US added 467k jobs in January

A 4% unemployment rate is viewed by many as full employment, and that is certainly good news.

I would like to understand the quality of the jobs behind the headlines.

Do these jobs provide benefits and a living wage?

Do they allow people to have healthcare, childcare, and enough left each week to save for homes, retirement, and a few of the little luxuries that Americans have come to expect?

I'm still a little bit skeptical and more than a little bit worried about our future as a nation.
 
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It does appear to be good news, but mostly due to...
Effective with data for January 2022, updated population estimates were incorporated into the household survey.
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How would that impact the data?
Data users are cautioned that these annual population adjustments can affect the comparability of household data series over time. Table C shows the effect of the introduction of new population estimates on the comparison of selected labor force measures between December 2021 and January 2022.
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What is the difference in table C?
employed .jpg
Which would still seem to be on the positive side of job growth and near the upper end of optimistic forecasts (+195k). Certainly good and nothing to be sneezed at, but not quite the euphoria being generated, imo. https://www.bls.gov/news.release/empsit.nr0.htm
 

US added 467k jobs in January​

As a headline it sure beats.

Mexican Border Arrests Hit New Record Last Year - WSJ​

https://www.wsj.com › articles › mexican-border-arrests-h...
Mexican Border Arrests Hit New Record Last Year - WSJhttps://www.wsj.com › articles › mexican-border-arrests-h...
2 days ago — U.S. Border Patrol agents made 1.9 million arrests at the Mexican border in 2021, reflecting a surge in attempted crossings; about 402000 ...

It was pointed out that the major portion of the jobs were service jobs. Normally service jobs don't pay a lot & employers limit hours to avoid paying health care benefits.

But at least there are people wanting to work & contribute to their own cost of living.
 
Aunt Bea said:
A 4% unemployment rate is viewed by many as full employment, and that is certainly good news.

I would like to understand the quality of the jobs behind the headlines.

Do these jobs provide benefits and a living wage?

Do they allow people to have healthcare, childcare, and enough left each week to save for homes, retirement, and a few of the little luxuries that Americans have come to expect?

I'm still a little bit skeptical and more than a little bit worried about our future as a nation.
Click to expand...
Jobs offering a living wage, benefit packages such as health, vacation and sick leave are becoming scarce. The fast food industry employs part-timers so they can avoid providing benefits. I'm pretty sure the majority of the increase in employment is in food service and related fields.
 
It's good that the economy is adding jobs, but there aren't enough workers to fill those jobs. Here is the why there's a labor shortage (according to an International Monetary Fund study).

New IMF staff research uses granular data on employment and vacancies in the US and the UK to assess four commonly held explanations:​
  • The effect of generous income support on willingness to seek and take up jobs​
  • A mismatch between the types of jobs that are available and the willingness of people to fill them​
  • Mothers of young children exiting the work force amid continued disruptions to school and childcare​
  • Older workers withdrawing from the labor force​
We found that lower participation among older workers not returning to work is the common thread, and matters most. Mismatch plays a secondary role. The fall in female participation is unique to the US, but also quantitatively important.​
​
If the broader trend continues, it can have major implications for growth, inequality and inflation. A continued sluggish employment recovery could constrain economic growth while fueling wage increases. While higher wages would be good news for workers, they could further fuel inflation.​

Part of the reason older workers have been withdrawing from the workforce is the fear of contracting covid-19. If more people would get vaccinated, the risks would be alleviated. Even fully vaccinated people can get covid-19, but they're more resistant, and are far less likely to get severely ill, and they're also less likely to spread it because they get a milder case.
 
Irwin said:
It's good that the economy is adding jobs, but there aren't enough workers to fill those jobs. Here is the why there's a labor shortage (according to an International Monetary Fund study).

New IMF staff research uses granular data on employment and vacancies in the US and the UK to assess four commonly held explanations:​
  • The effect of generous income support on willingness to seek and take up jobs​
  • A mismatch between the types of jobs that are available and the willingness of people to fill them​
  • Mothers of young children exiting the work force amid continued disruptions to school and childcare​
  • Older workers withdrawing from the labor force​
We found that lower participation among older workers not returning to work is the common thread, and matters most. Mismatch plays a secondary role. The fall in female participation is unique to the US, but also quantitatively important.​
​
If the broader trend continues, it can have major implications for growth, inequality and inflation. A continued sluggish employment recovery could constrain economic growth while fueling wage increases. While higher wages would be good news for workers, they could further fuel inflation.​

Part of the reason older workers have been withdrawing from the workforce is the fear of contracting covid-19. If more people would get vaccinated, the risks would be alleviated. Even fully vaccinated people can get covid-19, but they're more resistant, and are far less likely to get severely ill, and they're also less likely to spread it because they get a milder case.
Click to expand...
I agree with all of your points, but there were also older workers like myself whose companies used Covid as an excuse to "retire" us. There were quite few of us who were let go from decent-paying jobs, but having experienced the freedom of retirement we will never go back to the stress and 24/7 demands of our careers.

There were 4 of us in the sales department alone, not to mention many in other areas. There was no fear of Covid on my part. My company decided long ago that older, well-paid workers were a detriment and the pandemic was a good excuse to let us go and bring in younger, lower paid workers.

This is another segment of the seniors that are missing from the workplace.
 
@Irwin your points make sense especially about income that was provided in lieu of working. I think combined with those government freebie don't go to work incentives ending, the bulk of jobs announced aren't new jobs. IMO announcing filling vacancies of existing jobs makes people feel good & that in turn makes it seem like politicians are actually doing something.
 

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