Monday, January 11, 2016

another fabricated jobs report

PCR |  Now, we will pay attention, unlike the financial presstitute media, to the age groups who benefited, according to the BLS, from the 292,000 December new jobs. About half of the alleged new jobs—142,000—went to the 55 years old and over age group. This age group consists primarily of retirees who have found it necessary to supplement their retirement income and of those near retirement who are working in order to compensate for the lack of interest on their savings due to the Federal Reserve’s zero interest rate policy. These are part-time, lowly paid jobs without benefits.

Americans of prime working age, 25 years old to 54 year old, only received 16,000 or 5% of the new jobs.

Those aged 46 to 54 lost 165,000 jobs. In other words, middle aged people are losing their jobs before they can provide for their retirement.

There are 527,000 more Americans working multiple jobs in December 2015 than in December 2014.

Now, as we have done so often for many years, let’s look at the make believe jobs that the BLS claims. Almost all of them are in lowly paid domestic services, such as waitresses, bartenders, couriers and messengers, employment services, social services and health care (primarily ambulatory health care services).

The conclusion is that if we believe the payroll jobs report, the United States is now an economy that only creates Third World jobs in lowly paid domestic services.

And yet this non-economy on the verge of collapse is said by the idiots in Washington to be a super-power.

What a total joke!

PCR |   Probably what we are observing is that the economic house of cards that the Federal Reserve has constructed together with financial deregulation depends heavily on reported jobs gains for its stability, and this stability is provided by the use of the birth-death model and seasonal adjustments to produce reassuring payroll jobs numbers.

As I have pointed out in numerous columns, if the reported jobs claims were real, the labor force participation rate would not be declining. If the reported jobs claims were real, people would be entering the work force attracted by employment opportunities. They would not be leaving the work force from discouragement and frustration in finding employment.

The Obama regime’s claim that the declining US labor force participation rate is the result of rising retirements is contradicted by the fact that the reported payroll jobs gains are primarily accounted for by the oldest age group, 55 and higher.

I am left with the conclusion that the 281,000 jobs produced by seasonal adjustments are the product of the misuse of seasonal adjustments in order to keep alive the appearance of economic recovery.

Keep in mind, also, that payroll jobs are the number of jobs, not the number of employed people. Many payroll jobs are part time with two or more being held by one person.