden age.” Treasury Secretary Scott Bessent likewise said in March that the economy must endure a “detox period” as it weans itself from an excessive reliance on government jobs.The U.S. could tumble into recession before seeing Trump’s promised golden age
The U.S. economy is at risk of entering a recession before President Trump’s promised golden age, with weak job growth and high inflation blamed on his policies.
“… Whether you blame President Donald Trump’s unorthodox tariff and immigration policies or a slow-footed Federal Reserve Chair Jerome H. Powell, the federal government is not doing the economy any favors these days.
The United States began the year having grown at an annual rate of 2.4 percent in the final three months of 2024. Hiring was robust: employers added 323,000 jobs in December.
Fast forward to today and the news is less cheery. On Friday, the Bureau of Labor Statistics said the economy added only 22,000 jobs in August, meaning the labor market has basically stalled since the president kicked off his historic “Liberation Day” tariff offensive in April. Some on Wall Street are mulling the likelihood of a recession.
… Administration officials dismiss that possibility out of hand. But, outside of recessionary periods, the U.S. has not seen hiring this weak relative to the size of the economy in more than 60 years, Jason Furman, a former adviser to President Barack Obama, posted on X.
Trump and his advisers were quick to point the finger at the Fed or the BLS while urging Americans to be patient. In an interview with CNBC, Commerce Secretary Howard Lutnick said the economy could dazzle again in as soon as “six months.”
The president himself began laying the groundwork for that argument one day earlier, saying that “in a year from now,” the employment picture will be brilliant, thanks to new investments in artificial intelligence and other marvels….”
Kevin Hassett, director of the National Economic Council, told CNBC on Friday that he expects the preliminary August jobs figure to be revised upward, as often happens. Each month, the government estimates the number of employed Americans by surveying a random sample of businesses. Their answers do not always arrive on time for the initial estimate, leading to revisions that can result in large numerical changes.
Estimates produced in August, when many people are on vacation, have undershot actual job totals by an average of 40,000 positions over the past decade, Goldman Sachs said on Thursday.…”
Anyone who thinks the textile jobs that have been lost over the last 60 or so years are coming back doesn’t know anything about the textile industry.
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They're closing down the textile mill
Across the railroad tracks
Foreman says, "These jobs are going, boys
And they ain't coming back
To your hometown
sringwal
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Whining and whinging.
Mulberry Heel
Inconceivable Member
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Agreed, but good luck convincing rural and small-town NC MAGAs of that. I think many of them honestly believe that Dear Leader is going to bring back those jobs, and all evidence to the contrary be damned. It certainly fits the MAGA profile though, of people who prefer feelings over facts and beliefs over evidence and ignorance over education.
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BESSENT: It's been a couple of months. We can't snap our fingers and have factories built
WELKER: The economy did add nearly 500,000 manufacturing jobs under President Biden
BESSENT: Most of the jobs created under the Biden administration went to illegal aliens
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and once we get our BLS guy confirmed he will wipe out those 500,000 manufacturing jobs created under Biden with a downward revision
inch by inch, step by step