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Your Monthly Job Report Fiction

By July 5, 2024Commentary

The July jobs report was released today and the BLS did its usual sterling job of revising past released numbers downward, while saying this month’s added jobs were higher than expected.  What is really high is the statistician group at the BLS.  We supposedly added over 200,000 jobs, but the two prior months were revised downward by 111,000 jobs.  And then almost all the new jobs were government ones, as is happening in Minnesota, 70,000 new government jobs in June alone.  So when you combine everything, almost no job growth in the private sector.  No wonder we need deficit spending to keep creating leech jobs in government to make it look there is a strong labor market.  And we keep seeing the same thing report after report–all new jobs are part-time, large numbers of slackers just sit home, while reporting that they have been unable to find a job for over two years in our supposedly strongest ever job market.  More monkey business with the business “birth/death” model and the gap between the business and household surveys.  The unemployment rate did tick up to 4.1% and wage growth was modest.  But I am not sure I believe any of this stuff.  Wish we said had some data we could trust.  (BLS Report)

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