This never grows old. The BLS and the MSM are touting the phenomenal job gains over the last two months. They love to shout the figures from their one survey, while ignoring the data from the more comprehensive household survey. So here is what they are screaming from the mountaintops:
November New Jobs – 353,000
December New Jobs – 252,000
Two Month Total – 605,000
Sounds awesome until you try to confirm the numbers with their other survey, which is not shouted by the MSM. Here is the link for your perusal.
http://www.bls.gov/web/empsit/cpseea03.htm
Number of employed Americans in October – 147,260
Number of employed Americans in December – 147,442
Two Month Increase – 182,000
Wow. That tells a different story. How about a few more inconvenient facts? How about the 484,000 working age Americans that decided the jobs market was so fucking good, they decided to leave it all together since October. So we had almost three times as many people leave the workforce as get a job over the last two months. Sounds like a dynamic recovery.
In the last year the number of working age Americans increased by 2.3 million and the number of employed increased by 2.8 million. This should have had a minor impact on the unemployment rate. But instead it plunged from 6.7% to 5.6% because in the midst of a supposed jobs recovery, 1.2 million people just left the workforce. To give you some real perspective on the Obama economic recovery, here are the facts:
Number of jobs added since 2009 – 7,565,000
Number of people who have left the labor force since 2009 – 11,239,000
Number of people who have been added to the food stamp program since 2009 – 13,046,000
The labor participation rate plunged to a 38 year low in December. There are now 101,585,000 working age Americans not working. That’s a lot of free shit for us 147 million working Americans to pay for.
If the jobs market is so fantastic, how could average hourly wages DECLINE? How could they only be up by 1.7% in the last year? How could they be NEGATIVE when inflation is taken into account?
And now for the best part. This is as good as it gets. Unemployment claims are already at lows seen in 2007 before the last recession. Obamacare mandates are going to result in hundreds of thousands of layoffs and full time workers being made into part-time workers. Retailers are closing thousands of stores and firing tens of thousands. The oil industry is imploding and will be laying off thousands.
The BLS bullshit cannot hide the reality we can all see with our own eyes.
Our debt based consumption society summed up in two charts. This will surely end well. Amurika #1
Most Americans are one paycheck away from the street
By Quentin Fottrell
Published: Jan 7, 2015 5:44 a.m. ET
Americans are feeling better about their job security and the economy, but most are theoretically only one paycheck away from the street.
Approximately 62% of Americans have no emergency savings for things such as a $1,000 emergency room visit or a $500 car repair, according to a new survey of 1,000 adults by personal finance website Bankrate.com. Faced with an emergency, they say they would raise the money by reducing spending elsewhere (26%), borrowing from family and/or friends (16%) or using credit cards (12%).
“Emergency savings are not just critical for weathering an emergency, they’re also important for successful homeownership and retirement saving,” says Signe-Mary McKernan, senior fellow and economist at the Urban Institute, a nonprofit organization that focuses on social and economic policy.
The findings are strikingly similar to a U.S. Federal Reserve survey of more than 4,000 adults released last year. “Savings are depleted for many households after the recession,” it found. Among those who had savings prior to 2008, 57% said they’d used up some or all of their savings in the Great Recession and its aftermath. What’s more, only 39% of respondents reported having a “rainy day” fund adequate to cover three months of expenses and only 48% of respondents said that they would completely cover a hypothetical emergency expense costing $400 without selling something or borrowing money.
Read: American credit-card debt hits a post-recession high
Why aren’t people saving? “A lot of people are in debt,” says Andrew Meadows, a San Francisco-based producer of “Broken Eggs,” a documentary about retirement. “Probably the most common types of debt are student loans and costs related to medical issues.” He spent seven weeks traveling around the U.S. and interviewed over 100 people about why they haven’t saved enough money. “People are still feeling the heat from the Great Recession.” Some 44% of senior citizens have enough savings to cover unexpected expenses versus 33% of millennials, Bankrate.com found.
Read: Half of Americans can’t afford their house
On the upside, the Bankrate survey found that 82% of Americans keep a household budget, up from 60% in 2012. Even in the age of the smartphone, most people keep a budget the old-fashioned way, either with a pen and paper (36%) or in their heads (18%). Just 26% of those surveyed say they use a computer program or smartphone app. “A solid majority of Americans say they have a household budget, which is a good thing. But too few have the ability to cover expenses outside their budget without going into debt or turning to family and friends for help,” said Claes Bell, a banking analyst at Bankrate.com.
But while the jobs market is improving and the Affordable Care Act has given an estimated 15 million people access to medical care, the Great Recession does appear to have taken its toll on Americans’ finances; in fact, they’re 40% poorer today than they were in 2007. The net worth of American families — that is, the difference between the values of their assets, including homes and investments, and liabilities — fell to $81,400 in 2013, down slightly from $82,300 in 2010, but a long way off the $135,700 in 2007, according to a report released last month by the nonprofit think tank Pew Research Center in Washington, D.C.
Never have I felt more like a second class citizen. ” Work hard, pay your taxes and get crapped on in a big way”, the new American dream. John
Never have I felt more like a second class citizen. ” Work hard, pay your taxes and get crapped on in a big way”, the new American dream. John
While the Free Shit Army is home watching the boob tube, smoking weed, and laughing their asses off at us.
