US labor market actually does work, leaves economists scrambling
Turns out the hiring slump wasn't the final boss we expected, as the job market just pulled a massive plot twist.
The Bureau of Labor Statistics just dropped the latest job numbers and, honestly, nobody seems to know what's going on. We were told to expect a pathetic 53,000 new jobs, but somehow 162,000 people got hired. The job market is apparently ignoring the gloomy forecast entirely.
The biggest winners? Restaurants and bars, which added a massive 59,000 jobs. It seems like the only thing keeping the economy afloat is everyone deciding to go out for drinks. Construction also saw a nice boost, while the information sector continues to shed weight.
Meanwhile, the ADP report from earlier this week predicted a total disaster, proving once again that economic forecasting is essentially just sophisticated astrology. People are working slightly longer hours for a bit more cash, but it’s hard to tell if this is a real rebound or just a weird late-summer fluke.
Economic models are now just fancy ways of being wrong in public.
Source: Bureau of Labor Statistics
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