The US economy added 2.7 million jobs in 2023, trouncing expectations. How did the experts get it so wrong?

by audiomuse1

25 comments

  1. Putting it all together, if one believes the headlines, in December the US added 216K payrolls (which included a record number of double-counted multiple jobholders), and yet the number of employed workers actually crashed by 683K, the biggest drop in 4 years. Furthermore, taking a closer look at the composition we find that in December, the number of well-paid, full-time workers collapsed by a near record 1.5 million, offset by a 762K surge in part-time workers. As for the balance, it was the 222K people who discovered last month that to keep up with the economic miracle that is Bidenomics, they need to work at least one more job

  2. I guess we should just stop reading economic news since they get it wrong more than they get it right

  4. They did not expect the cost of living increase requiring two jobs for a large portion of the population

  5. Fuck jobs, have wages kept up with inflation along with these jobs?

  9. 2.7 million people took a second job to afford their current lifestyle. Bidenomics has enslaved our population

  11. WHAT KIND OF JOBS (part-time) AND HOW MANY JOBS PER PERSON? (multiple)

  12. There are a LOT of retired people taking part time jobs just to try to make ends meet. 70+ year olds having to work again.

  13. More jobs does not equate with a thriving economy. This metric is outdated and misleading.

  14. Apple, Google, Meta and Microsoft all had less headcount in 2023 compared to 2022. Those are high paying jobs that are unlikely matched at other companies. Does companies did well in the market as well. It would be interesting to see average salary of job lost vs average salary of new jobs.

  15. Now let’s look at part time jobs versus full time jobs created in 2023.

  19. By lying about the jobs numbers, and trading one full time job for three part time ones.

  20. didn’t we add like 3 million illegal and 2 million legal immigrants as well?

  21. Because Jerome Powell head of the Federal Reserve did something nobody thought he could. That is to curb inflation while at the same time avoid a recession, i.e. soft land the economy. He did it in about the same time frame it would have taken to crush inflation by setting interest rates to sky high levels right out of the gate, crash the economy, and then stimulate it to get it moving again.

    It really is an amazing achievement and brilliant piece of macro economics.

  22. I have heard a lot of the added jobs are government related. Is that true? I am skeptical

  24. Goddamn this sub is full of stupid people asking the dumbest questions and making up the dumbest shit when they get hit with facts and data.

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