Jobs, Jorbs, and Jerbs

We got a new jobs report today. Apparently over there are over 500k new jobs for last month in America.

It's all over financial news with articles like this one: https://finance.yahoo.com/news/january-jobs-report-labor-market-economy-february-3-2023-125436675.html

Combined with the 0.25% fed hike on Wednesday, it seems like soft landing has been secured.

So, everything is good, right?

Well, there are pesky little details like these are all part time jobs and in lower-value industries like hospitality. But overall, more people are working right?

Maybe not. We are still below pre-shutdown levels in terms of percentage of people working. And for those who are a little older, we are WAY below pre-2008 levels.

I don't really care how many jobs somebody has or about the unemployment rate. What I do care is how many households are generating enough income to support themselves. As a society, the more productivity we have the better. Otherwise we get things like government handing out checks and getting a massive wave of inflation a year later.

Admittedly, the 25-54 year old group is in better shape. So it seems like fewer younger people and fewer older people that are working.

If we look at labor rates by sex, women have been doing OK but men have been a disaster:

So... yeah. Don't get too excited by the headline numbers.

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