aw, give Trump a break... good numbers are reliable and bad numbers are political! /s
MyNameIsIgglePiggle 6 points a year ago
Yeah but who was president the last time record job losses were recorded?
curbstickle 39 points a year ago
... Yes.
About 40% of the company I work for.
DragonTypeWyvern 6 points a year ago
And half the companies that took PPP loans to stay afloat just had their owners pocket the cash and fire everyone anyways.
frazw 22 points a year ago
Yeah but they always believe the reasons that are given.
It wasn't our fault, it was the pandemic. It's not our fault, the numbers are rigged. It wasn't our fault we inherited the problem. It wasn't our fault, the Democrats toned down our bill and that caused the problem. It wasn't our fault, there are too many immigrants.
Corkyskog 6 points a year ago
The "our" is the problem. They feel attached to the Republican party and that Democrats are the enemy, the why doesn't matter in that basic way. So they double down hoping the next guy is crazy enough to fix it, but obviously a Democrat can't fix it because them being in power means they have lost.
If candidates were masked and you were only voting based on their past actions we would have very different politicians.
DragonTypeWyvern 6 points a year ago
"Wow that champion of the status quo is going to crash the economy with her radical agenda of largely maintaining the economic system that we've used since fucking Reagan!"
pelespirit 47 points a year ago
Home sales fall to lowest level since the financial crisis-2009
sp3ctr4l 32 points a year ago
Commerical real estate is also imploding.
https://www.unitedstatesrealestateinvestor.com/...
Economy is over, everyone go home lol.
Yeah, oops, turns out, again, our entire economy is... whoah, another real estate bubble, who could have guessed?
Yep, this is the Second Great Depression.
Good luck and godspeed everyone, hope you know how to cook some basic staple goods.
Oh right, I forgot about ~70% of US agro workers fleeing ICE and basically all our crops dying on the vine, oh and also now we have to import food through tariffs.
=D =D =D
grue 12 points a year ago
Except this time they're expensive, not cheap.
Also, it makes me wonder if the REITs are starting to run out of buying capacity, which I'm guessing implies even more economic instability than even pessimistic folks realize.
sp3ctr4l 3 points a year ago
I am not certain that its ... that REITs are running out of money broadly... not quite yet at least...
But I am 99% convinced that basically every private homeowner and small time flipper / 'real estate investor' who just recently took their homes off market, after them already being on market 120 days +...
Yeah I'm pretty sure basically all those people are underwater, not necessarily on the property per se, but their total personal financial outlook is now fucked, from 401ks crashing earlier this year, and just generally way too high debt / debt to income ratios, general cost of living increase from tariffs/deportations.
Hooray HELOCs!
Don't worry, date the rate, marry the house, you can always refinance at a better rate later!
(except when you can't, why did you believe the used car dealer home salesperson?)
These people overextended and refuse to entertain a price point where they'd have to end up getting a real job or selling half their shit.
So, a bunch of them in a few noticably fucked markets actually withdrew their for sale listings... in what I can only describe as a hilariously ineffective, delulu gambit to lower overall supply and thus try to stymie that bit of the fundamentals behind the collapse.
What they evidently do not realizs is thag the actual REITs and other mass property owners... they're just gonna keep dropping prices, they can afford to do that, they have bigger pockets...
So, when Joe Blow former AirBNB landlord tries to list again in 3ish months, oh no! Comps are down by another 5-10%! Who could have predicted this!?
Its wild to see basically the housing market now just broadly act in the dumb money vs smart money vs institutional money dynamics that the stock market does, at such a scale.
So many of these petite bougeois are gonna be having total mental breakdowns that nope, they didn't make the cut, fission mailed, generational wealth not achieved, put the fries in the bag.
PalmTreeIsBestTree 6 points a year ago
Solid piece of work there
cannon_annon88 25 points a year ago
So this economy is trending as bad as the housing crisis and a global pandemic. Nice.
InvalidName2 21 points a year ago
With few exceptions, everyone I know has mentioned that their workplace has either downsized, is in the process of downsizing, and/or is on a hiring freeze at a minimum. Where do the people who have become unemployed directly and indirectly because of the federal government's decisions find a job? I know they think suddenly everybody's going to be rushing out to those seasonal agricultural jobs that barely pay above minimum wage (if that) and have no benefits, but do they really think data scientists and education coordinators are going to be well suited to picking okra and processing tomatoes even if they were willing to do it?
Simultaneously, the prices of necessities seem to be on a steep incline again.
The government is coming at working people directly and from both ends.
One problem is, at least conceptually, that last time this shit happened, we could blame it on the ramifications of covid and at least the better informed among us knew it was a worldwide phenomenon. This time around, for the USA at least, it's self inflicted. Much of this, if not virtually all of it, was avoidable.
The other problem, in my opinion, is that people are literally living in completely different and seemingly mutually exclusive realities. To my conservative acquaintances, the cost of eggs are down which is fantastic and even though last year the price on that was all Biden's fault, now that the prices on so many other things have gone up due to Trump's tariffs or threat thereof, suddenly the story is that the president doesn't control the prices of groceries. How do you even find common ground with those types of "facts"? You can't.
Bane_Killgrind 15 points a year ago
Every accusation is a confession, wow
RagingRobot 3 points a year ago
Even the crazy pizza gate one!
OrteilGenou 4 points a year ago
Sorry to hear it
gravitywell 11 points a year ago
Terk err jerbs!!
humanspiral 10 points a year ago
A lot of layoffs are not yet in the "monthly" job numbers, because somehow severance means you are still counted as employed.
WiseScorpio 6 points a year ago
Its should go without saying that the truth lies in the direction opposite to that which atrunp and the GOP point.
magnetosphere 5 points a year ago
*jerbs
TheReturnOfPEB -2 points a year ago
Honestly this is largely because of AI taking jobs.
Why has no major media publication linked this jobs report to CEOs lovingly saying how they have quit hiring HUMANS and will layoff more and more HUMANS for AI ?
IrateAnteater 41 points a year ago
Nope. AI is shit, but this is not AI driven. The auto industry alone is responsible for a lot of this. The flip-flopping on tariffs has basically paralyzed investment. For reference, the auto industry runs on 5-7 year cycles. So every 7 years, most equipment is replaced or rebuilt. This is an enormous amount of economic activity on top of simply running the equipment. That process has all but stopped since Trump took office, and it's explicitly due to the tariffs.
curbstickle 15 points a year ago
Because they amount to less than 10% of the total number (less than 80k).
You have many more than that in jobs lost due to DOGE, losses in retail due to tariffs, and other markets due to a lack of consumer spending (due to tariffs/inflation primarily).
agedlikemilk
@sh.itjust.works
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A community dedicated to all those things in media and elsewhere that didn’t stand the test of time, at all.
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agedlikemilk
@sh.itjust.works
438
24
3
A community dedicated to all those things in media and elsewhere that didn’t stand the test of time, at all.
go to feed...
To put into perspective how bad that jobs report is, you need to remember that January through July 2020 included three months of lockdown, shutdowns, and a worldwide pandemic.
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