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Video games spending by young Americans is dropping sharply, report suggests
(www.gamesindustry.biz)
this post was submitted on 02 Jul 2025
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That and broad, massive economic collapse in basically every other sector, at least in the US.
Can't play vidya gaem if hev no food starve.
https://www.cnbc.com/2025/07/02/adp-jobs-report-june-2025.html
Oops.
Labor market (# of actual jobs) is now actually net contracting, shrinking.
Expected: +100k jobs
Reality: -33k jobs
Firings / Layoffs > Hiring.
Also the population grows, so uh, it actually has to be something like +200k to +250k to remain steady in terms of working age people vs jobs.
Sure, there are lots of 'job openings', but they're all fake ghost job bullshit that never actually hire anyone.
And they don't pay enough to bother doing them, and they have insane requirements that make no sense.
Great Depression 2.0 Gaming!
(The housing market is also collapsing if any readers haven't been paying attention.
My semi-educated guess is about a 55% drop by 24 months from now, compared to roughly '23-'24 highs.
Hope your boomer parents didn't buy in the last 5 years rofl!)
I'm a younger millennial and bought just under 2 years ago. At like peak interest rates... Other than cost of houses what would a crash mean to the economy anyway?
Uh, in a few words:
Great Depression 2.0, potentially worse.
The dollar has lost roughly 10% against all other currencies, because we are a debt laden nightmare that is either going to or beginning to default, going to not be the world currency / favored safe asset nation for bonds.
And we produce basically nothing tangible, we import a lot, so... everything gets more expensive.
Also we functionally just fired all our construction workers and farmers via ICE raids, so food goes up in price a lot, probably shortages, ie, famine... and we can't actually build any new houses or warehouses or office buildings or anything without much higher cost, from both imported materials and higher labor costs...
Oh right and the dollar tanking generally means oil, gas goes up in price, so anything involving logistics is now considerably more expensive.
Oh and basically everyone in the bottom 2/3rds by income distribution is in massivr amounts of debt, so, garnished wages, reduced consumer demand...
Yeah, I could go on, but I am quite serious when I say this could actually be worse than the Great Depression.
... I hope to god you didn't buy in roughly the lower 1/3rd of the country, almost all of those areas will be uninsurable within 10 years due to more frequent and more severe climate/weather events.
SoCals gonna burn down, Florida's gonna sink/melt into the ocean, get washed out by hurricanes.
Possibly the only possible bright sidd is that if you have significant stock investments of some kind, those might 'melt up' to roughly keep track with the devuation of the dollar, so you may have a chance at at least treading water there...
... but basically everything else is going to be a shitshow, business can't afford to pay the wages that would be necesssary for a worker to survive, amped up to 11... rents will probably start to trend down after a while though, as housing values nose dive.
Or maybe they'll just say you need to have ridiculous income level to qualify, but we'll give you 3 to 6 months of free rent.
They tend to do literally everything other than just lower prices for as long as they can.
I live in the UK, but our economy seems to generally follow the US except without any increase in productivity for over a decade and wages are trending towards minimum wage.
BLS jobs report was a beat, +140k jobs and unemployment down a shade. I agree with you on the themes but it doesn't help to cherry pick data.
The BLS jobs estimate report is utterly garbage data.
Go look back over the last year or two.
Look at how many times, and how many jobs they revised down from the report 1 or 2 months prior.
All the idiots that watch Jim Cramer for financial advice are the same idiots that never bother to follow up on the BLS revisions.
Also, the BLS jobs estimate is an estimate that goes through a whole bunch of layers of dependency on other statistics like estimated populations growth.
Meanwhile the ADP is much more directly based on actual payrolls, from actual money going out to actual employees.
You should maybe learn how to actually compare the methodologies behind various sources of data before you accuse someone of cherry picking.
...
Also the unemployment rates that are widely reported on don't count people who've been unemployed so long that they fall out of the labor force.
In our modern economy, if you fall off the treadmill, you stay unemployed for that long, you'll likely never get hired in that field again, or at least not without having to start out at an entry level or junior position, because of how absurd companies are with job requirements, how every job opening has 1000 applicants in 72 hrs, how something like 2/3rds of those job openings are fake and will never hire anyone.
https://www.forbes.com/sites/cherylrobinson/2025/04/02/why-no-one-is-hiring-you-and-its-not-your-resume/
What are you talking about? They're both estimates extrapolated from samples. I think most statisticians would prefer stratified sampling over one company's payrolls processing, but whatever. Maybe chuds would argue that ADP is so much more efficient/accurate because it's outside of the "swamp" of govt, it's certainly an independent data point. I mean I agree with you in that BLS is not reliable either. Real time economics is hard.
If you honestly preferred ADP all along and will continue to espouse it's superiority when it next contradicts your view rather than confirming it (as it will because data are noisy) then more power to you.
Well now you've met a statistician, a person with an Econ degree, specialization in Econometrics who is telling you the BLS numbers have been garbage for 2 years, based off of how many revisions they have to keep doing, and the magnitude of those adjustments.
I've been a professional data analyst at multiple large companies for years, I'm not going to explain this further unless you want to pay me for the full 40 page methodology breakdown.
Real time economics is not hard for me, it was my career until I retired.
Damn near every single measurable metric in the US economy beyond what's in the most easy to consume, most non specialist oriented media is screaming that everything is going tits up.
Hey when was the last time the Fed had to significantly jump into the Repo market to bail it out?
Oh, right, it was this past week.
I'm not going to bother to list out every single indicator/methodology I consider because 1) I'd break the lemmy comment post character limit (its 10k, btw) and 2) I'm used to being paid for such detail.
Ah an economist, say no more fam.