Re:Private sector lost 33k jobs, badly missing expectations ...
by wnc3141 on Thursday July 03, 2025 @12:03PM
(#44456439)
Of course we have alternative measures of unemployment but they're harder to measure and read.
There's something about the so-called "vibecession" - that people are better at measuring their own circumstances than macroeconomic data provides. In hindsight this is sort of an obvious take.
Real wages and high quality full-time employment have declined, but more importantly wthat people use to measure well being such as career outlook and price of "joy" expenses (concert tickets, hobbies, travel etc.) has significantly contracted or outpaced inflation.
Lastly, rep. Ocasio-Cortez struck me with a description of this socio-economic millaeu on NPR's morning edition a while back. https://www.npr.org/2025/02/28/nx-s1-5306406/alexandria-ocas...
In short, she noticed that "everything feels like a scam" - that is, digital distribution has enabled more complex fees, price discrimination, offerings are better optimized for profitability etc.
There's something about the so-called "vibecession" - that people are better at measuring their own circumstances than macroeconomic data provides. In hindsight this is sort of an obvious take.
Real wages and high quality full-time employment have declined, but more importantly wthat people use to measure well being such as career outlook and price of "joy" expenses (concert tickets, hobbies, travel etc.) has significantly contracted or outpaced inflation.
Author Eugine Ludwig wrote this great article for political a few months ago. https://www.politico.com/news/magazine/2025/02/11/democrats-...
Another article on what it means to be priced out of a hobby. https://www.theatlantic.com/family/archive/2025/04/hobby-inf...
Lastly, rep. Ocasio-Cortez struck me with a description of this socio-economic millaeu on NPR's morning edition a while back. https://www.npr.org/2025/02/28/nx-s1-5306406/alexandria-ocas... In short, she noticed that "everything feels like a scam" - that is, digital distribution has enabled more complex fees, price discrimination, offerings are better optimized for profitability etc.