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US economy unexpectedly sheds 92k jobs in February

bbc.com

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Re: US economy unexpectedly sheds 92k jobs in February

#51

Post by saalweachter »

nerdsniper wrote: post #30
giraffe_lady wrote: post #18

Earlier quoted context omitted.

I'm not sure how much of it is actually AI vs just like, the bags of VC money have dried up and most tech companies can't anywhere near justify their personnel or often even existence without it. Like companies have been doing the RTO "stealth" layoffs for years now, it's not even news anymore, this was already well underway. There is also the obvious priapism of owners and investors to finally do to the remaining wh…

Where is the money that was going to VC investments going now? With increasing inequality, I figure rich people have more money than ever that they need to figure out where to invest.

Real estate?

Re: US economy unexpectedly sheds 92k jobs in February

#52

Post by gambiting »

nemo44x wrote: post #46
testfrequency wrote: post #4

I do not see the tourism industry mentioned here but I have to imagine that is a huge loss right now. Most of the world is not visiting the US right now which means projects and planning that was made in anticipation for summer has probably been halted or heavily reduced.

I have some Euro friends that went to Dubai instead because the USA is “too dangerous” right now. I wish them safe passage back, but yeesh talk about irrational perspective.

I mean yeah, that's a dumb choice, for sure - but our company rescheduled all work events from their normal location in US to Montreal, Canada. Hundreds of people each. Sure, a small drop in the ocean, but I'm sure we're not the only ones.

Re: US economy unexpectedly sheds 92k jobs in February

#53

Post by sailfast »

“Unexpectedly” lol

We’ve been digging ourselves a giant AI-inflated hole in the economy for months and folks have just been playing musical chairs to grab as much money as possible before the music stops.

Hard to believe it’s taken this long. I never wanted to live through the late 70s / early 80s economically but I guess I’ll have my chance!

Re: US economy unexpectedly sheds 92k jobs in February

#54

Post by ajross »

paxys wrote: post #13

If the government-approved numbers are this bad the real ones must be catastrophic.

Honestly, no. The administration is not subtle with its lies. If they want to fib, they do it out of POTUS's mouth at a podium, and it's a huge whopper that just dares the nasty liberal media to try to call it out. The strategy works for them, and they apply it repeatedly.

They don't just fudge numbers a bit. This is a bad number for them because it's probably the correct (or best available, really) number produced by the existing bureaucracy that does things via the same rules it always has. Doesn't mean it won't be revised later (note that there's also a big downward revision in this report of previous numbers). But it's likely trustworthy.

Along with Big Lie polemics, you also need to recognize that the administration is very sensitive to market motion (sort of a variant kind of democracy, I guess). And markets HATE when the government messes with the economic regulatory aparatus.

Re: US economy unexpectedly sheds 92k jobs in February

#55

Post by TwoNineA »

cheesecompiler wrote: post #29
testfrequency wrote: post #4

I do not see the tourism industry mentioned here but I have to imagine that is a huge loss right now. Most of the world is not visiting the US right now which means projects and planning that was made in anticipation for summer has probably been halted or heavily reduced.

There is a significant majority of people in Canada who not only vocally decided to not go to US but discourage their friends from doing so too. People have judged me for driving through the states.

Last year we cancelled a planned US vacation, this year we didn't even think about it. Going back to Europe two years in a row. I don't give a fuck about tariff policy of our supposed "friends" but when our "friend" repeatedly threatens our independence and sovereignty, no thanks. Not going to step into the USA for a long time.

Re: US economy unexpectedly sheds 92k jobs in February

#56

Post by sailfast »

ck2 wrote: post #37
paxys wrote: post #13

If the government-approved numbers are this bad the real ones must be catastrophic.

hey I know lets spend billon per day on war of choice for no reason for rest of year and make gas $5/gallon so even people who don't drive have to pay more for trucks going to stores and delivery oh and make old/ill people somehow work until they are sixty-five to get any food or medical assistance that should fix things right up xmas economic implosion inbound

Dear leader says prices are down. So they are down. He tells me I’m doing better than ever before. So I must be.

Re: US economy unexpectedly sheds 92k jobs in February

#57

Post by joe_mamba »

testfrequency wrote: post #4

I do not see the tourism industry mentioned here but I have to imagine that is a huge loss right now. Most of the world is not visiting the US right now which means projects and planning that was made in anticipation for summer has probably been halted or heavily reduced.

>Most of the world is not visiting the US right now

Only right now? The US touristic cities have been and continue to be the most expensive places in the world to visit by far, so most of the planet will never visit the US out of cost reasons alone, regardless of their views on $CURRENT_POLITICS.

Foreign tourism probably isn't large enough part of the US GDP to be making a dent in the US economy as a whole.

@WarmWash: where is the dollar collapsing? USD:EUR and USD:GBP are on par with where they were 10 years ago. Hardly a collapse. The people who can't afford flights and boarding in Vegas, Santa Monica or NY won't get any massive benefit from current currency fluctuations.

Re: US economy unexpectedly sheds 92k jobs in February

#58

Post by h2zizzle »

I expected it. I also expect it to get revised even lower, and the gains from the last couple months to disappear.

I really wish people would realize that prolonging this farce is not in their best interests. The energy potential of the inevitable blowback just keeps building.

Re: US economy unexpectedly sheds 92k jobs in February

#59

Post by mmastrac »

"we're all trying to find the guy who did this!"

But seriously, antagonizing all of your trading partners and visitors so that tourism dies, your booze industry gets severely wounded, and making things expensive so the world's most efficient kleptocracy can keep feeding itself has some consequences, I guess.

Re: US economy unexpectedly sheds 92k jobs in February

#60

Post by dfxm12 »

dylan604 wrote: post #47
dfxm12 wrote: post #9

Earlier quoted context omitted.

I think failing at gambling (especially at a time when like 2 cities had a monopoly on gaming in the US) is bigger proof of his lack of acumen.

You say fail, but that's because you're looking at it from a "running a business" viewpoint. Instead, you have to look at "enrich personal wealth" viewpoint. It's possible to run a business into the ground while personally gaining financially. A failing business has some beneficial tax purposes. So people that think these failed businesses are a negative just need to look at them differently. They succeeded in their…

I guess he did campaign on running the country like one of his businesses. A rare promise kept from a politician. :)
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