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U.S. Added 818,000 Fewer Jobs Than Reported Earlier
- mensetmanusman 2y agoI have tech buddies that have been out of work for almost a year now. Also Moscow is being attacked. Buckle up.
- pjc50 2y agoThe Ukranian forces are still at least 600km away from Moscow. I doubt they would be able to achieve the same speed of advance as the https://en.wikipedia.org/wiki/Wagner_Group_rebellion https://en.wikipedia.org/wiki/Wagner_Group_rebellion . The advance is still through lightly populated areas and has yet to reach the Kursk nuclear reactor. The main side effect is likely to be a few hundred thousand internal refugees and Russia starting to fill its own territory with landmines, rather than just its defensive lines in Ukraine.
- gedy 2y agoI believe they are referring to drone strike on Moscow today: https://www.reuters.com/world/europe/ukraine-launches-drone-attack-moscow-other-regions-russian-officials-say-2024-08-21/ https://www.reuters.com/world/europe/ukraine-launches-drone-...
- jeffbee 2y agoHonestly the most plausible explanation for same is that tech people are so overpaid with so much excess savings that they can easily spend years between jobs for no reason.
- giantg2 2y agoMedian tech people don't fit this narrative. Maybe the top 10% (if that) of tech people do.
- athorax 2y agoThat might be the case for the top 5% of earners, but I doubt those are even the same people who have been hit by recent layoffs.
- jeffbee 2y agoPlease elaborate. For example the Google layoffs clearly targeted their most senior and highest-paid people. One of my friends with > 15 years at Google was laid off and not only are they still paying him because of the terms of the layoff, but he's also basically retired and very much not giving AF, even though he's a "prime working age" White guy that some political commentators feign so much concern over.
- scruple 2y agoHave to agree because I've seen the same. One of my mentors was laid from a major tech employer after > 18 years with this organization. He's on a lengthy severance package, his kids are out of high-school, their college is set up, and he's sold out of California and moved to the other side of the country, having now bought property near where he grew up, and has started teaching as an adjunct for a nearby university. Not retired, per se, but this man has a Wikipedia page that highlights his career in this industry -- he has so much more to give but no tech employer to give it to. Good for the kids he's going to be teaching, maybe, hopefully, but it's sad to see him essentially forced into retirement for $REASONS.
- mensetmanusman 2y agoStock number go up!
- pas 2y agoNot to mention that software has indeed eaten the world, and now there's not much left on the menu. Especially with the recent AI hype (which is of course the end of the road, software will eat itself too). So we will see how long these salaries are sustainable. (Oh, and of course there was a definite overproduction of developers, when everyone and their dog assumed that remote will be the undisputed default during the pandemic.)
- bradlys 2y ago> Honestly the most plausible explanation for same is that tech people are so overpaid with so much excess savings that they can easily spend years between jobs for no reason. I like how people in tech are always overpaid but IP trolls, investment bankers, and physicians running "telehealth" (pay and play) clinics aren't. People in this industry just seethe with envy whenever anyone makes more than they do. I don't know what it is so special about this particular industry that makes everyone want to be a crab in a bucket so fucking hard.
- acdibble 2y agohttps://archive.ph/SOTUY https://archive.ph/SOTUY
- Flatcircle 2y agoReally unbelievable. I can't see any reason for a revision this big as anything other than purposeful deception.
- spamizbad 2y agoWhat would be the point of the deception? To keep rates high? Politically it would be very stupid (dropping a bomb 100 days before a national election).
- anon291 2y agoThe point of the deception is that no one reports the corrections while the 'X jobs added in May' reports are on the front page
- tekla 2y agoIm having a hard time taking this comment seriously when this article is on the front page Also as far as I know historically, the Govt always publishes revisions publicly. It's just that people dont know about it and dont really care to learn.
- anon291 2y agoI never said the gov't doesn't publish them. I just said papers don't report them prominently. This is the first time I've seen it on the front page, despite similar corrections being made. EDIT: actually it's nowhere to be found on the front of nytimes.com, which is dedicated to the DNC. You have to scroll to get it. Whereas the positive jobs reports are often the headliner.
- matwood 2y ago> I just said papers don't report them prominently. News, especially bad news (and when it comes to financials, news that falls outside expectations), is what gets reported. These revisions down are all over the news today.
- thenerdhead 2y agoI wonder how Long COVID affects this given the Japanese are dropping out of work. https://www.yomiuri.co.jp/medical/20240821-OYT1T50067/ https://www.yomiuri.co.jp/medical/20240821-OYT1T50067/ The US has a scary picture too with ~11% of adults affected today: https://www.hhs.gov/sites/default/files/long-covid-update-2024.pdf https://www.hhs.gov/sites/default/files/long-covid-update-20...
- noworld 2y agoI'm sure getting paid not to work has nothing to do with the long covid stats. https://www.hhs.gov/civil-rights/for-providers/civil-rights-covid19/guidance-long-covid-disability/index.html https://www.hhs.gov/civil-rights/for-providers/civil-rights-...
