Digging into the jobs numbers, we can see the big growth was in lower-wage services jobs. More restaurants are opening up, probably. Also, apparently Corporate America isn't ready to replace us all with robots ... yet. Nice chart from Liz Young. #CoSoFinance

Charlie Bilello reminds us that the drop in the US Unemployment Rate to 3.4%, puts it at the lowest level since 1969.
Were you even alive in 1969? I was. In 4TH grade!
Watch FOX News and the wingnut media spin themselves into knots trying to explain how this is happening when "socialist" Democrats are "ruining" the economy.
#CoSoFinance

US nonfarm #payrolls grew by 517K in January, way more than expected.
US unemployment rate: 3.4%
Labor Participation rate: 62.4
Average weekly hours worked: 34.7.
All those who focused on tech layoffs were myopic; most of America is hiring, not firing.
The stock market hates this, because the U.S. Fed has less incentive to cut interest rates, and the market is all about "free money". #CoSoFinance

Unemployment fell to 3.4% in January, the lowest rate since 1969. #CoSoFinance

When TV's bobble heads talk about disinflation, this is what they're talking about: Significant slowing of ULC in Q4, in line with a couple data points suggesting labor market costs softening. This report has a different flavor, suggesting an increase in productivity helping to bring down costs. #CoSoFinance

During the pandemic, from the first quarter of 2020 to the third quarter of 2022, post-tax corporate profits jumped 49.1 percent. That’s nearly three times the 16.8 percent increase in all workers’ incomes from wages, salaries, and benefits. #CoSoFinance https://washingtonmonthly.com/2023/02/02/inflation-reality-check-dont-blame-wages-and-salaries-for-high-prices/

The demand increase for #silver is expected to come from not only conventional industrial needs, such as construction and technology, but also from the global push toward clean-energy production and related goods such as electric vehicles. #CoSoFinance https://www.marketwatch.com/articles/silver-gold-prices-economy-51675291146

From Steve Rattner, who you see on CNBC sometimes:
2022 was a record-breaking year in the labor market:

- 11 million job openings on avg.
- 1.85 openings per unemployed worker on avg.

Both are the highest on annual averages on record.
#CoSoFinance #CoSoEconomics

Via Liz Young, we learn: Job openings rose 572k to 11 million, driven by: Accommodation and Food Services +409k, Wholesale & Retail +207k, and Construction +82k...areas where the structural shortage of workers persists. Other sectors saw -126k. #CoSoFinance

There were 1.9 job openings per unemployed worker in December, the tightest month in the labor market since July - and almost double the pre-pandemic average. The U.S. Federal Reserve HATES the fact that more Americans have jobs. They consider it inflationary. #CoSoFinance #CoSoEconomics

Did you know that real gross domestic product has risen 6.7% under President Biden, that America gained 4.5 million jobs in 2022 and that while inflation surged temporarily, annualized CPI fell from 9.1% to 6.5% in the past few months? If your primary information source is FOX News, you don't know these things. #ThingsFOXWontTellYou #CoSoFinance #CoSoEconomics

Remember when Republicans blamed Joe Biden for inflation? And the media went along with it like the MAGAts weren't blowing smoke out their asses? Good times, good times. Anyway, if inflation was Biden's fault, I guess now Republicans will be saying, "thanks, Joe Biden."