Another "blockbuster" jobs report as half a million imaginary jobs are revised away and another 700,000 Americans drop out of the labor force.
— Peter St Onge, Ph.D. (@profstonge) January 9, 2024
Meanwhile, the economy lost 1.5 million full-time jobs -- in a single month. Replaced by gig work, Doordash, and government jobs.
All… pic.twitter.com/iFABXloil1
This week, Washington hatched yet another job report that looks fantastic on the outside and it's pretty nasty under the hood. According to the Labor Department, employers added 216,000 jobs in December, outpacing forecasts the New York Times reported with glee and leaving the unemployment rate unchanged at a respectable 3.7%. The Associated Press could barely hold on to their adjectives, telling readers it was a robust number reflecting continued economic strength in a healthy economy indeed that it was evidence that the FED may be able to achieve a notoriously difficult soft landing that would be notorious as in the FED has never pulled it off in 110 years and literally dozens of attempts alas if you've been paying attention you won't be surprised that under the hood it was a brutal report my friend went through the numbers for starters the economy actually lost 1.5 million full-time jobs in a single month replaced by part-time gigs so second jobs and doordash which have now hit nearly 9 million gigs that are counted as Jobs next the Department of Labor quietly revised down almost every single job report in 2023 slashing it all $430,000 imaginary jobs that's $40,000 per month in other words those jobs never existed they were figments of the imagination of well-paid government statisticians now getting 10 out of 11 wrong all in the same direction is pretty impressive after all true mistakes should break about 50/50 of course it's different when you are paid to make mistakes and have these so called birth death statistical model to Black Box your way to whatever number the narrative requiresAnd suddenly those imaginary jobs were all private sector so government jobs actually grew more than reported 23 million parasites or government workers as burdens on the rest of the economy now keep in mind every one of those government jobs is paid for by multiple real jobs in fact last month that ratio was just three private sector jobs holding up every government job so you can look at it as you have a hand you have to hand a government worker a third of your salaryTo cover his bills on top of the rest of what government spends on Wars climate vote buying and so on now in case you wondered how they blow through so many trillions so fast there you go the final mystery is if all those jobs are fake why is official unemployment still so low and that's easy because 700,000 Americans dropped out of the labor force in a single month adding to the millions who have dropped out since covid where did they all go some gave up all togetherSo called discouraged workers others went on government benefits likely for life neither are counted as unemployed. They may as well be retired and sprawled on a sofa on a San Francisco corner telling up those missing workers we would have about not 6 million unemployed at 3.7% in reality would be closer to 11 to 13 million unemployed. With a jobless rate closer to 7%.
So what's next? In recent videos, I've characterized our job market as government jobs Door Dash and motivated government statisticians this report keeps it up. The media does everything to hide it, but going by polling, Americans are choosing to believe their eyes. Now the question is, will they vote what they see?
