Tag: Mish

Business Service

Pandemic Bellwether Services Like Food Delivery Go Out of Business – Mish Talk

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Pandemic Bellwether Services Go Out of Business

Decline of the Nice-to-Have Economy

The Wall Street Journal discusses The Decline of the Nice-to-Have Economy

  • In 2020, Nestlé bought Freshly, a home-meal delivery service, for $950 million. At its peak during the pandemic, Freshly said it was delivering more than one million meals a week to Americans. Yet Nestlé is shutting down home delivery of Freshly meals this month, citing shifting consumer demand. Nestlé didn’t respond to requests for comment.
  • Meal-kit startup Blue Apron‘s revenue has declined and its valuation has collapsed, and the company is now in danger of being delisted from the New York Stock Exchange as its share price lingers below $1. Blue Apron didn’t respond to requests for comment.
  • The meal-kit market leader, Berlin-based HelloFresh, has fared better. The company saw a spike in demand during the pandemic, and anticipates continued growth in revenue of at least 25%, year over year, according to
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Careers Employment

December Jobs: Employment Rises by 717,000 All of Them Part Time – Mish Talk

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Payroll and employment data from the BLS, chart by Mish

Payroll and employment data from the BLS, chart by Mish

Today, the Bureau of Labor Statistics released its Monthly Payroll Report.

Initial Thoughts

  • The divergence between jobs and employment continues for the ninth month but lessened in December.
  • However, the full time employment divergence did not budge.
  • The divergences between jobs and employment date back to March.

Payrolls vs Employment Since March 2022

  • Nonfarm Payrolls: +2,887,000
  • Employment Level: +916,000
  • Full Time Employment: -288,000

Full time employment is down 288,000 since March and down by 444,000 since May!

Mainstream media misses general miss the big picture captured in my lead chart. This is not strong employment growth. 

The internal details have been weak for 9 month and I have been talking about the discrepancy for six of them. The charge of employment “noise” is a siren song. 

Job Report Details

  • Nonfarm Payroll: +223,000 to 153,743  – Establishment Survey
  • Civilian Non-institutional Population:
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