Dayum! 2.5 million jobs!

At this rate we should be back to full employment by, oh say... Election day...

https://abcnews.go.com/US/wireStory/...-jobs-71087253

LMAO!!!

I saw that. Yep, it's gonna be the economy. And Trump knows it. And the fake media was reporting how bad May's numbers were going to be. SMH

Better than expected but many places aren't coming back. I'm seeing many small business in N Houston shuttered. Luby's looks likes it bankrupt. Some will survive with reorganizing, some won't.

I saw that. Yep, it's gonna be the economy. And Trump knows it. And the fake media was reporting how bad May's numbers were going to be. SMH Originally Posted by Austin Ellen

The "fake media" was based on estimates from economists. Forbes estimated in early May that the unemployment rate could be around 20% now. And Forbes is considered to have a Right-Center bias.

Unemployment rate drops to 13.3% in May, signaling return of US jobs

Economists surveyed by Refinitiv expected the report to show that unemployment rose to 19.8 percent in May


https://www.foxbusiness.com/economy/...20-jobs-report

The "fake media" was based on estimates from economists. Originally Posted by SpeedRacerXXX

So?



"ANTI-TRUMP ECONOMIST!" ^^^^^

Better than expected but many places aren't coming back. I'm seeing many small business in N Houston shuttered. Luby's looks likes it bankrupt. Some will survive with reorganizing, some won't. Originally Posted by gnadfly

Very true. Several Austin establishments, including the iconic Threadgills restaurant, will not reopen. Small businesses have been hit hard.

So? Originally Posted by LexusLover

Ellen blamed "fake media" for the missed forecast. The media had nothing to do with it. They reported what economists predicted.

https://www.bloomberg.com/news/artic...ring-rebounded
America’s labor market defied forecasts for a Depression-style surge in unemployment by rebounding in May, signaling the economy is picking up faster than anticipated from the coronavirus-inflicted recession.
A key gauge of payrolls rose by 2.5 million, trouncing forecasts for a sharp decline following a 20.7 million tumble the prior month that was the largest in records back to 1939, according to Labor Department data Friday. The jobless rate fell to 13.3% from 14.7%.
U.S. stocks jumped after the report, adding to weeks of gains in equities since mid-March. The figures were so astonishing that President Donald Trump said he would hold a news conference at 10 a.m. in Washington to discuss what he called a “Really Big” report.

Read more: Bloomberg’s TOPLive blog on the jobs report
While the overall picture improved, one key number in the report deteriorated. Unemployment rates declined among white and Hispanic Americans, but the level ticked up among African Americans to 16.8%, matching the highest since 1984. That comes amid nationwide protests over police mistreatment of African-Americans, which have drawn renewed attention to black people’s economic plight.


The unexpected improvement wasn’t limited to the U.S. figures. North of the border, Canadian employment rose 290,000 in May, compared with forecasts of a 500,000 slump, its statistics office reported Friday.
The data show a U.S. economy pulling back from the brink as states relax restrictions and businesses bring back staff, while supporting a rebound in the stock market. At the same time, the lack of an effective treatment for Covid-19 -- which has already killed more than 100,000 in the U.S. -- means infections may persist and possibly surge in a second wave, with the potential to further shake the labor market and extend the economic weakness.
“Clearly the labor market turned the corner in late April, early May. We’re seeing a rebound of labor-market activity,” said Michael Englund, chief economist at Action Economics, who had estimated a payrolls decline of 2 million, the second-closest estimate. He expects June economic and labor-market data to show further improvements and plans to revise up his forecast for second-quarter gross domestic product.
The latest figures may give a boost to Trump, who has fallen behind Democratic challenger Joe Biden in polls amid the pandemic, recession and now nationwide protests over police mistreatment of African-Americans. The numbers also come amid a debate over the timing and scope of additional stimulus, with Democrats and Republicans at odds following record aid approved by Congress to cushion the downturn.


Economist forecasts had called for a decline of 7.5 million in payrolls and a jump in the unemployment rate to 19%. No one in Bloomberg’s survey had projected improvement in either figure.
One caveat noted by the U.S. Labor Department: the unemployment rate “would have been about 3 percentage points higher than reported” if data were reported correctly, according to the agency’s statement. That refers to workers who were recorded as employed but absent from work due to other reasons, rather than unemployed on temporary layoff.
The broader U-6, or underemployment rate -- which includes those who haven’t searched for a job recently or want full-time employment -- fell to 21.2% in May from 22.8%. In February, it was 7%, with the main unemployment rate at a half-century low of 3.5%.

