Quote:
Originally Posted by Harvey Specter
It’s worth looking beyond the headline because if most of those 83,000 jobs are part time or in low wage sectors, they’re not exactly signs of a strong economy.
And the unemployment rate dropping to 6.9% sounds good, but it could also mean people are giving up on looking for work. Honestly, the economy still feels pretty flat to me, high costs, stagnant wages, and underemployment aren’t reflected in the numbers.
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A few things to unpack, good and bad here.
Unemployment isn’t based on people looking for work as far as I know. It’s people of employable age/ability working or not working.
Wages have outpaced inflation for multiple months on end last I’ve heard. I’d have to look for how long, but I think it’s been 6+ months.
No one with any sense is trying to say this is indicative of a strong economy. Honestly I’d have a hard time naming a country with a strong economy right now, unless we are talking countries that have climbed the ladder from pretty rough situations into the first world, like China, Mexico, etc.
Any strong economy right now probably has a significant “it’s all relative” factor to it.