I’m excited about the new jobs numbers. I’m trying to learn about economics. I’m actually learning things now! I’m looking at Paul Krugman’s Substack too. Both Justin and Paul are geniuses. That’s a good thing.
Wonderful podcast. However, when Justin talks about any of the aggregate statistics ( GDP, Unemployment, inflation) it’s important to discuss the shortcomings of these measures. For example, while job creation is great, it tells us nothing about the quality of the jobs. I’m reminded of I think President Bush bragging about job numbers at a rally and someone saying that yes, there are a lot of jobs-and they have 3 of them.
I strongly suspect, because every customer disservice chat bot is useless and lately every major company web site I use for a complex transaction (not just buying a retail item) has busted code or a nonsensical UI, that the jobs are as much AI fail—hiring people to QA AI code and hiring back people laid off to replace with AI like Ford did:
There’s a famous saying "A recession is when your neighbor loses their job; a depression is when you lose yours", historically attributed to President Reagan the quote highlights that the official definitions of economic downturns matter far less to everyday people than their own personal financial security.
By that definition of recession with private sector job creation printing its strongest numbers since March, the data heavily supports the view that the U.S. economy is absorbing financial market shocks comfortably rather than buckling under them.nThe strong economic data is highly encouraging news, for workers in my opinion.
Gray skies are gonna clear up put on a happy face!
I’m excited about the new jobs numbers. I’m trying to learn about economics. I’m actually learning things now! I’m looking at Paul Krugman’s Substack too. Both Justin and Paul are geniuses. That’s a good thing.
This is 👀
US CONSUMER CREDIT ACTUAL 27.839B (FORECAST 13.8B, PREVIOUS 8.28B) $MACRO
Wonderful podcast. However, when Justin talks about any of the aggregate statistics ( GDP, Unemployment, inflation) it’s important to discuss the shortcomings of these measures. For example, while job creation is great, it tells us nothing about the quality of the jobs. I’m reminded of I think President Bush bragging about job numbers at a rally and someone saying that yes, there are a lot of jobs-and they have 3 of them.
I strongly suspect, because every customer disservice chat bot is useless and lately every major company web site I use for a complex transaction (not just buying a retail item) has busted code or a nonsensical UI, that the jobs are as much AI fail—hiring people to QA AI code and hiring back people laid off to replace with AI like Ford did:
https://finance.yahoo.com/technology/ai/articles/ford-rehires-more-300-engineers-162210705.html
There’s a famous saying "A recession is when your neighbor loses their job; a depression is when you lose yours", historically attributed to President Reagan the quote highlights that the official definitions of economic downturns matter far less to everyday people than their own personal financial security.
By that definition of recession with private sector job creation printing its strongest numbers since March, the data heavily supports the view that the U.S. economy is absorbing financial market shocks comfortably rather than buckling under them.nThe strong economic data is highly encouraging news, for workers in my opinion.
Gray skies are gonna clear up put on a happy face!