Economic Numbers Through the Roof

2018 November 2
by bc3b

The Labor Department issued its October numbers this morning and they were gangbusters. But, according to the media, that could be bad.

  • Unemployment remained at 3.7%, lowest since 1969
  • 250,000 jobs created against 195,000 projection
  • Black unemployment second lowest ever (lowest was a few months ago)
  • Hispanic unemployment lowest ever
  • Nearly 500,000 manufacturing jobs created since Trump became President
  • Worker earnings are up 3.1%

But, as might be expected, the media is downplaying the report and even attempting to turn positives into negatives – not necessarily good for Wall Street (boo, frickin’ hoo), could lead to inflation, etc. That’s like looking for negatives when your team has a 12-run inning.

The Labor Department’s count always gets a close watch on Wall Street for the pace of company hirings and the unemployment rate, which currently sits at its lowest level since 1969. However, the market may look past those two numbers and into a data point that has gotten an increasing amount of interest over the past several months.

Average hourly earnings have been threatening to break over the 3 percent barrier for the past several months, touching a year-over-year post-recession high of 2.9 percent in August. Economists expect that October will mark a break in the psychologically important barrier. A survey by Refinitiv puts the likely gain at 3.1 percent.

If that is correct, that would mark the highest wage gains since April 2009, just a few months before the Great Recession ended.
That would also signify a victory of sorts for an economy that has seen a boom in employment but only muted gains in worker paychecks until recently. But it also would indicate that wage pressures are building, which could spill over into broader inflation fears, something that has been keeping investors on edge.
Full CNBC article if you care to see the spin:
32 Responses leave one →
  1. 2018 November 2 7:41 am
    [1]
    bc3b permalink

    That 12-run first inning is bad. It’s gonna mave the Cubs overconfident and p!ss the Reds off.

  2. 2018 November 2 7:44 am
    [2]
    bc3b permalink

    BJG College Football Picks Due Today

    Can you guess which team will have the misfortune of a 30 point quarter?

    Please bold the teams you think will win and return to bjgsports@gmx.com by 7 PM Friday:

    Northern Illinois @ Akron
    Temple @ Central Florida
    Pittsburgh @ Virginia
    Colorado @ Arizona
    Iowa @ Purdue

    Texas State @ Georgia State
    Syracuse @ Wake Forest
    Georgia @ Kentucky
    Georgia Tech @ North Carolina
    Missouri @ Florida

    Duke @ Miami (FL)
    Florida State @ NC State
    Boston College @ Virginia Tech
    Michigan State @ Maryland
    West Virginia @ Texas

    Minnesota @ Illinois
    Air Force @ Army
    Tulane @ South Florida
    Utah @ Arizona State
    Stanford @ Washington

    Texas A&M @ Auburn
    Kansas State @ TCU
    South Carolina @ Mississippi
    UTEP @ Rice
    Florida Atlantic @ Florida International

  3. 2018 November 2 8:11 am
    [3]
    bc3b permalink

  4. 2018 November 2 8:22 am
    [4]
    Eph permalink

    Weekly top 5 Eyore rankings:

    1. Eph
    2. Rand
    3. KH
    4. Ghost
    5. Jim

  5. 2018 November 2 8:25 am
    [5]
    justrand permalink

    Eph…I think KH is gonna be pissed at me beating him in the rankings. His Doom & Gloom diatribe on the previous post was EPIC!!!

  6. 2018 November 2 9:15 am
    [6]
    TLS permalink

    #4 Wow, I need to work harder!

    And caravan members suing Trump/US for violation of their Constitutional rights:

    https://www.weaselzippers.us/401466-migrant-caravan-members-drop-lawsuit-on-trump-us-govt-claim-violation-of-their-constitutional-rights/

  7. 2018 November 2 9:24 am
    [7]
    bc3b permalink

    Get $16 for attending Obama-Abrama Rally in Atlanta”\:

    http://www.freerepublic.com/focus/f-gop/3702261/posts

    Facebook has since scrubbed this.

  8. 2018 November 2 9:26 am
    [8]
    Eph permalink

    Rand,

    By the time next Tuesday rolls around the list might be extended to 10 instead of 5. That’s how pathetic we all have become.

  9. 2018 November 2 10:10 am
    [9]
    fight on permalink

    I may be the lone anti eyore. I still think we keep the house. Polls can’t be trusted, early voting good results for us.

    Trump JA around 50%. Good economic news.

    On the negative side GOP is the absolute worst at messaging.

  10. 2018 November 2 10:44 am
    [10]
    drdog09 permalink

  11. 2018 November 2 11:20 am
    [11]
    JimNorCal permalink

    The “bomb” threat and shooting deaths took the wind out of my optimism
    But it’s gradually returning.
    Or, more accurate, I don’t have any way to know and I’m shrugging my shoulders.

