October 05, 2024
The "Good Jobs Report" Con
Timothy Birdnow
Can you say lying to steal votes? I knew you could!
Behind Today's Stunning Jobs Report: A Record Surge In Government Workers
From Tyler Durden at Zero Hedge:
Tim adds:
Government workers do not produce anything hence are not a sign of economic growth. Rather they illustrate how the Biden administration is desperately trying to get a good jobs report to trick voters into thinking "Bidenomics" is working (after four solid years of failure.) But it's all a shell game, a con.
But then these people want us ALL working for the government so we cannot turn them out of power - ever.
The Russians and Chinese already tried that and found it didn't work. But now we are moving in that direction.
Can you say lying to steal votes? I knew you could!
Behind Today's Stunning Jobs Report: A Record Surge In Government Workers
From Tyler Durden at Zero Hedge:
At first glance today's jobs report was indeed impressive: the surge in jobs according to both the household and establishment surveys indicated a strong rebound from recent monthly weakness...
... which coupled with the drop in unemployment rate, and upward historical revisions suggested that much of the recent labor market weakness may have been transitory. The one fly in the ointment was the jump in wage growth which strongly hinted that inflation is also back, just as we have been warning for months (especially now that oil is once again surging) and we will cross that bridge eventually, but not yet.
Instead for now let's focus on the parts of the jobs report which the BLS has traditionally used to mask headline weakness, such as part-time workers used to mask weakness in full-time jobs, or foreign-born workers surging at the expense of native-born. Well, this month there was little of that as well, and in fact, part-time workers dropped modestly as full-time workers rose...
... which coupled with the drop in unemployment rate, and upward historical revisions suggested that much of the recent labor market weakness may have been transitory. The one fly in the ointment was the jump in wage growth which strongly hinted that inflation is also back, just as we have been warning for months (especially now that oil is once again surging) and we will cross that bridge eventually, but not yet.
Instead for now let's focus on the parts of the jobs report which the BLS has traditionally used to mask headline weakness, such as part-time workers used to mask weakness in full-time jobs, or foreign-born workers surging at the expense of native-born. Well, this month there was little of that as well, and in fact, part-time workers dropped modestly as full-time workers rose...
Tim adds:
Government workers do not produce anything hence are not a sign of economic growth. Rather they illustrate how the Biden administration is desperately trying to get a good jobs report to trick voters into thinking "Bidenomics" is working (after four solid years of failure.) But it's all a shell game, a con.
But then these people want us ALL working for the government so we cannot turn them out of power - ever.
The Russians and Chinese already tried that and found it didn't work. But now we are moving in that direction.
Posted by: Timothy Birdnow at
11:35 AM
| No Comments
| Add Comment
Post contains 294 words, total size 2 kb.
21kb generated in CPU 0.0113, elapsed 0.1895 seconds.
35 queries taking 0.1813 seconds, 165 records returned.
Powered by Minx 1.1.6c-pink.
35 queries taking 0.1813 seconds, 165 records returned.
Powered by Minx 1.1.6c-pink.
