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Jobs increased by 528,000 in July

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Hiring in July was far better than expected, defying signs that the economic recovery is losing steam, the Bureau of Labor Statistics reported Friday.

Nonfarm payrolls rose 528,000 for the month and the unemployment rate was 3.5%, easily topping the Dow Jones estimates of 258,000 and 3.6% respectively.

Wage growth also surged higher, as average earning earnings jumped 0.5% for the month and 5.2% from the same time a year ago. Those numbers add fuel to an inflation picture that already has consumer prices rising at their fastest rate since the early 1980s.

https://www.cnbc.com/2022/08/05/jobs-report-july-2022-528000.html

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Normally this is great news, however we live in weird economic times. There is no pool of workers to fill these jobs. , meaning that businesses will have to raid from each other , causing more inflationary pressure. The fed will keep it's aggressive stance on raising rates. 

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On 8/5/2022 at 9:53 AM, NVGiant said:

This is the strangest damn economy. Indicators are pointing in just about every direction. 

We've never had this much debt or between the small size of gen Z and immigration falling off a cliff, such a small supply of cheap and young labor. 

So... I think that using past economic examples is doomed to failure. 

Remember that every argument you have with someone on MWCboard is actually the continuation of a different argument they had with someone else also on MWCboard. 

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On 8/5/2022 at 7:52 AM, bornontheblue said:

Normally this is great news, however we live in weird economic times. There is no pool of workers to fill these jobs. , meaning that businesses will have to raid from each other , causing more inflationary pressure. The fed will keep it's aggressive stance on raising rates. 

Moar robot accountants. 

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On 8/5/2022 at 6:58 AM, happycamper said:

We've never had this much debt or between the small size of gen Z and immigration falling off a cliff, such a small supply of cheap and young labor. 

So... I think that using past economic examples is doomed to failure. 

Yep. Retiring boomers, continued pandemic effects, war, etc., etc. There isn’t an economic model for this.

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On 8/5/2022 at 7:01 AM, grandjean87 said:

Moar robot accountants. 

Shit, we have been short staffed for about a year and a half. We just had a staff member leave last week. I will be working crazy hours this tax season if we can't find staff. 

A lot of boomers retiring and not a lot  of young people coming up in the profession to replace them. Anybody with an accounting degree and isn't, or doesn't look like a felon will get a decent salary, and multiple offers to choose from in the accounting profession right now. 

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On 8/5/2022 at 8:08 AM, bornontheblue said:

Shit, we have been short staffed for about a year and a half. We just had a staff member leave last week. I will be working crazy hours this tax season of we can't find staff. 

A lot of boomers retiring and not a lot  of young people coming up in the profession to replace them. Anybody with an accounting degree and isn't, or doesn't look like a felon will get a decent salary, and multiple offers to choose from in the accounting profession right now. 

Moar online teachers. 

Those youngers mocking “Ok, Boomer” and whatever they say about Xers are going to miss us when they have to home school and do their own taxes. 

NM was mentioning the same about his profession (doctors).  Need moar immigration. 

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On 8/5/2022 at 7:19 AM, grandjean87 said:

Moar online teachers. 

Those youngers mocking “Ok, Boomer” and whatever they say about Xers are going to miss us when they have to home school and do their own taxes. 

NM was mentioning the same about his profession (doctors).  Need moar immigration. 

My much better other half as you call her goes back to school soon. I think she said the kids start August 16th. Seems like it gets earlier every year. 

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On 8/5/2022 at 8:28 AM, bornontheblue said:

My much better other half as you call her goes back to school soon. I think she said the kids start August 16th. Seems like it gets earlier every year. 

My last three years, Boise moved their calendar up so semester 1 would end at Christmas break. Semesters were unbalanced (17 weeks then 19). It was okay for semesters except my school was on a pure quarter term.  It cut our teaching time to near 8 weeks for Q1-2 when factoring in finals.  We already had less seat time. 

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On 8/5/2022 at 10:19 AM, grandjean87 said:

Moar online teachers. 

Those youngers mocking “Ok, Boomer” and whatever they say about Xers are going to miss us when they have to home school and do their own taxes. 

we already do that

On 8/5/2022 at 10:19 AM, grandjean87 said:

NM was mentioning the same about his profession (doctors).  Need moar immigration. 

way ahead of you bro

 

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(https://www.guaranteeshirts.com/shop/p/millennialmedicarecrystalsedition)

On 8/5/2022 at 10:28 AM, bornontheblue said:

My much better other half as you call her goes back to school soon. I think she said the kids start August 16th. Seems like it gets earlier every year. 

They started school here... on Tuesday!!

 

Remember that every argument you have with someone on MWCboard is actually the continuation of a different argument they had with someone else also on MWCboard. 

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On 8/5/2022 at 8:19 AM, grandjean87 said:

Moar online teachers. 

Those youngers mocking “Ok, Boomer” and whatever they say about Xers are going to miss us when they have to home school and do their own taxes. 

NM was mentioning the same about his profession (doctors).  Need moar immigration. 

So, you are saying I may have to rethink my idea of advocating for putting all the boomers underground and harvesting their bio-energy?  

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On 8/5/2022 at 9:28 AM, SharkTanked said:

Weirdest recession ever.

I am of the belief a lot of industries are recouping pandemic losses and cashing in on post-pandemic demands on travel/leisure.  Of course the amount of money thrown into the market had an effect, but those effects on market should be waned by now.  1200 bucks in 2020 have had its multiplier effects attenuated to nil by now.  There is more to it than people are crediting.

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On 8/5/2022 at 9:48 AM, East Coast Aztec said:

I am of the belief a lot of industries are recouping pandemic losses and cashing in on post-pandemic demands on travel/leisure.  Of course the amount of money thrown into the market had an effect, but those effects on market should be waned by now.  1200 bucks in 2020 have had its multiplier effects attenuated to nil by now.  There is more to it than people are crediting.

Agreed the pandemic and war are making for truly bizarre economic impacts. Too bad we don't have economic data from the mid 1300's for comps.

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