U.S. jobs report today: Economy added 517,000 jobs despite recession risk; unemployment fell to 3.4%

[Grim Reaper 6]

The unemployment rate fell from 3.5% to 3.4%, lowest since 1969, the Labor Department said Friday.  Unemployment for Black people declined to 5.4%, lowest on record dating to 1972. Economists surveyed by Bloomberg had forecast 185,000 job gains. The blockbuster jobs total will likely not be welcomed by a Federal Reserve looking for job gains and wage growth to slow to further reduce high inflation and bolster its plan to pause its aggressive interest rate hike campaign in coming months.

 

Also, job growth in the fall was stronger than initially believed. Employment gains for November and December were revised up by a total of 71,000. November’s was revised from 256,000 to 290,000 and November’s, from 223,000 to 260,000. In a more encouraging development, average hourly earnings rose 10 cents to $33.03, pushing down the annual increase to a still elevated 4.4% from 4.8% the previous month.

https://www.msn.com/en-us/money/markets/u-s-jobs-report-today-economy-added-517-000-jobs-despite-recession-risk-unemployment-fell-to-3-4/ar-AA173Yr1

[Portre]

And the republicon response is... "Hunter's laptop!"

[Grim Reaper 6]

This is the best jobs report for any President since 1969, I suppose that’s why this is so quit. This completely destroys the myth of Trump, in fact if anyone wants a hearty laugh, go online and look at Trumps comments there are oh my god they are so funny!

[odas]

6 hours ago, Grim Reaper 6 said:

This is the best jobs report for any President since 1969, I suppose that’s why this is so quit. This completely destroys the myth of Trump, in fact if anyone wants a hearty laugh, go online and look at Trumps comments there are oh my god they are so funny!

All that in only two effen years while combating covid, russia's war, inflation, china, iran  AND MAGA insurrection. Just immagine what Joe would be able to achieve if he was fully awake! Brandon went, he did them all!!!

[Grim Reaper 6]

1 hour ago, odas said:

All that in only two effen years while combating covid, russia's war, inflation, china, iran  AND MAGA insurrection. Just immagine what Joe would be able to achieve if he was fully awake! Brandon went, he did them all!!!

I agree my friend, it’s truly amazing the way things have gone. Now, neither of us are Christians, you practice Islam and I practice Buddhism but the way this entire scenario played out almost seems Biblical doesn’t it?

[odas]

4 minutes ago, Grim Reaper 6 said:

I agree my friend, it’s truly amazing the way things have gone. Now, neither of us are Christians, you practice Islam and I practice Buddhism but the way this entire scenario played out almost seems Biblical doesn’t it?

Biblical in a sense if orchastrated by Mel Brooks, the real choosen one.

[Grim Reaper 6]

7 minutes ago, odas said:

Biblical in a sense if orchastrated by Mel Brooks, the real choosen one.

I love Mel Brooks, and his blazing Saddles!!!!!

[odas]

On 2/4/2023 at 5:02 PM, Portre said:

And the republicon response is... "Hunter's laptop!"

Yup. Seems like this thread does not get many responses from magasasses. Wonder why? 

[spartan max2]

Hopefully inflation continues to drop. The Fed wants a 2% yearly inflation number 

[odas]

4 minutes ago, spartan max2 said:

Hopefully inflation continues to drop. The Fed wants a 2% yearly inflation number 

Seems like the US is in the best position to achieve it. Canada is not doing bad either but trails behind the US. One has to count on some job losess in the near future but all in one the Biden administration is doing way way better than anyone else.

[spartan max2]

5 minutes ago, odas said:

Seems like the US is in the best position to achieve it. Canada is not doing bad either but trails behind the US. One has to count on some job losess in the near future but all in one the Biden administration is doing way way better than anyone else.

I also give a lot of credit to our federal reserve. They are brutal when it comes to trying to lower inflation. They continue to raise interest and said they will basically keep raising until the job is done.

