https://www.nytimes.com/2019/11/01/business/economy/jobs-report.html
Surprisingly good summary by the NYT.
Incredible performance considering the trade war and GM strike.
Even more impressive, August and September massively adjusted upwards by 95,000.
Wages up too. Before a non-qualified person can chime in with "But ... but ... but ... the rate is higher!" We're currently on a 50 year low for the UE rate. To be honest, I really would like that to tick up a bit. Im at the point in my company where I'm paying some pretty pedestrian people some historically ridiculous wages. That just simply has to be passed on to the consumer and that will cause inflation. In the end, when the UE rate is so low as it currently is the one who ultimately pays the price is the consumer. The consumer has to pay higher and higher marginal rates because of more competition for the same value. At some point, that price will be too high for the consumer and they won't buy, starting the opposite end of the business cycle.
For me, an UE rate of 5-6% is probably a pretty healthy place to be. At the rate its at now, just too much wage pressure.
Surprisingly good summary by the NYT.
Incredible performance considering the trade war and GM strike.
Even more impressive, August and September massively adjusted upwards by 95,000.
Wages up too. Before a non-qualified person can chime in with "But ... but ... but ... the rate is higher!" We're currently on a 50 year low for the UE rate. To be honest, I really would like that to tick up a bit. Im at the point in my company where I'm paying some pretty pedestrian people some historically ridiculous wages. That just simply has to be passed on to the consumer and that will cause inflation. In the end, when the UE rate is so low as it currently is the one who ultimately pays the price is the consumer. The consumer has to pay higher and higher marginal rates because of more competition for the same value. At some point, that price will be too high for the consumer and they won't buy, starting the opposite end of the business cycle.
For me, an UE rate of 5-6% is probably a pretty healthy place to be. At the rate its at now, just too much wage pressure.
