A Patron of Economic Update asks: "A "great" jobs report was released today; the stock market soared. I'm skeptical. I see that of those 531,000 "jobs added," a great many are in relatively low-wage sectors such as Leisure & Hospitality, Retail, etc. - how many will we learn in January were merely seasonal? Meanwhile, per the report, "the number of permanent job losers, at 2.1 million, changed little in October but is 828,000 higher than in February 2020." The Workforce participation rate is unchanged. Inflation's up and product is not on store shelves. So how "great" IS this job report and economic health generally?"
This is Professor Richard Wolff's video response.
Ask Prof Wolff is a Democracy At Work production. We are committed to providing these videos to you free of ads. Please consider supporting us on Patreon.com/economicupdate. Become a part of the growing Patreon community and gain access to exclusive patron-only content, along with the ability to ask Prof. Wolff questions like this one! Your support also helps keep this content free to the public. Spreading Prof. Wolff's message is more important than ever. Help us continue to make this possible.
Submit your own question to be considered for a video response by Prof. Wolff on Patreon: https://www.patreon.com/economicupdate/community.
Follow us ONLINE:
Shop our CO-OP made MERCH: https://democracy-at-work-shop.myshopify.com/
NEW 2021 Hardcover Edition of “Understanding Marxism,” with a new, lengthy introduction by Richard Wolff is now available! Visit: https://www.lulu.com/
“Marxism always was the critical shadow of capitalism. Their interactions changed them both. Now Marxism is once again stepping into the light as capitalism shakes from its own excesses and confronts decline.”
Check out all of [email protected]’s books: "The Sickness is the System," "Understanding Socialism," by Richard D. Wolff, and “Stuck Nation” by Bob Hennelly at http://www.lulu.com/spotlight/democracyatwork