We still have 10 million fewer jobs than we did in February. Clawing the rest back at +245k per month will take basically forever. If this is the second half of the recovery, it's going to be grim
Payrolls in November rose a mere +245k. That's the sort of number you might see in a "normal" month, and definitely not what you're hoping for in the snapback from a covid-induced shutdown.
THE RECOVERY IS STALLING.
We still have 10 million fewer jobs than we did in February. Clawing the rest back at +245k per month will take basically forever. If this is the second half of the recovery, it's going to be grim
The virus is back, which hobbles the service sector, and stimulus has basically petered out, leaving the economy with little help. It doesn't have to be this way.
- State governments cut -243k jobs in March-May, and now an additional 134k since September.
- Local governments cut -1255k jobs March-May, and -187k since Sept.
And more cuts are ahead.
https://t.co/4RHutW5Q4E
Put another way: I don\u2019t think we should interpret jobs numbers or other economic data now the way we did in the 08-10 recession and recovery. Jobs (at least some jobs) going up when COVID is out of control is a failure of public health policy, not a success of economic policy.
— Dan Hirschman (@asociologist) December 4, 2020
The first act was firms re-opening and recalling furloughed workers.
The second act is harder: Millions lost their jobs permanently & there aren't many new opportunities opening up for them.
The second act is a grim slog.
https://t.co/tLb6uYhe9f
The unemployment rate fell from 6.9% to 6.7% in November. BUT... labor force participation fell so the employment rate fell.
— Jason Furman (@jasonfurman) December 4, 2020
My measure of the "realistic" unemployment rate actually rose.
And the "full recall" unemployment rate rose.
Blog coming, a little on this now. pic.twitter.com/SbgA9VQorB
As people lose contact with the labor market, they lose connections, skills, and hope.
How many job reports like this will it take before the people arguing there is a trade off between health and the economy admit that getting control of the virus is critical for fixing the economy?
— Austan Goolsbee (@Austan_Goolsbee) December 4, 2020
[*Narrator: he already knew the answer to this question*]
More from Economy
I know I’ve been beating this redlining and wealth gap drum for 20+ years but here is a GREAT cliffs notes version.
But don’t take @ambermruffin’s word for it. You should get references...
A thread
How homes in Black neighborhoods are undervalued by $156
Every major bank in the US has been sued for mortgage discrimination and a study that included every mortgage in America found that Banks charge higher interest rates to nonblack customers
https://t.co/sx9tWWB98s
Baltimore redlined areas in 1935 vs Baltimore Drug arrests in 2016
But don’t take @ambermruffin’s word for it. You should get references...
A thread
How did systemic racism get so dang strong? Find out a few of the like bajilliondy ways in our new segment, How Did We Get Here! pic.twitter.com/f4HfISckXh
— amber ruffin (@ambermruffin) January 30, 2021
How homes in Black neighborhoods are undervalued by $156
Every major bank in the US has been sued for mortgage discrimination and a study that included every mortgage in America found that Banks charge higher interest rates to nonblack customers
https://t.co/sx9tWWB98s
Baltimore redlined areas in 1935 vs Baltimore Drug arrests in 2016
It's always been detached, and it's always made the real economy worse.
[THREAD] 1/10
What is profit? It's excess labor.
You and your coworkers make a chair. Your boss sells that chair for more than he pays for the production of that chair and pockets the extra money.
So he pays you less than what he should and calls the unpaid labor he took "profit." 2/10
Well, the stock market adds a layer to that.
So now, when you work, it isn't just your boss that is siphoning off your excess labor but it is also all the shareholders.
There's a whole class of people who now rely on you to produce those chairs without fair compensation. 3/10
And in order to support these people, you and your coworkers need to up your productivity. More hours etc.
But Wall Street demands endless growth in order to keep the game going, so that's not enough.
So as your productivity increases, your relative wages suffer. 4/10
Not because the goods don't have value or because your labor is worth less. Often it's actually worth more because you've had to become incredibly productive in order to keep your job.
No, your wages suffer because there are so many people who need to profit from your work. 5/10
[THREAD] 1/10
I know people think this is fun but -- why do we have a stock market? So productive firms can raise capital to do useful things. Detaching stock price from fundamental value (Gamestop is now worth almost as much as Best Buy) makes the markets serve the real economy worse.
— Josh Barro (@jbarro) January 27, 2021
What is profit? It's excess labor.
You and your coworkers make a chair. Your boss sells that chair for more than he pays for the production of that chair and pockets the extra money.
So he pays you less than what he should and calls the unpaid labor he took "profit." 2/10
Well, the stock market adds a layer to that.
