Economic News

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US employers cut more jobs last month than any February since 2009​



“… US-based employers last month announced plans to slash 172,017 jobs, a 103% increase from January and the highest February total since 2009, according to Challenger, Gray & Christmas’s latest monthly job cuts report released Thursday.

… It’s the 12th highest monthly total in the 32 years Challenger has been tracking job cuts. The 11 others (four came during the Covid-19 pandemic) all occurred when the US was in a recession, Challenger data shows.

The largest share of job cut announcements came in the government sector, where the newly formed Department of Government Efficiency has axed jobs, slashed federal spending and scrapped contracts.

By Challenger’s count, there were 62,242 announced cuts across 17 federal agencies. That’s a 41,311% increase from the 151 cuts announced through February 2024, Challenger noted.

The DOGE effect was not limited to the public sector: Downstream impacts, such as the loss of funding for private nonprofits, led to another 894 cuts, according to the report.

… Outside of the government, the next largest cuts were in retail (38,956), technology (14,554) and consumer products (10,625).

Thursday’s report is “something to be concerned about,” said Gregory Daco, chief economist at EY Parthenon, noting that the government cuts accounted for one-third of the overall announced layoffs. …”
I’m sure all those people who lost their jobs are so thankful that that that one transgendered athlete isn’t able to play in the volleyball rec league any longer.
 
I’m sure all those people who lost their jobs are so thankful that that that one transgendered athlete isn’t able to play in the volleyball rec league any longer.
What is more important ? Your job or the safety of your darling volleyball player-the one your wife carried for 9 mths, baptized in the name of white jesus
 
What is more important ? Your job or the safety of your darling volleyball player-the one your wife carried for 9 mths, baptized in the name of white jesus
For me, the job and economy, which is why I would never, ever vote for Trump. But apparently it isn’t so with a large portion of the voters in this country.
 


This should soothe the markets a bit, maybe?

“… The unemployment rate rose to 4.1 percent, from 4 percent.

  • Is DOGE playing a role? The jobs report was based on surveys conducted in the second week of February, so economists say the administration’s mass firings, buyouts and hiring freezes at federal agencies may not fully surface in the monthly data until sometime this spring.
  • What about tariffs? A similar wait is in store for those hoping to ascertain the effects that President Trump’s tariffs — both those imposed and those still threatened — may have on global trading partners, business investment and employment.
  • Zooming out: Even without the shake-up in foreign trade and federal employment, private-sector hiring has slowed substantially from the blowout pace of 2021 to 2023. That has left labor market analysts and financial commentators gearing up for a potential cooling in economic growth this year.
  • Context: For now, unemployment continues to glide just above record lows. And gains in average hourly earnings for workers have kept up a solid pace, overtaking inflation since mid-2023. …”
 
Unemployment up to 4.1 vs 4.0%. Non farm payrolls increase 151K vs 170K est. Jan non farm payrolls adjusted down by about 20K.

So poorer results showing but not bulk of it yet. DOGE cuts not in yet. Companies slowing hiring not in yet on tariff chaos. Will see more of these in Mar and Apr.
 
“… The unemployment rate rose to 4.1 percent, from 4 percent.

  • Is DOGE playing a role? The jobs report was based on surveys conducted in the second week of February, so economists say the administration’s mass firings, buyouts and hiring freezes at federal agencies may not fully surface in the monthly data until sometime this spring.
  • What about tariffs? A similar wait is in store for those hoping to ascertain the effects that President Trump’s tariffs — both those imposed and those still threatened — may have on global trading partners, business investment and employment.
  • Zooming out: Even without the shake-up in foreign trade and federal employment, private-sector hiring has slowed substantially from the blowout pace of 2021 to 2023. That has left labor market analysts and financial commentators gearing up for a potential cooling in economic growth this year.
  • Context: For now, unemployment continues to glide just above record lows. And gains in average hourly earnings for workers have kept up a solid pace, overtaking inflation since mid-2023. …”
 

1) I had no idea who Maria Bartiromo was a week ago, but she is rapidly becoming the most entertaining part of the Foxnews clips that you all keep insisting on posting here and I keep watching, for some ungodly reason.

She feels very much like a female version of Bobby Moynihan's SNL Weekend Update character, drunk uncle. And I'm here for it.

 
“… The unemployment rate rose to 4.1 percent, from 4 percent.

  • Is DOGE playing a role? The jobs report was based on surveys conducted in the second week of February, so economists say the administration’s mass firings, buyouts and hiring freezes at federal agencies may not fully surface in the monthly data until sometime this spring.
  • What about tariffs? A similar wait is in store for those hoping to ascertain the effects that President Trump’s tariffs — both those imposed and those still threatened — may have on global trading partners, business investment and employment.
  • Zooming out: Even without the shake-up in foreign trade and federal employment, private-sector hiring has slowed substantially from the blowout pace of 2021 to 2023. That has left labor market analysts and financial commentators gearing up for a potential cooling in economic growth this year.
  • Context: For now, unemployment continues to glide just above record lows. And gains in average hourly earnings for workers have kept up a solid pace, overtaking inflation since mid-2023. …”
 
IMG_5424.jpeg

“… Treasury Secretary Scott Bessent argued this week that tariffs will have only a transitory impact on inflation as they are merely a “one-time price adjustment.” But the Fed has recently been burned by assuming short-term price shocks would prove “transitory.” As the U.S. has painfully learned, these shocks can have long-lasting effects. Higher prices for car parts, for instance, can keep auto insurance rates elevated for years.“

 
IMG_5424.jpeg

“… Treasury Secretary Scott Bessent argued this week that tariffs will have only a transitory impact on inflation as they are merely a “one-time price adjustment.” But the Fed has recently been burned by assuming short-term price shocks would prove “transitory.” As the U.S. has painfully learned, these shocks can have long-lasting effects. Higher prices for car parts, for instance, can keep auto insurance rates elevated for years.“

IMG_5425.jpeg


Chaos is no way to run a business, much less the largest economy in the world.

season 3 chaos grenade GIF by Billions
 
Maria Bartiromo used to be relatively sane and civil back when she was a host on CNBC for several years. I honestly did not know her political leanings and it never really showed.

Once she went to Fox, became a cultist, and began worshipping the fraud criminal fake messiah, she became totally unhinged.

She has become erratic, schizo, illogical, bitter and angry, with bouts of rage, and generally unhinged. I'm not sure what meds she is on, but they are the wrong ones or not taking. Or perhaps there is just no cure for the power, idiocy, and pull of the cult.
 
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