That is the result that Reagan predicted with tariffs. Tariffs are import taxes. Trump raised taxes.
todudeornote on
Yes, I agree with the conclusion – but explanation is required.
The graph shows “The Annual Benchmark Revision to Nonfarm Payrolls” This is a once-a-year “reality check” performed by the Bureau of Labor Statistics (BLS) to ensure their monthly jobs data is accurate.
What is saying is that the job market is far worse than the initial reports.
* This is a bad thing to see and indicates that we are in for a rocky road
* However, total employment levels are still healthy – far better, for example, than the 10.6% unemployment when this aging boomer graduated college (1982). Current rates are near 4.4%.
* However, the job market for recent grads is truly awful – the Underemployment for Recent Grads is a woeful 41.8% – far worse than when I graduated college. This means that 40% of college grads are working in jobs that don’t require a degree.
* Hiring is currently “bifurcated” i.e. almost all job growth is concentrated in Healthcare and Social Assistance. Sectors like Tech (Information), Manufacturing, and Professional Services are stagnant or shrinking.
None of this was necesary. Trump’s tariffs and war have hurt us deeply – and it will get worse before it gets better.
3 Comments
Just Flop.
That is the result that Reagan predicted with tariffs. Tariffs are import taxes. Trump raised taxes.
Yes, I agree with the conclusion – but explanation is required.
The graph shows “The Annual Benchmark Revision to Nonfarm Payrolls” This is a once-a-year “reality check” performed by the Bureau of Labor Statistics (BLS) to ensure their monthly jobs data is accurate.
What is saying is that the job market is far worse than the initial reports.
* This is a bad thing to see and indicates that we are in for a rocky road
* However, total employment levels are still healthy – far better, for example, than the 10.6% unemployment when this aging boomer graduated college (1982). Current rates are near 4.4%.
* However, the job market for recent grads is truly awful – the Underemployment for Recent Grads is a woeful 41.8% – far worse than when I graduated college. This means that 40% of college grads are working in jobs that don’t require a degree.
* Hiring is currently “bifurcated” i.e. almost all job growth is concentrated in Healthcare and Social Assistance. Sectors like Tech (Information), Manufacturing, and Professional Services are stagnant or shrinking.
None of this was necesary. Trump’s tariffs and war have hurt us deeply – and it will get worse before it gets better.