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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsFed shock!! Job creation non existent
https://finance.yahoo.com/news/powell-job-creation-is-near-zero-202637723.htmlJob creation in the US has slowed to essentially zero, Federal Reserve Chair Jerome Powell said Wednesday as the Fed released its latest economic projections, which included slightly higher economic growth than previously projected and little change to the unemployment rate.
Altogether, Powell said, central bankers see "a degree of stability" in the labor market.
UTUSN
(77,676 posts)themaguffin
(5,204 posts)Johnny2X2X
(24,159 posts)And every single person in this country would understand exactly what this means for them and their long term economic security.
This is a catastrophic jobs situation and it's going to be a slow moving wreck for the working class for years to come. Job creation is the most important metric for the economy because it's what drives all the other metrics.
No new jobs leads to higher unemployment. Leads to lower wages. Leads to more poverty and homelessness. Leads to less spending. Leads to less economic growth. Leads to even less jobs. It's the start of a death spiral that is incredibly hard to pull out of. 14 months of no job growth is a disaster, I don't think the average person gets how this is a much much bigger deal than the last round of inflation was.
617Blue
(2,449 posts)Tramp did that.