Private payroll firm ADP’s U.S. unemployment report on Wednesday revealed that employers added a disappointing 330,000 jobs in July, dramatically below forecasts that around 700,000 new jobs would be created.
Tim Smart for U.S. News and World Report:
Gains were almost exclusively in the services sector, where 318,000 jobs were added, of which 139,000 came in leisure and hospitality.
The report is the first of three this week that will offer a window into the current state of the job market and is sure to rattle markets worried about slowing economic growth and inflation.
“There’s a tricky balance in that there is a tremendous demand for labor but little supply,” says Dan North, Euler Hermes’ chief economist for North America.
The job market is one of two key factors, along with inflation, the Federal Reserve Board considers when deciding monetary policy.
Small businesses are ready to hire, according to the Small Business Recovery Report from Kabbage, which provides financing for small companies. However, they are running into difficulties finding workers, with 26% saying candidates do not need income because of federal stimulus payments or enhanced unemployment benefits provided under the American Rescue Plan. Those benefits have been curtailed early in half the states and are set to completely end early next month.
MacDailyNews Take: Obviously, a healthy U.S. economy is essential to Apple, as America is Apple’s largest market, by far.
Again, it’s best to get a handle on inflation, if you know how, while you still can.
Inflation is repudiation. — Calvin Coolidge
When a business or an individual spends more than it makes, it goes bankrupt. When government does it, it sends you the bill. And when government does it for 40 years, the bill comes in two ways: higher taxes and inflation. Make no mistake about it, inflation is a tax and not by accident. — Ronald Reagan
U.S. Presidential elections purchased by Mark Zuckerberg have consequences.
That will never get old.
Neither will this:
Trump: 74 million
Biden: 81 million
This will never get old:
81 million at 3:45am
Neither will this:
Ice Cream Joe is OLD
Only fucking idiots believe that. “Friggin Awesome” qualifies
Loser
Go Hal Yourself, were you dropped on your head? On drugs? Or just plain stupid?
I can’t tell. Is this a picture of Trump falling or Biden? Oh wait, I remember how to tell the difference, Trump has toilet paper stuck to his shoe…
Let me help you out…
Trump is the one who can complete a sentence – several sentences, if fact – and keep his eyes open during Oval Office meetings with heads of states.
Biden is the one with the Tweets written by someone else that nobody reads.
Trump is the one with the mean tweets that everyone reads (read… I think he is still banned).
Useless BS post. Because you are clueless, that was Biden falling. It was all over the news. Do you live in a Taliban cave?…
The Taliban no longer lives in caves. Now they live in Kabul and occupy the presidential palace.
Obama: ‘”Don’t underestimate Joe’s ability to fuck things up.”
Obama urged Biden not to run, as he was concerned he would “embarrass himself.”
Now, all of America (and least those of us with an IQ above at least 90) is embarrassed.
You FINALLY had a guy they didn’t own and the establishment spent 4+ years brainwashing the country to believe he was the enemy.
The establishment is the enemy.
Joe Biden’s establishment puppeteers are idiots and fools.
Well, as long as Bad Orange Man is gone, I’m good with higher taxes, inflation, higher gas prices, crashing home market, higher food prices, lower Consumer Confidence score, higher durable goods costs, higher crime, etc…. Don’t you all agree the 3:45am election was worth it!! Like a fine whine, things can only get better from here!
And a deluxe bonus… no more mean tweets, too! Life is wonderful!
Yup.
https://twitter.com/urtruthdetector/status/1432375537763241984
I would be kinda concerned about a guy who DIDN’T talk like that in the locker room.
Think of all the people who want to buy a Mac, but aren’t willing to pay more then $299. Should Apple be forced to lower prices to accommodate demand with no money?
Well that is what is happening in the job market. All these billionaires want labor, but they don’t want to pay enough for their labor to actually live on. If you force Apple to lower prices, they will have to produce garbage products. If you force the American people to work for pennies, you’ll get a garbage nation.
That is why you’ll never hear republicans talking about how cheap chinese upper management is. The logic that they happily apply to ordinary people becomes “socialism” if you apply it to the billionaire class.
“never hear republicans talking about how cheap chinese upper management is”
Why should they? What they talk about is the slave labor Apple lobbied against keeping in place.