As often with Biden. The best thing about his presidency is him getting out of the way of professionals and letting them do what they need to do. 

Edited February 6, 2023 by spartan max2

[Tatetopa]

I am sure it will come up.  #45 will say he could have brought in 750,000 new jobs, and followers will agree that Biden is such a total loser compared to that.

[odas]

1 hour ago, spartan max2 said:

I also give a lot of credit to our federal reserve. They are brutal when it comes to trying to lower inflation. They continue to raise interest and said they will basically keep raising until the job is done.

As often with Biden. The best thing about his presidency is him getting out of the way of professionals and letting them do what they need to do. 

That's what real leaders do, listen to the experts.

Same here in Canada with the interrest rates. It will hurt some once their mortgage renewals come up, but, hey, they bought the house not the mortgage and eventually the rates will come down. So the pain should be short lived.

[odas]

11 minutes ago, Tatetopa said:

I am sure it will come up.  #45 will say he could have brought in 750,000 new jobs, and followers will agree that Biden is such a total loser compared to that.

That is all they have left, just useless complaints in the fashion of their cult car. Why does everyone with small hands complain that much? 

 

[Tatetopa]

34 minutes ago, odas said:

Why does everyone with small hands complain that much? 

 

Can't get no........ Satisfaction.

[Gromdor]

Lowest unemployment since Nixon?  That's not too shabby.  Looks like he's doing a fair bit better than all the all the modern presidents- Carter, Reagan, the Bushes, Obama, Trump, and Clinton.

I think it is a bit too low.  Politicians in my state and nationally are looking at ways to force people to go to work.

In my state alone they are cutting unemployment benefits and forcing people to take jobs that earns less than their previous job or lose unemployment.  Restricting what kind of foods you can buy with SNAP.  Hasn't really helped the current issue at all because people are working (Some two or three jobs) but should be real painful whenever the next recession hits.

[+Desertrat56]

4 hours ago, odas said:

That's what real leaders do, listen to the experts.

Same here in Canada with the interrest rates. It will hurt some once their mortgage renewals come up, but, hey, they bought the house not the mortgage and eventually the rates will come down. So the pain should be short lived.

How does that work?   Mortgages do not have a fixed rate in Canada?    Here most mortgages have a fixed rate and as long as you pay on time every month your interest rate does not change, unless you refinance.  There are a lot of reasons to refinance.  I would if the interest was not crazy high.  I want to retire and it would be easier for me to refinance to get a lower payment, but my current interest is very low and at the rates now I could not get a lower payment, even if I switched to a 30 year mortgage.  So I will tough it out for the next 6 years and just work longer than I want to or eat a lot of beans and rice for a while.

[Likely Guy]

1 hour ago, Desertrat56 said:

How does that work?   Mortgages do not have a fixed rate in Canada?

I think Odas was referring to the length of the term of the mortgage. At my bank it was your choice (1 to 7 years over the life of the mortgage). Mine came due again last year and I locked it in at a fixed/closed mortgage (thankfully). you can also have a variable rate, but that can be risky

Only two years left and I'm free!

Edited February 7, 2023 by Likely Guy

[+Desertrat56]

3 minutes ago, Likely Guy said:

I think Odas was referring to the length of the term of the mortgage. My bank it was your choice (1 to 7 years over the life of the mortgage). Mine came due again last year and I locked it in at a fixed/closed mortgage (thankfully).

Only two years left and I'm free!

That doesn't make sense to me.   We have 10 year, 15 year and 30 year mortgages and the interest stays the same with the expectation that the mortgage is paid off at the end of the term you chose, nothing comes due to change the interest rate during the course of the mortgage unless you get a non-fixed interest rate, which is not common because it costs so much more.  They were common here in the 80's when interest was so high, so maybe now it will become more common, but it doesn't seem like a smart way to buy a house to me.

[spartan max2]

Yeah in the US it is just a fixed rate for the life of the loan (unless you refinance). 

