About that (fantasy of) “job growth” in the USA

1) Some great news from the New York Times:

U.S. Added 313,000 Jobs in February. Here’s What That Means.

2) A useful caveat from Planet Earth:
More Non-existent Job Growth Reported

https://www.paulcraigroberts.org/2018/03/09/non-existant-job-growth-reported/

According to the Bureau of Labor Statistics, the US economy added 313,000 jobs in the 28 days of February, causing a big jump in the Dow Jones average. Where does BLS find these jobs?

The BLS finds 61,000 in construction, which, if correct, suggests in view of falling new and existing home sales, that those building at this stage are going to experience financial difficulties.

Manufacturing conjured up 31,000, but in high tech areas such as computer and electronic products only 1,100 jobs were created. Communications equipment actually lost 100 jobs and electronic instruments lost 800 jobs.

50,300 jobs were created in retail trade, allegedly. This is inconsistent with store closings and what seem to be round-the-clock sales at online retailers. Is February the month people purchase cars, garden supplies, and clothing? The BLS seems to think so.

According to the BLS, 50,000 jobs were creatped in professional and business services, of which about three-fifths were in administrative and waste services, almost all of which were in temporary help services. In other words, we are not talking about employment for architects and engineers.

Waitresses and bartenders did not supply the usual out-sized number of new jobs, adding only 11,500 new jobs.

Local government added 31,000 jobs, almost all of which were in education.

As my long-term readers know, my analyses of the monthly payroll jobs reports are a tradition on this site. I am doing less of them, as I am sure it bores you to hear again the same conclusion that we are being lied to about job creation. The jobs, of course, are not the higher paid jobs we were promised by globalists in exchange for moving offshore American industrial and manufacturing jobs. That promise was never anything more than a lie, even though it was the repeated assurance from Ivy League economists and Washington policymakers. The lie protected itself by wrapping itself in the holy grail of “free trade.” Any economist or financial media presstitute who dared to point out that jobs offshoring is the antithesis of free trade was kaput. The economists were well paid for serving the jobs offshoring corporations.

As I explained yesterday, the economic information we are fed is false. It is intended to give us a non-existent, fake reality picture of the economy. https://www.paulcraigroberts.org/2018/03/08/make-believe-america/ 

For almost a decade the economic policy of the US, Europe, UK, Canada, Japan has been directed to the support of the financial speculation that caused the 2008 worldwide economic crisis. Nothing has been done for the populations of the countries who experienced the crisis. Indeed, many of these populations, such as the Greeks, have had their living standards forced down in order to protect the big banks. This proves beyond all doubt that in the “Great Western Democracies,” economic policy only serves the hyper-rich and the hyper-powerful. Citizens simply do not count. They are as nothing.

To give you a break from my analysis, I offer you below the analysis of my sometime coauthor Dave Kranzler, an experienced Wall Street participant who went good:

313k Jobs Added? Nice Try But It’s Fake News

by Dave Kranzler

March 9, 2018: The census bureau does the data-gathering and the Bureau of Labor Statistics feeds the questionable data sample through its statistical sausage grinder and spits out some type of grotesque scatological substance.  You know an economic report is pure absurdity when the report exceeds Wall Street’s rose-colored estimate by 53%.  That has to be, by far, an all-time record-high “beat.”

If you sift through some of the foul-smelling data, it turns out 365k of the alleged jobs were part-time, which means the labor market lost 52k full-time jobs.  But alas, I loathe paying any credence to complete fiction by dissecting the “let’s pretend” report.

The numbers make no sense.  Why?  Because the alleged data does not fit the reality of the real economy.  Retail sales, auto sales, home sales and restaurant sales have been declining for the past couple of months.  So who would be doing the hiring?  Someone pointed out that Coinbase has hired 500 people.  But the retail industry has been laying off thousands this year. Given the latest industrial production and auto sales numbers, I highly doubt factories are doing anything with their workforce except reducing it.

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