The bigger question is, you don’t hear Democrats organizing boycotts of products anymore against companies in China or around the world using slave labor and human rights abuses.
Reason? Apple is the owned and run by Democrats so the party sheeple don’t mention a word.
Bottom Line: Classic Democrat HYPOCRITE double-standard!…
I think lefty wackos like cheap Chinese labor, too. Or they at least like the cheap prices of stuff made by cheap Chinese labor
Unexpectedly, of course.
When GOP POTUS, unexpectedly grew
When Dem POTUS, unexpectedly receded
Well what do you expect when the government is adamant in training people to say home and rely on freebees and handouts! Creating a freeloader society!
F-ing Mess out there…. beyond belief.
As the good old saying goes:
Be careful with what u asked ( vote ) for !!!! what a SHAM!
Hey libtirds, feeling your stupidity yet? Americans sure are
Moron!
Oh look, a f’ing idiot thinks Hal is the dumb one. How precious. Truth hurts you stupid libturd
The economy and Afghanistan is NOT Biden’s fault. They are the fault of every fucking idiot that voted for him
Getting out of Afghanistan was the only reasonable move. The speed at which the propped up Afghan government fell is proof of the folly of nation building policies.
The fact that it 20 years for America to get out of there is the truly astounding part.
Kudos to Biden for having the stones to take the political hit and do the right thing.
Wow, PJS, just wow. Please stop breeding and voting for the good of the country
Anyone who thinks that 20 years of nation building in Afghanistan was a good idea really needs to stop huffing paint thinner..
You have got to be kidding and clueless at the same time.
“Kudos to Biden for having the stones to take the political hit and do the right thing.”
NO. He did not do the right thing. He did the worst withdrawal of U.S. forces in history making Saigon rooftops in 1975 look better by comparison.
It never ceases to amaze how partisan posters suspend REALITY and FAIL repeatedly to put a happy face on a political disaster.
No wonder the U.S. is in serious trouble…
Didn’t Ice Cream Joe get around 8.1 million votes? That is a lot of lefty wacko f–king idiots out there!
Western prosperity is built on a model of infinite growth, but whether it is sustainable is a big question.
Colonialism worked to build the economy of the colony builder because it provided cheap resources for the home nation. But eventually those colonies grew until they were able to start a manufacturing base. The the home nation falls back on tertiary industries, like services and banking, to maintain it’s power and influence. Britain is remarkably powerful for a nation of its size and resources until you consider it’s accumulated wealth. America is doing this now as well, coasting on accumulated wealth and generating some amount of technology innovation.
But what happens next? As the economies that were “developing” transition to “developed,” they are starting to challenge the more advanced economies by investing in poorer economies, and turning them into financial “colonies” if not literal ones. This will increasingly reduce the influence and power of those former colony builders, unless they can come up with another step to elevate themselves.
Manufacturing in America is gone. It’s cheaper to do elsewhere now. Trying to bring it back will cause inflation. Many service jobs are gone. They can be outsourced on the internet. Trying to bring them back will cause inflation. Protectionism causes inflation. Jobs that require higher education are leaving. Highly educated and motivated grads will work for less in other countries. In America, those degrees require insane amounts of money, meaning you have to be rich already, crazy smart with scholarships, or take on crippling debt and hope the jobs are still there when you finish. Either way, as the price of the education goes up (through interest on student loans) so will the expected pay, and so will inflation.
So, yeah. I agree that this stimulus might cause short term inflation. But America has some other problems with inflation too, and continues to ride on an ever dwindling supply of exports to the world to maintain it’s position as the world’s biggest economy.
If the human race doesn’t move industry into space, we’re screwed. There’s no room left on Earth for economic growth and human society collapses when growth stops.
PJS, that is one of the dumbest things ever said. Congrats. Biden voter I bet!
You really don’t know what is happening in the world do you?
Do yourself a favor and learn about a little thing called compound interest.
If you bother to do so, you will realize that the entire structure of modern society requires that the size of the world economy must soon grow to a level that is unsupportable by the Earth’s resources. When the entire world is either a factory or a waste dump, where are the people going to live?
Like I said, PJS, that is one of the dumbest things ever said.
Great job, PJS, you have now said TWO of the dumbest things ever said. Double congrats!!
Amen, brother…