Just in time for the election, Kamala turns in a catastrophic jobs report.
— Peter St Onge, Ph.D. (@profstonge) November 4, 2024
Private sector jobs fell for the first time since the pandemic. Swamped by 40,000 government jobs to get all the squirrels. pic.twitter.com/iSwtTYPi5n
Just in time for the election, last Friday Kamala turned in a catastrophic jobs report. In short, as my colleague EJ Atoni put it, the US Labor Market is turning into a temp agency for foreign workers and government bureaucrats. So first the numbers. According to the Bureau of Labor Statistics, jobs grew last month by 12,000. That was against expectations of 100,000 and note it takes at least 150,000 jobs just to cover population growth. So 12,000 is down a full 240,000 jobs from last month's pre-revision, and it takes unemployed Americans to 7 million. Meanwhile as always, previous months were revised down by a total of 112,000 jobs. Of course, they do this because media does not report the revisions the way they report the original, apparently fake, numbers. And it suggests that last week's 12,000 is in fact deeply negative. Whereas private sector jobs, the only jobs that actually produce anything, fell for the first time since 2020 when the pandemic was in full swing dropping 28,000 and 46,000 in manufacturing. So how did we get to a 12,000 gain? Government jobs which grew like gangbusters up 40,000 to another record high with no sign of slowing. In fact, government payrolls have risen by over a million since Joe Biden and his sidekick took office. Just in the past year, America has lost over 50,000 manufacturing jobs but we gain nearly 500,000 government workers. It's a Biden-Harris miracle. It's worth noting that government workers are paid nearly twice what regular Americans make, so $109,000 versus $59,000. And also note that Joe and Kamala dumped nearly a trillion into green energy boondoggles in these so-called Inflation Reduction Act, which should have pumped manufacturing jobs even if the companies will go bust in a couple of years at taxpayer expense. Meanwhile, government spending surged at a 9.7% annual rate going into the election because elections do not buy themselves and yet apparently the collapse of the actual productive economy is even overwhelming those trillions in bought growth. Zooming out, despite the government jobs the green handouts, the federal trillions, labor force participation, which is the percentage of Americans who are either working or seeking work, fell again stuck millions below the pre-pandemic trend. Why? Well, I've mentioned in recent videos how native-born Americans are being wholesale replaced by imports. In just this past year, native-born workers have lost 800,000 jobs entirely replaced by migrants. Finally, job composition, once again, we lost full-time jobs in droves, replaced by part-time gigs that historically are done to make ends meet that comes to 1.3 million lost full-time jobs in the past 18 months alone. So you lost your 9-to-5, but you get to drive for Door Dash and Uber, so that's two new jobs. It is another Biden Harris miracle. Now, some of the carnage will be the hurricanes, but the BLS household survey showed and even harder drop in jobs, 370,000, despite assuming half a million hurricane impacted jobs are still working. Also note, Wall Street analyst had expected 100,000 with the hurricanes yet here we are at 12,000 all of it government.
So what's next?
Stocks rallied on the carnage since financial markets are essentially starving dogs looking for a Fed rate cut and weak jobs numbers lead to fed rate cuts. As to the elephant in the room, this is a really bad number for Kamala, meaning the mainstream media will do everything they humanly can to pin it on hurricanes
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