5 ms·
Government forcing people out of their jobs and then allowing them to come back into the work force is not job growth in the sense of anything meaningful. So no
by boredumb 4y ago
Government forcing people out of their jobs and then allowing them to come back into the work force is not job growth in the sense of anything meaningful. So no it probably hasn't been seen before, but it's irrelevant, if I took your 10 dollars today and gave you back 8 dollars next week, your bank account isn't growing unless you only look at this weeks balance and choose to ignore the extremely recent past.
- loeg 4y agoEmployment is higher than it was before Covid and unemployment is down at around the same level. To put it in terms of your metaphor, the bank has given you back $10.10 or so for your $10.
- s1artibartfast 4y agoExcept it isn't actually higher. https://www.bls.gov/charts/employment-situation/civilian-labor-force-participation-rate.htm https://www.bls.gov/charts/employment-situation/civilian-lab...
- loeg 4y agoYou can quibble with the exact threshold, but it certainly isn’t 80% of pre-Covid employment: https://www.statista.com/statistics/269959/employment-in-the-united-states/ https://www.statista.com/statistics/269959/employment-in-the... https://fred.stlouisfed.org/series/PAYEMS https://fred.stlouisfed.org/series/PAYEMS
- s1artibartfast 4y agoCertainly not 80%, but by all metrics, both mine and yours, it is still below what it was before.
- loeg 4y agoActually, 158 is greater than 157.
- s1artibartfast 4y ago158 is a projection into the future, not a current number. It is also not adjusted for population growth, the way labor participation is.
- _ea1k 4y agoThose charts don't seem to be lower now than before.
- rabuse 4y agoUnemployment doesn't account for people not actively seeking work, which is on the rise.
- loeg 4y ago"People not actively seeking work" includes retirees -- which may be partially explained by demographic trends (aging boomers).
- jaywalk 4y agoBut when you give back the $8, you just need to tell them that "bank account growth" only matters week to week. Boom, they're now $8 richer thanks to you!
- Workaccount2 4y agoThat doesn't make sense since employment is near capacity right now and the worker shortage is still very real. Mind you this is now long after all the covid benefits have dried up.
- peanuty1 4y agoThe worker shortage is at least partly bc of people leaving the workforce, not just bc of creation of new jobs (compared to pre-Covid 2020).