- pjc50 2y agoClaiming disability benefits is way harder than you think.
- throwaway30248 2y agoA friend of mine just got a month off of work and it was trivial. All it took was telling a doctor they were tired and fatigued after COVID. Easily approved.
- jasonlotito 2y agoYour friend told me he lied to you to make you look the fool because you happily repeat anything you hear.
- pjc50 2y agoWhy don't you do it, then, if it's so easy?
- scruple 2y agoMy wife is on long-term disability (Aflac) and they put her through the wringer constantly. It's as-if they have a progressive scheme they work through. As an individual reaches certain milestones, they're thrust into some new defensive position. Prove you have these problems that you have! They send very, very misleading and confusing paperwork to her Doctors offices. Sometimes the administration staff at her specialist fills it out incorrectly, and, *poof, just like that we're going 3-4 months without disability payments while it all gets sorted out through a game of telephone. Anyway, they're currently forcing her to appeal the SSAs decision to not give her Social Security benefits early... Which means we've had to retain a lawyer to help us understand what we're dealing with, to help us shuffle through the process, etc. Until such a time as the appeal comes back she's, once again, without disability pay. Financially, for now, we're fine, but it's been a nonstop a headache. It's a non-trivial part of her time every week to manage this situation. Hours and hours spent on the phone with Aflac, collecting a seemingly endless amount of documentation, oftentimes having to submit, resubmit, re-resubmit the same documentation. Having to get new opinions, being told to retrain to a different career through their job placement people, etc. And it's all bullshit, and Aflac knows it -- my wife is a Senior SWE, she isn't retraining to a different career that 1) will somehow lessen the physical turmoil she's in, and 2) pays her as well as she's currently paid. And nevermind the idea that they can force you to get a new job anyway. But that doesn't matter. The goal is to keep you on the defensive, keep your back against the wall. Aflac pays an army of people to keep you totally entangled in their bullshit. And usually she deals with her case manager, but sometimes some random case manager will call her up and they're always very, very hostile. They're very clearly trying to get an emotional reaction out of you. They pretend to not know all of the details of the case, but they're calling in a "case manager" position. They berate you, they try to get you to slip up and admit to fraud, whatever. It's a fishing expedition. It's happened probably 4 times over the last 18 months or whatever. It just never stops. It makes me wonder why I bother with supplemental at all. If I'm dead, are my wife and kids going to have to walk through Hell and back to get that money? What's the fucking point?
- ffhhj 2y agoOn top of the sad state of the job market, there is a trend now on companies posting fake jobs: https://www.cnbc.com/2024/06/27/4-in-10-companies-say-theyve-posted-a-fake-job-this-year-what-that-means.html https://www.cnbc.com/2024/06/27/4-in-10-companies-say-theyve...
- jeffbee 2y agoNational press is wedded to the narrative of "soft" "cracking" etc. but any way you look at it this nation is almost dangerously over-employed. When the labor force is bouncing off all-time highs, any direction you look is down, if you are a dedicated doom journalist.
- whiterknight 2y ago> any way you look at it this nation is almost dangerously over-employed Look at labor participation rates. And percentage of stem degree holders working in stem fields.
- jeffbee 2y agoOK, I am looking at it right now. Prime-age workforce participation rate stands at 84%, a 20-year high and nearly the all-time high. What did you want it to be? Have you actually ever seen this stat? https://fred.stlouisfed.org/graph/?g=1sW5m https://fred.stlouisfed.org/graph/?g=1sW5m
- matwood 2y agoI've concluded there is some segment of people who really just want everything to fail and fall apart. Any data that goes against that narrative must be fake.
- jeffbee 2y agoI more generously conclude that they are simply being influenced by bad-faith commentators who appeal to the desire to seem smart, while the victims are also unwilling to take the time to look at primary sources. It is superficially true that the gross labor force participation rate is falling, and it is easy for shadowstats grifters to point that out. They are hoping you won't notice that this is caused entirely by Boomers retiring.
- whiterknight 2y ago
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- kafahN 2y ago[flagged]
- lifestyleguru 2y agoI haven't received a meaningful human response to my CV for two years now. First contact of any human is salary requirement and it's not 120% of pre-Covid levels but rather 80%. Big businesses shook off all employees but the most desperate and docile.
- deleted 2y ago[deleted]
- mistrial9 2y agoHow can anyone look at the state of retail on Main Street USA since Covid-19 and think that there are lots of jobs? Second observation - the central unemployment rate has always been a political measure.. it has always been "cooked" from the earliest days. The actual measures are complex and hard to ascertain with certainty, yet a stable single number appears out of the miasma somehow.
- Aloisius 2y agoThere isn't a stable single number. There's not even a single number from the BLS. They produce separate numbers based on the household survey and the payroll survey.
- legitster 2y agoIt's hard not to anticipate a rate cut right around the corner. But it's also kind of refreshing to be in a place where there is a meaningful rate cut the Federal Reserve can make.
- deleted 2y ago[deleted]