The employment-population ratio rose to 52.8% from 51.3%. The participation rate -- or the sum of employed and unemployed Americans as a share of the working-age population -- advanced to 60.8% from 60.2%.
Hiring in May was broad-based, with hard-hit restaurants rebounding along with retail and health care. But state and local government workers were hammered for a second month, with 571,000 job cuts.


Manufacturing payrolls rose by 225,000, following a 1.32 million decline in April.
The share of the unemployed on temporary layoff fell to 73% from a record-high 78.3%. Goldman Sachs Group Inc. economists said before the report that if job losses remain concentrated in furloughs, “it would increase the scope for a more rapid labor market recovery.”
Average hourly earnings for employed private workers rose 6.7% in May from a year ago, following 8.5% in April, as the return of low-wage workers skewed pay figures back downward a bit.


13% v a predicted 19% - the model the DPST's depend on for their dearly desired recession/depression are not working for them.

Perhaps rioting and looting will work for them - if they burn enough cities.
Biden wins in Nov 2020- and presides over a nation of smoking ruins. - It is OK - as long as they defeat Trump - nothing else matters.



A poster - argumentative as always. does not want the economy to improve.

The market is heading to 27,000 again. Could happen today.

When I was young, my family would go to Luby's for Sunday dinner. It was such a treat. The last time I went was about 5 years ago to the one that was in Austin. It was horrible. It's sad when that happens but some of these business were on their last leg anyway.

Better than expected but many places aren't coming back. I'm seeing many small business in N Houston shuttered. Luby's looks likes it bankrupt. Some will survive with reorganizing, some won't. Originally Posted by gnadfly

When I was young, my family would go to Luby's for Sunday dinner. It was such a treat. Originally Posted by Austin Ellen

I went to Luby's once.. they had a waitress named Lou Anne.. I asked if I could have Lou Anne on a plate. they told me "get out, Pervert"!

I kid.

I think Denny's and others in the same mold are in big trouble. the sit-down restaurants were already populated mostly by Diners 50 and older.. they were in trouble demographically even before CO-VID.

2.5 million jobs? fine, but not great.. these are people the Government paid to stay employed, along with those laid off in March, early April, for pandemic reasons.. doesn't mean the economy is growing worth a damn.. this was a forced recession, and a very brief one.

these are people the Government paid to stay employed Originally Posted by Chung Tran

How do you even put that into the equation. The people who remained employed by the Cares Act and subsequent Business incentive would have not been laid off and in no way counted as unemployed and thus would not be counted in to re-employed.

You really need to think things through sometimes before posting.

How do you even put that into the equation. The people who remained employed by the Cares Act and subsequent Business incentive would have not been laid off and in no way counted as unemployed and thus would not be counted in to re-employed.

You really need to think things through sometimes before posting. Originally Posted by eccielover

not true.. think for a minute before you post.

many people were let go before the CARES ACT passed, some after it passed, but before business got their mitts on the money.

The market is heading to 27,000 again. Could happen today. Originally Posted by bambino

My portfolio is were is was at the end of Feb

When I was young, my family would go to Luby's for Sunday dinner. It was such a treat. The last time I went was about 5 years ago to the one that was in Austin. It was horrible. It's sad when that happens but some of these business were on their last leg anyway. Originally Posted by Austin Ellen

My father wouldn't eat at any place but a cafeteria. We probably went to Luby's twice a month after church. I grew to hate it. Even when he was 75 and I was paying he'd insist on Lubys.

I think Denny's and others in the same mold are in big trouble. the sit-down restaurants were already populated mostly by Diners 50 and older.. they were in trouble demographically even before CO-VID.

. Originally Posted by Chung Tran

Went to IHOP for the first time in years. I could not believe how expensive it was. Chili's was cheaper. You can make pancakes all day for $1. The old people eat breakfast at McDonalds now before the lockdown.

Good news for everybody except Government employees. As it should be.

"Large employment increases occurred in May in leisure and hospitality, construction, education and health services, and retail trade. Government employment continued to decline sharply."

https://www.bls.gov/news.release/empsit.nr0.htm