Economy Disastrous January job report with a estimated 400,000 jobs lost

[44nutman]

I've heard that before every housing correction.

It will be sharp, buy probably won't last too long.

It will drop some when the rates go up. I am an appraiser, and was talking to an older sales lady for a builder. She has been in the business since the mid 70's and what she said made tons of sense if you think about it.
The interest rates were like 10+% for home loans. People use to buy points to lower the rate, well for the same payment, when including the interest rate, you were paying for 100k well now you pay the same for 300k because at the end of your loan you are paying way less interest.
Rates need to be raised because in my market which is service based homes in areas, even with my concealed permit I would not want to live are going for 300k, that is when you know the market is fucked. At least Zillow is out of the market of buying homes, because they almost went bankrupt doing it.

 

[ShadowRun]

It is what it is.

I'm not saying it's Biden's fault, lol

Yea double the price on everything is discernible

 

[steveflynn]

Yea double the price on everything is discernible

Please explain to me how Obama was handed an automatic recovery which you said in a previous post?

 

[SBJJ]

Yea double the price on everything is discernible

I hear ya man. I do the shopping for my household. I see it, and hate it.

 

[Jack V Savage]

You are easily one of the biggest hacks and biggest imbeciles on here. It's unreal that I missed the second part of this.

Hoover's economy was the all-time best because he gave FDR a great opportunity to turn things around. And aside from the comical spin, it's not even true that it went from good to great. Went from good to good until the bottom fell out. It's actually not hard to do nothing at all and let the economy keep growing at the exact same pace until the first actual challenge comes up.

 

[Joe]

"Turned into negative"

 

[cooks1]

https://www.cnbc.com/2022/02/02/jan...many-as-400000-jobs-lost-by-one-estimate.html

"Opinions of some major Wall Street forecasters and fortified Wednesday by payroll processing firm ADP, employment in January either slowed to a crawl or perhaps turned into a negative."

More bad news for America on top of people not working jobs are being cut and add inflation on top of it a great depression is looking more likely.

What am I missing here? Literally the opposite happened. We added 400 K jobs. And wages continue to rise as well.

https://www.marketwatch.com/story/coming-up-u-s-jobs-report-for-january-11643980058
https://www.nytimes.com/live/2022/02/04/business/jobs-report-january
https://www.washingtonpost.com/business/2022/02/04/january-jobs-report-unemployment-2022/

 

[sickc0d3r]

Disastrous OP.

 

[Rational Poster]

There are 6 million more population wise from 2019 to 2022

So that number is not good at all.

Yeah and they all reached working age in just 2 years. Biden is really incredible.

 

[ShadowRun]

Hoover's economy was the all-time best because he gave FDR a great opportunity to turn things around. And aside from the comical spin, it's not even true that it went from good to great. Went from good to good until the bottom fell out. It's actually not hard to do nothing at all and let the economy keep growing at the exact same pace until the first actual challenge comes up.

How was Wallace’ economy ?

 

[SBJJ]

Yeah and they all reached working age in just 2 years. Biden is really incredible.

Well, we pretty much know for certain about a million or more entered from the south border this year alone. But probably more like 2 million.

 

[Mike]

I hope this means the real estate market is tanking soon.

FFS it just HAS to eventually, right?

 

[Rational Poster]

Well, we pretty much know for certain about a million or more entered from the south border this year alone. But probably more like 2 million.

Even if they did they would still be undocumented workers that wouldn't be included in data like this.

(But they didn't)

 

[drstrangelov]

Quite a turn this one took

 

[Misfit23]

FFS it just HAS to eventually, right?

Funny enough since I made that post... an offer for a house I did was accepted after two others pulled their offers.

 

[SBJJ]

Even if they did they would still be undocumented workers that wouldn't be included in data like this.

(But they didn't)

How does that matter. It makes it worse.

And you do realize that the 6 million increase does not mean 6 million births, right? Hint, while babys are born....old folks die.

In fact, I'd reckon there were likely more deaths than births the last 2 years, would you agree?

 

[Mike]

Funny enough since I made that post... an offer for a house I did was accepted after two others pulled their offers.

Congratulations sherbro!

 

[aerius]

Apparently this is the first time that many here have seen a BLS* jobs report...




*Bureau of Lies & Statistics

 

[Rational Poster]

How does that matter. It makes it worse.

And you do realize that the 6 million increase does not mean 6 million births, right? Hint, while babys are born....old folks die.

In fact, I'd reckon there were likely more deaths than births the last 2 years, would you agree?

Nope.

 

[kenetics]

Why do you think millions just decided to stop working?

I think people people finally figured out that they weren't safe economically working for companies after the pandemic. They were expendable during layoffs rather quickly. I believe now that they are starting their own side buisness, online sales etc..

The sad thing is that most of these companies are now offering higher wages than before and even handling out bonuses . So they could've paid higher wages before the pandemic but decided not to because they had the power.. now the power has shifted to the worker.

I don't feel bad for those buisnesses, they dug their own graves.