The US labor market is much weaker than we have been told
The US employment data does not look so bright when we read beyond the headlines
Today’s jobs report marks another chapter in America’s comeback.
— President Biden (@POTUS) April 5, 2024
With the report of 303,000 new jobs in March, we've passed the milestone of 15 million jobs created since I took office.
That’s 15 million more people who have the dignity and respect that comes with a paycheck.
Another great jobs report says Biden! Except it’s BS.
This is a BS report, the majority of the jobs created were in healthcare and guess what, government employment. Biden just keeps growing government jobs in order to keep you under it thumbs. very little in Manufacturing, retail or service jobs.
— John Barnett (@JBAR595) April 5, 2024
Another revision for last month, and a load of hyping over part-time jobs being taken as second jobs by people suffering under the increasing inflation and higher interest rates of Bidenomics, or replacing full-time employment for minimum wage earners in states where the government has raised that amount.
- Government jobs added … 71,000
- Manufacturing jobs added … 0
- Part time jobs … +691,000
- Full time jobs … -6,000
The first and one of the most pronounced arguments that this job market resilience is fake are revisions. For instance, the January payrolls were revised lower by ~35% to 229,000 from 353,000, November from 199,000 to 173,000, and October from 150,000 to 105,000. Overall, 12 of the last 14 months have been revised downward. Moreover, when excluding government vacancies, 11 out of 12 months in 2023 were revised lower, the most revisions since 2008, the Great Financial Crisis.
In each of the past three months, the payrolls number has come in higher than the highest Wall Street estimate. This is statistically impossible unless the number is manipulated. https://t.co/NH0xMt63cZ
— zerohedge (@zerohedge) April 5, 2024
For a more detailed exploration of the lies they are feeding us – go here. https://globalmarketsinvestor.substack.com/p/the-us-labor-market-is-much-weaker
Correct. From Nov to March, the US lost 1.8 million full-time jobs
— Global Markets Investor (@GlobalMktObserv) April 5, 2024
In the last 12 months, the US labor market has seen a 1.9M increase in part-time jobs while the full-time jobs count declined by 1.3M
Headlines: US been adding jobs for 39 straight mthshttps://t.co/NILnPmnJSk