Had no idea Canada did it differently 

[Likely Guy]

1 minute ago, Desertrat56 said:

That doesn't make sense to me.   We have 10 year, 15 year and 30 year mortgages and the interest stays the same with the expectation that the mortgage is paid off at the end of the term you chose, nothing comes due to change the interest rate during the course of the mortgage unless you get a non-fixed interest rate, which is not common because it costs so much more.  They were common here in the 80's when interest was so high, so maybe now it will become more common, but it doesn't seem like a smart way to buy a house to me.

I had a mortgage life of twenty five years when I bought but it only came with five year term, after which i had to renew depending on the rate. You can get a fixed rate/open rate,open or closed.

Don't ask me the particulars. I was pretty conservative and didn't think the interest rates would get lower.

[+Desertrat56]

8 minutes ago, Likely Guy said:

I had a mortgage life of twenty five years when I bought but it only came with five year term, after which i had to renew depending on the rate. You can get a fixed rate/open rate,open or closed.

Don't ask me the particulars. I was pretty conservative and didn't think the interest rates would get lower.

The closest I know about what you describe is a balloon mortgage that my brother got when he bought his house in the 80's.  It was a 30 year mortgage with a high interest rate, but it was lower than the current rate.   every year the interest rate went up until he could not afford the payment and then my dad helped him get it refinanced.  I don't know how many times he has refinanced but he still has a mortgage on that house after 40 years.   I know he has refinanced  it at least 3 times to get a better rate Or to pay off bills.   It started out as a 40,000 mortgage, but the real estate values go up and I think that is how he was able to refinance when he was strapped for cash.   I got the mortgage I have now in 2017, 15 years 3.2 % interest, so there is no way I would consider refinancing.   The mortgage will be paid off before the 15 years are up because I have been able to pay extra every  month.  

[Likely Guy]

6 minutes ago, Desertrat56 said:

The closest I know about what you describe is a balloon mortgage that my brother got when he bought his house in the 80's.  It was a 30 year mortgage with a high interest rate, but it was lower than the current rate.   every year the interest rate went up until he could not afford the payment and then my dad helped him get it refinanced.  I don't know how many times he has refinanced but he still has a mortgage on that house after 40 years.   I know he has refinanced  it at least 3 times to get a better rate Or to pay off bills.   It started out as a 40,000 mortgage, but the real estate values go up and I think that is how he was able to refinance when he was strapped for cash.   I got the mortgage I have now in 2017, 15 years 3.2 % interest, so there is no way I would consider refinancing.   The mortgage will be paid off before the 15 years are up because I have been able to pay extra every  month.  

We do have 'terms' within the life of the mortgage when we can renegotiate.

[Likely Guy]

1 minute ago, Likely Guy said:

I got the mortgage I have now in 2017, 15 years 3.2 % interest, so there is no way I would consider refinancing.   The mortgage will be paid off before the 15 years are up because I have been able to pay extra every  month.

There are advantages (or disadvantages) to both systems I suppose.

[odas]

12 hours ago, Desertrat56 said:

That doesn't make sense to me.   We have 10 year, 15 year and 30 year mortgages and the interest stays the same with the expectation that the mortgage is paid off at the end of the term you chose, nothing comes due to change the interest rate during the course of the mortgage unless you get a non-fixed interest rate, which is not common because it costs so much more.  They were common here in the 80's when interest was so high, so maybe now it will become more common, but it doesn't seem like a smart way to buy a house to me.

Yes  I was supposed to say mortgage rate.

In Canada when you buy a home you have the mortgage term, e.g. 10, 15, ..up to 30 years. Then you have the mortgage rate term, 1 year.....10 years. You can lock in or have a variable rate. After the rate term you either refinance with the same lender or look for someone else if the rates are better. You can also refinance sooner with someone else but have to pay penalties. Penalties depend on the lender. Can be 3 months pay, 1.5 months or more...

So that is what I wanted to say initially, you buy the house not the mortgage rate. Rates will change but your dream house stays.