  12. 2018 November 2 2:45 pm
    [12]
    drdog09 permalink

    11,

    Be upbeat! There is no blue wave. Guys like Manchin even if he does win are squishes.

  13. 2018 November 2 3:11 pm
    [13]
    JimNorCal permalink

    Good advice!

  14. 2018 November 2 3:42 pm
    [14]
    gnqanq permalink

    I am with fight on, on this one.

    I would not be surprised if the GOP gains seats in the House.

  15. 2018 November 2 3:43 pm
    [15]

    5 – lol; I did do a double take. 😉

    10 – His voters approve, like many other candidates this cycle nothing affects these people, immune to negative coverage or questions from less than curious press.

  16. 2018 November 2 4:08 pm
    [16]
    Eph permalink

    Weekly top 5 NOT Eyore rankings:

    1. Fight on
    2. GnQ
    3, BC
    4. DR
    5. IP

  17. 2018 November 2 4:13 pm
    [17]

    That last bullet point really pisses off some individuals, god forbid we get a little wage growth. 🙄 I love when they spin that as a total negative.

    – Unemployment remained at 3.7%, lowest since 1969
    —-
    See that’s why we need to let even more than a million a year keep invading the country !!!

    /The stat is the stat, but BTW just like under Obama don’t let that 3.7% fool you; add ~3% (u6 oct for example is 7.4%); It’s still banging though in a relative sense, LFPR is largely unchanged however in the last two years bouncing around ~63. It ought to be 66’ish or at least on the incline and it’s not, never recovered since 2009, I assume some of that is attributed to boomer waves retiring and staying that way. /Gotta move up the E rankings! 😉

  18. 2018 November 2 4:21 pm
    [18]

    https://www.zerohedge.com/news/2018-11-02/kunstler-midterm-endgame-democrats-perpetual-hysteria

    From the tail end of the piece:

    Or, there’s the possibility that the dregs of a defeated Democratic Party will just go batshit crazy and use the last of its mojo to incite actual sedition. Of course, there’s also a distinct possibility that the Dems will take over congress, in which case they’ll ramp up an even more horrific three-ring-circus of political hysteria and persecution that will make the Spanish Inquisition look like a backyard barbeque. ”

    What’s this ‘will just go… incite actual sedition…’? It’s already happened.

  19. 2018 November 2 5:05 pm
    [19]


    The dumbest voters – the youth – makes a decent point that those in early 20’s right now have no idea what something resembling real news is, and other things, no context for things what so ever.

  20. 2018 November 2 6:43 pm
    [20]
    drdog09 permalink

    One of Kav’s accusers has been referred to FBI for criminal indictment — https://dailycaller.com/2018/11/02/kavanaugh-false-allegations-fbi/

  21. 2018 November 2 7:03 pm
    [21]
    drdog09 permalink

  22. 2018 November 3 4:49 am
    [22]
    drdog09 permalink

  23. 2018 November 3 5:34 am
    [23]
    JimNorCal permalink

  24. 2018 November 3 6:27 am
    [24]

    post 16 Sucking hind tit as usual.

  25. 2018 November 3 6:28 am
    [25]
    justrand permalink

    Can someone please explain how Trump can win Montana by a bazillion points…and John Tester is ahead in his Senate race to once again be Chuck Schumer’s wing-man?

    I don’t get it all. Really.

  26. 2018 November 3 6:41 am
    [26]
    Eph permalink

    KH,

    Now you know why Rand passed you in the rankings.

  27. 2018 November 3 6:59 am
    [27]
    drdog09 permalink

    Jim, 23,

    Good as always.

  28. 2018 November 3 8:23 am
    [28]
    TLS permalink

    https://www.weaselzippers.us/401481-sinema-gets-boost-in-arizona-senate-race-as-green-party-candidate-drops-out-backs-her/

    BREAKING AZ Green Party’s U.S. Senate candidate Angela Green tells #12News she’s dropping out & throwing support to @kyrstensinema. Green was polling up to 6% in toss-up race.

  29. 2018 November 3 9:16 am
    [29]
    Eph permalink

    Too late, her name is still on the ballot.

    She should have dropped out a month ago.

  30. 2018 November 3 9:49 am
    [31]
    JimNorCal permalink

    29, 30: Heh. I see what you did there

  31. 2018 November 3 1:57 pm
    [32]

    Rand 25

    They hated hillary enough to pull the GOP lever for trump, but not enough to carry over to testicle.

    Indian reservations.college punks,unions, transplants.

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