So now, when you work, it isn't just your boss that is siphoning off your excess labor but it is also all the shareholders.
There's a whole class of people who now rely on you to produce those chairs without fair compensation. 3/10
And in order to support these people, you and your coworkers need to up your productivity. More hours etc.
But Wall Street demands endless growth in order to keep the game going, so that's not enough.
So as your productivity increases, your relative wages suffer. 4/10
Not because the goods don't have value or because your labor is worth less. Often it's actually worth more because you've had to become incredibly productive in order to keep your job.
No, your wages suffer because there are so many people who need to profit from your work. 5/10
You May Also Like
This is NONSENSE. The people who take photos with their books on instagram are known to be voracious readers who graciously take time to review books and recommend them to their followers. Part of their medium is to take elaborate, beautiful photos of books. Die mad, Guardian.
THEY DO READ THEM, YOU JUDGY, RACOON-PICKED TRASH BIN
If you come for Bookstagram, i will fight you.
In appreciation, here are some of my favourite bookstagrams of my books: (photos by lit_nerd37, mybookacademy, bookswrotemystory, and scorpio_books)
Beautifully read: why bookselfies are all over Instagram https://t.co/pBQA3JY0xm
— Guardian Books (@GuardianBooks) October 30, 2018
THEY DO READ THEM, YOU JUDGY, RACOON-PICKED TRASH BIN
If you come for Bookstagram, i will fight you.
In appreciation, here are some of my favourite bookstagrams of my books: (photos by lit_nerd37, mybookacademy, bookswrotemystory, and scorpio_books)
**Thread on Bravery of Sikhs**
(I am forced to do this due to continuous hounding of Sikh Extremists since yesterday)
Rani Jindan Kaur, wife of Maharaja Ranjit Singh had illegitimate relations with Lal Singh (PM of Ranjit Singh). Along with Lal Singh, she attacked Jammu, burnt - https://t.co/EfjAq59AyI
Hindu villages of Jasrota, caused rebellion in Jammu, attacked Kishtwar.
Ancestors of Raja Ranjit Singh, The Sansi Tribe used to give daughters as concubines to Jahangir.
The Ludhiana Political Agency (Later NW Fronties Prov) was formed by less than 4000 British soldiers who advanced from Delhi and reached Ludhiana, receiving submissions of all sikh chiefs along the way. The submission of the troops of Raja of Lahore (Ranjit Singh) at Ambala.
Dabistan a contemporary book on Sikh History tells us that Guru Hargobind broke Naina devi Idol Same source describes Guru Hargobind serving a eunuch
YarKhan. (ref was proudly shared by a sikh on twitter)
Gobind Singh followed Bahadur Shah to Deccan to fight for him.
In Zafarnama, Guru Gobind Singh states that the reason he was in conflict with the Hill Rajas was that while they were worshiping idols, while he was an idol-breaker.
And idiot Hindus place him along Maharana, Prithviraj and Shivaji as saviours of Dharma.
(I am forced to do this due to continuous hounding of Sikh Extremists since yesterday)
Rani Jindan Kaur, wife of Maharaja Ranjit Singh had illegitimate relations with Lal Singh (PM of Ranjit Singh). Along with Lal Singh, she attacked Jammu, burnt - https://t.co/EfjAq59AyI
Tomorrow again same thing happens bcoz fudus like you are creating a narrative oh Khalistan. when farmers are asking MSP. (RSS ki tatti khane wale Kerni sena ke kutte).
— Ancient Economist (@_stock_tips) December 5, 2020
U kill sikhs in 1984 just politics. To BC low IQ fudu Saale entire history was politics.
Hindu villages of Jasrota, caused rebellion in Jammu, attacked Kishtwar.
Ancestors of Raja Ranjit Singh, The Sansi Tribe used to give daughters as concubines to Jahangir.
The Ludhiana Political Agency (Later NW Fronties Prov) was formed by less than 4000 British soldiers who advanced from Delhi and reached Ludhiana, receiving submissions of all sikh chiefs along the way. The submission of the troops of Raja of Lahore (Ranjit Singh) at Ambala.
Dabistan a contemporary book on Sikh History tells us that Guru Hargobind broke Naina devi Idol Same source describes Guru Hargobind serving a eunuch
YarKhan. (ref was proudly shared by a sikh on twitter)
Gobind Singh followed Bahadur Shah to Deccan to fight for him.
In Zafarnama, Guru Gobind Singh states that the reason he was in conflict with the Hill Rajas was that while they were worshiping idols, while he was an idol-breaker.
And idiot Hindus place him along Maharana, Prithviraj and Shivaji as saviours of Dharma.