Submitted by Hardscrabble Farmer
Do people who call out sick go on unemployment? Is that really a thing?
White House, Fed Warn Omicron Might Have Serious Impact On January’s Jobs Number
Get ready for a sub-zero jobs print…
Brian Deese, a top economic advisor to President Biden and former “global head of sustainability” at BlackRock, became the latest Biden henchman to warn that omicron might have a larger than expected impact on January’s jobs numbers when he spoke to the press on Tuesday.
- OMICRON EXPECTED TO IMPACT JAN. JOB NUMBERS: DEESE
Of course, Deese isn’t the first Biden lacky to start priming the public (and the markets) for another huge payrolls miss.
During yesterday’s White House press briefing, Biden Press Secretary Jen Psaki claimed because of the surge in people calling out sick during the first half of January (when the data were being collected), the influence of omicron might have substantially alerted the headline number, potentially even causing it to go negative. The US hasn’t had a negative monthly NFP jobs print since December 2020.
“Because omicron was so highly transmissible, nearly 9 million people called out sick in early January when the jobs data was being collected,” Psaki told reporters. “The week the survey was taken was at the height of the omicron spike…As a result, the jobs report may show job losses, in large part because workers were out sick from omicron at a point when it was peaking.”
Already, a Census Survey shows that an estimated 8.75MM Americans said they were not working in early January, either because they were infected with COVID or taking care of someone else who had contracted the virus. That’s roughly 3x the level from the prior month.
And they aren’t alone. At least two Fed presidents have warned about Friday’s jobs print in recent days. Yesterday, Atlanta Fed President Raphael Bostic warned that January number would be lower than December and November.
But before investors start to worry, Philly Fed President Patrick Harker explained why he is a little less convinced that the Fed will hike rates 50 basis points because of the state of the economy, adding that the central bank needs to wait and see how the economic data looks over the coming weeks.
So, once again, ‘bad news is good news’ for stocks so please ignore the negative jobs print.
There’s already some signs in the economic data that January’s jobs number good reason to expect a low, or even negative, headline jobs number this month. One closely watched leading indicator, the ISM Composite Jobs Index, has fallen to its lowest level in months.
The US economy hasn’t shed jobs since December 2020, when some 306,000 jobs disappeared as COVID cases soared while the government scrambled to produce a COVID vaccine. The median forecast among economists surveyed by Bloomberg is 150K, down from 199K as more economists have come around to this dimmer view.
Biden’s people are already trying to get ahead of a negative number. But with the president’s approval rating already in the gutter thanks to surging prices at the pump (and everywhere else), we look forward to watching him trying to spin this one.
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Forget Omicron, it was the Russians. It’s always the Russians. It was the Russians who made the truckers protest in Canada and the Russians made Hillary lose to Trump, the Russians….
And….in Russia….
Wish I had known, I guess the Russians ate both the couches.
One of the kids (now 50) I used to babysit lives in the hills and visits from time to time. He is a machine repair/maintenance guy at an ice cream manufacturing plant. He says the company had to stop paying people who called in sick with Covid because the policy was being abused.
So, yes… it is a “thing.”
I don’t understand. When you say “they had to stop paying them” does that mean that they are no longer employed?
This is like something out of Office Space.
The company had a policy where employees could call in with Covid, stay home for ten days and get paid. I don’t know if the funding was internal to the company or if some sort of Federal support was given to the company to funnel to “sick” employees.
My friend said he’d taken advantage of all the overtime it offered, but hadn’t called in sick like a lot of people had just to get some free time off.
He said the company had to change the policy and quit giving employees a paycheck to stay home sick with Covid.
Chris said the employees only had to bring a doctor’s note saying they had been sick but no longer were. Since the doctor gets some bonus bucks for having “treated” a Covid patient, they probably have no problem signing that work release form for their patients.
As I said… this was from a local factory worker and since he’s got no reason to make it up, I don’t think he is.
Yes, but HSF’s point (correct me if I’m wrong) is that they didn’t get fired, didn’t apply for unemployment, and so aren’t, can’t, and won’t be among the unemployment numbers that Psaki is blaming on Covid.
True…
I don’t know if the funding was internal to the company or if some sort of Federal support was given to the company..
I think that there was some sort of kickback from the feds – maybe part of the whole ppp loan pkg stuff.
we had the same thing where I work.. If one calls in sick with this , it does not make them ‘unemployed’ unless the legislation itself somehow changed the status.
That’s what I suspected, because everyone is in on the grift, from the doctor signing the note to the HR person filing the report for the Feds. And all the corruptocrats in between, not to mention contract advisors such as my old company, Robbins-Gioia, Inc., (for example… I do not know if RG is still a company in Alexandria, to be honest) taking on the program management of the crisis. Grifters are in charge of everything now.
^^^^ This^^^^
Productivity has gone to the shitter, I think they’re trying to kill what work ethic remains which isn’t much.
This crap is where the shortages are coming from and they’re going to explode going forward.
It could be Checkmate.
My company gives you 10 paid days off if you have the sniffles, I mean omicron, you have to take Satan’s test at a Satan’s approved clinic to get the 10 paid days off.
Probably all the companies firing the smart employees that are not taking the shit shot.
ZFG, out.
P.S. fuck joe biden
Sounds more like a convenient excuse, rather than an actual cause.
Just like covid will be the convenient excuse for the coming economic collapse. Just ask Jim Cramer, he will tell you all about it as he also tells you to leave your money in the rigged casino er…. stock market.
Calling a Super Bubble: Front Row With Jeremy Grantham
434,164 views
Jan 26, 2022
Outside of confusing the intentional intentional poisoning of the planet by the Death Cult running the various governments…and all us useless eaters being attacked by them in many ways…and confusing unavoidable normal ‘Climate Change’ (like a solar minimum) this was interesting.
The excuse is only convenient because the MSM and, by and large, the Murkan pipple are to dumbified to realize it’s a preposterous excuse.
I’ve always just called in ‘well’ every so often … telling the bosses that I feel too good to wreck my day by going to work …
Somehow they never understood …
BTW, the jobs report ws a BIG miss – forecast was 225K+, actually was -300K or so.
Anyone who has worked union, and gotten generous sick day benefits knows how badly sick days are abused. If you pay people not to work, that is exactly what they will do. Get paid not to work. When you combine that with liberal unemployment benefits, people at the lower end of working spectrum quickly learn to work a few months, and then go on unemployment for 6 or 9 mos. making as much or more than they did working. The current system is designed to be exploited, and that is exactly what is happening. Who could have guessed.
Anyone who has ever done piece work in construction, or flat rate as a mechanic, know that when you only get paid for what you accomplish, people show up for work, and are as productive as they can be. Funny how that works….