Golden Oxen says: “…While the Free Shit Army is home watching the boob tube, smoking weed, and laughing their asses off at us. ..”
True, now realize that millions of the working are 100% supported by us too. Government workers that will be comped for life (on our backs), and they are growing in number and increasing in pay and promises.
Obama’s federal government has NEVER had more people making more than $100,000 per year, and those years extend practically forever if the second marriage is to a younger spouse.
We worry about social security and welfare, when the truth is that government pay and pensions and health care promise to dwarf our portions.
No one wants to talk about that. Easier to blame the victims.
People wouldn’t be on welfare, as much, if the government parasites, and wide open China/Asia borders, hadn’t run our jobs away.
We deserve what is coming, so sad but we really do.
https://confoundedinterest.wordpress.com/2015/01/09/no-joy-in-mudville-wage-growth-falls-to-1-7-yoy-labor-force-participation-falls-to-62-7/
2015-01-09 07:48 by Karl Denninger
Oh Boy…. (Employment Report)
This report is kinda nasty, despite the cheering on CNBC and elsewhere.
Total nonfarm payroll employment rose by 252,000 in December, and the unemployment rate declined to 5.6 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in professional and business services, construction, food services and drinking places, health care, and manufacturing.
Sure it did…..
Well, if you believe the cooked numbers that is. But the internals look pretty nasty; let’s start with the ones that are being talked about.
Average hourly earnings fell. Not by a lot, and average hours remained stable at 34.6 (which is far more important than hourly earnings, incidentally.)
But — this is from the establishment survey and is seasonally-adjusted (that is, made-up.)
The household survey tells a different story entirely.
The household survey says that the total number of people employed fell by 476,000 last month. This, on the back of a -270,000 print last month, making this one month off from a trend (three makes a trend) and worsening from the last report. In addition the number of those who left the labor force increased by 959,000 last month on the back of 506,000 leaving the labor force last month — also two months of three, and again worsening.
The employment:population ratio decreased by two tenths, also being the second month in a row of declines.
So the bottom line here is that the “decrease” in unemployment had exactly nothing to do with improved employment (in fact actual employment declined for both of the last two months) but instead was comprised of people who are unemployed giving up on finding a job!
That, of course, is not being reported — all that is being talked about is how “strong” this report is given the establishment figure. However, the lie factory is running into a fairly serious problem in that full employment (which is commonly regarded as a ~5% unemployment rate) should bring significant wage pressures (upward) — that isn’t happening, and the reason it’s not is quite simple:
The actual number of people employed is falling, not rising, and as a result there is no reason for employers to pay more!
“The issue isn’t just jobs. Even slaves had jobs. The issue is wages.”
Jim Hightower
The December 2014 Payroll Jobs Report
Paul Craig Roberts
January 9.
The Bureau of Labor Statistics reports that a quarter of a million new jobs were created in December.
The reported new jobs are concentrated in construction (48,000), professional and business services (52,000), health care and social assistance (43,700), and waitresses and bartenders (43,600) .
The construction jobs are in heavy and civil engineering construction and specialty trade contractors.
The personal and business services jobs are primarily administrative and waste services, about half of which are temporary help services.
Ambulatory health care and nursing and residential care account for half of the health care and social assistance jobs.
There are 43,600 new jobs in food services and drinking places.
Durable goods manufacturing provided 13,000 jobs. The largest component is fabricated metal products (4,600 jobs). Manufacturing of computer and electronic products provided 400 jobs.
In December the economy hired 500 more people in legal services, lost 14,100 jobs in accounting and bookkeeping, created 5,100 jobs in architectural and engineering services, 9,000 jobs in computer systems design and related services, and hired 3,800 managers.
December is the Christmas shopping season. According to the payroll jobs report, retail department stores only created 600 jobs in December. Furniture and home furnishings stores lost 3,600 jobs; electronics and appliance stores lost 700 jobs; clothing and clothing accessories stores lost 8,900 jobs, and health and personal care stores lost 4,900 jobs.
According to the current issue of Money magazine, the average deductible for single health care coverage has risen from $584 in 2006 to $1,217 in 2014.
I do not believe that the economy created 252,000 jobs in December. Nevertheless, the location of the jobs is instructive. The New Economy’s superior jobs that Globalism was supposed to deliver to the US work force were a fiction. Middle class American manufacturing and tradable professional skills jobs were sent offshore. The ladders of upward mobility were taken down, and the majority of the population faces a dismal economic outlook.
FUCKING CROCK OF SHIT!!!! Wish I could be more erudite about the fucking nonsense job report just issued n JAN 2015 – I cannot get a fucking job, I cannot get a fucking JOB, REPEAT THAT 1000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 times…..f everything was so good why am on the sidelines having o apply for online jobs and answering a TRILLION fucking pycho babble questions then having to uploading a cover resume, Resume and fucking SPERM SAMPLE……WHO THE FUCK IS GETTING THIS BEVY OF GREAT JBS and how the GOD DAMN FUCK ARE THEY GETTING THROUGH THE FUCKING ONLINE SHITSTORM?
FUCKY THE BULLDOG SAYS WOOF THIS and WOOF THAT