Wednesday, September 06, 2023
Commentary: Recession May Be Coming After 514,000 More Americans Struggle to Find Employment
The national unemployment rate reported by the Bureau of Labor Statistics jumped from 3.5 percent to 3.8 percent in August as an additional 514,000 Americans said they could not find work in the Bureau’s household survey. Now 6.3 million Americans are said to be unemployed, the highest in more than a year.
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It's gonna even get better soon when the Feds announce turn your greeanbacks in cause the only fiscal game in town will be digital currency.
ReplyDeleteNo worries. Joe will soon announce the new "I'll pay for your groceries, I'll pay for your housing, I'll pay for your car" vote-buying forgiveness program.
ReplyDeleteBullshi*, nothing but bullshi*. There are many positions open in every business, everywhere, because no one is applying for work nowadays.
ReplyDeleteThe thing about the good numbers that the Biden administration kept trotting out about the economy is, later they silently revised them downward, without fanfare. So the people were left to think that things were improving, when in fact things are getting worse just like the average man on the street sees.
ReplyDeleteAmericans are the most heavily propagandized people in the world. And they love it, their favorite thought shaping channels even have laugh tracks. True or false isn't important if it takes too much effort to determine. False can always be made into truth just with lots of repetition.
DeleteGregory, do the math.
ReplyDeleteIf you were 16 in 1981 earning minimum wage flipping burgers you had more buying power then than someone collecting $15/hour, which is supposed to be an awesome wage. Many jobs are now part time, no benefits. There is a lot of corporate crapola and very little leadership. So you tell someone how awesome their wage is but they work the first hour to come to work (transportation charges - price of gas and maintenance) and by the end of the second they can barely afford a hamburger with a drink at any chain (Last I paid for was over $10 and I'm in very rural Alabama). Small businesses are paying less, afraid to pay more and have to raise their prices. Why work minimum wage; it was a stepping stone to a better job. Show someone you are dependable and have a work ethic on your way to a better job. Now, people are working for less than min wage, being told its awesome, and stuck in a job with little promise of promotion (read service industry.)
Not working under such circumstances is a very rational decision. Price of labor, especially for dependable people, has gone up. Employers have not figured it out.
And in case you don't know it, working retail sucks. Everyone wants it right now, don't care what you're doing, that you're doing it for 2 customers ahead of you, after cleaning up someone's spilled food (in a big box dept store) or worse yet, digested food (been there and done that too). Previous to that some customer rips you a new one because you haven't been trained in what they are asking about to answer their question. Then there are the people who can not communicate in English (I don't mind tourists, they're polite). For every 3 pleasant people there is 1 out there to ruin your day. Do the math, every day will suck unless you decide you don't care. I'm working to be sociable and get extra hours I don't want because I show up and do my job. But I see what my coworkers have to go through.
Here's a secret, as a supervisor you're often a shit screen for your people. I'm now a peon and I might get shit from customers, but its the least shit I've gotten in years. I'm a happy peon.
Oh, puleeze. My first job in 1974 was minimum wage and I couldn't afford to live on it any more than I could live on minimum wage today. Up until I was in my 30s both my wife and I worked a full time job as well as one and sometimes two part time jobs to make ends meet.
DeleteThe simple fact of the matter is kids today are too damned entitled to work at something they think is below their dignity. They've had everything handed to them growing up and once they do hit adulthood they think that should continue.
Recession coming? Coming? We've been in one since January 21st, 2021. Where have these economists been? And we're really in a soft-depression.
ReplyDeleteCan't wait for the Social Security lack of matching COLA this year. You know, the one legally tied in with the 'official' inflation numbers? The inflation numbers that the Government sets at a ridiculously low number?
Are companies still getting government covid money to "look" for workers? Here in central Texas my 2 granddaughters and their friends can't find work; even though they have applied for numerous jobs.
ReplyDeleteThey have answered ads for workers; yet they never get a call back or even a thanks but no thanks. And no it's not because of some perceived weakness on their part; they have great work ethics and have been employed before.
They are finding that businesses just don't seem to be hiring even though they say they are.