Fed crap out of full employment (real hourly earnings growth at -0.814% annually, workforce participation still below pre-Covid levels) – confused interest

If the Federal Reserve is really looking to achieve full employment in the US, that’s a fool’s job.

Today’s jobs report is good and bad. The good news? 531K jobs added, more than expected. The unemployment rate in less than 3 years fell to 4.6%, which is also better than expected.

Bad news? Average hourly real income growth “rose” to -0.8141% which means inflation is outpacing wage growth (despite what Joe Biden said yesterday).

Look at workforce participation in October and before Covid. After the big pullback in LFP, it rose again and then settled near where it was in October of 61.6%.

Here is the rest of the story. Zero Hedge grabbed the headline “October Payrolls Rise to 531K, Smashing Expectations with Previous Months Sharply Adjusted Up”. Very bad inflation wipes out the gains.

Biden: “We’ve increased workforce participation by an inch.”

Employment in leisure and hospitality increased by 164,000 in October and increased by 2.4 million so far in 2021. Over the month, employment increased by 119,000 in food services and drinking places and 23,000 in accommodations. Leisure and hospitality employment has fallen by 1.4 million, or 8.2%, since February 2020.

Hey bartender!

Here is a video of the Fed waking up from the banking crisis in 2008 and again due to COVID.

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