U.S. adds just 194,000 jobs in September as more people drop out of the labor force
"The numbers: The economy created a stingy 194,000 new jobs in September to mark the second disappointing monthly increase in a row, suggesting a lack of labor could frustrate a robust U.S. economic recovery in the months ahead.
The increase in hiring fell well short of Wall Street’s forecast, exacerbated by a decline in employment at public schools. Economists polled by The Wall Street Journal had forecast 500,000 new jobs.
The private sector added 317,000 workers last month, but state and local employment fell by 123,000.
The unemployment rate, meanwhile, slipped to 4.8% from 5.2% and touched a new pandemic low."
Also inflation on energy.... not looking good.
Energy crunch stokes inflation, economic recovery concerns
"Oil rose towards $84 a barrel on Tuesday, within sight of a three-year high, as a rebound in global demand after the COVID-19 pandemic caused price spikes and shortages in other energy sources. Coal has scaled record peaks and gas prices remain four times higher in Europe than at the start of 2021.
OPEC+, which groups the Organization of the Petroleum Exporting Countries and other oil producers led by Russia, is increasing output monthly to address recovering demand as it undoes curbs it put in place to support prices and oversupply.
The price of Brent crude has surged by more than 60% this year, supported by those OPEC+ supply curbs as well as record European gas prices, which have encouraged a switch to oil in some places.
Brent crude was up 24 cents or 0.3% at $83.89 a barrel at 0810 GMT. On Monday it reached $84.60, its highest since October 2018. U.S. oil gained 21 cents or 0.3% to $80.73 and on Monday hit $82.18, its highest since late 2014.
The sharp rise has meant OPEC+ has come under pressure from consumer nations, with a U.S. official on Monday saying the White House stands by its calls for oil-producing countries to "do more" to ease the situation.
A Russian official said on Tuesday that energy giant Gazprom (GAZP.MM) has started using its inventories to pump more natural gas into the pipeline network to stabilise surging prices.
Deputy Foreign Minister Sergei Ryabkov, in a BBC interview, rejected any suggestion that Russia was withholding gas from the European market. A group of European Parliament lawmakers has asked the European Commission to investigate Gazprom's role in the rising prices.
In France, President Emmanuel Macron said on Tuesday the country wants to be a leader in green hydrogen by 2030 and build new, smaller nuclear reactors as part of a 30 billion euro ($35 billion) investment plan.
And in Japan, electricity prices have risen to nine-month highs this week as gains in global prices of oil, liquefied natural gas (LNG) and coal are starting to feed through to the country's $150 billion power market."
Even with material shortages, energy shortages, food shortages, labor shortages, the stuff we can get... we are having a hard time unloading.. https://www.businessinsider.com/largest-us-port-breaks-multiple-record-cargo-ships-import-delays-2021-9
The largest port in the US hit a new ship-backlog record every day last week, as 65 massive container boats float off the California coast
The Southern California ports that are responsible for almost half of all US imports hit a new record every day last week.
Over the past week, the queue of ships waiting to unload at the ports in Los Angeles and Long Beach have lengthened by 10 ships. On Friday, the ports had 65 cargo ships stuck at anchor or in drift areas waiting for spots to open up to dock and unload. The ports, which are a primary thoroughfare for key imports between Asia and the US, had 147 ships in the locations, including 95 hulking cargo ships on Friday — both new records.
Things do not look good right now, I fear economic collapse.
Is anyone else worried about where the economy is going?
Seriously... There are so many problems right now... from labor, to materials, energy, distribution, its all a ******* mess...
Talked to a guy the other day who ordered a nob for his dishwasher that broke... $50 and was told it will get to him by June 2022... ITS A KNOB FOR CHRIST SAKE... AND 50$ FOR A KNOB...
Facetious example... but I think you get my point... its everything, lumber, metals, microchips, food, appliances, furniture...
How do you guys feel about the future of the economy? Right now I'm dreading it.
Somebody make me feel better.