Ouch, the Jobs Numbers Continue to Unwind

Things are really not going Kamedion’s way.  For a garbage electorate to garbage economic numbers.

All during the Bidementia administration, the monthly job reports have come out with greater the expected initial numbers, which almost every subsequent month are revised lower.  And then earlier this summer we had a massive one-time downward revision.  Everyone who looks at these reports regularly knew that sooner or later a better job had to be done of getting an accurate picture and the initial reports had to closer to reality.  And reality apparently isn’t pretty, according to the October employment release from this morning.

Even the headline is awful–only a 12,000 job gain, far below expectations.  But that “gain” only exists because the prior two months, as usual under this administration, were revised downward extensively.  So let us deal with that first–August went from 159,000 added jobs to 78,000.  Note that this is the second month of revisions for August–how are you still that wrong two months later?  Then September was revised from a 254,000 job addition to 223,000.  So we can probably expect that in December that September number will be revised even lower and that the October number will turn negative.  In the absence of these revisions, the comparison of jobs in October to those in September would have been negative.

The composition of jobs was bad as well, a decline of 28,000 in private jobs, so the overall gain was entirely due to government hiring.  Just what we need, even more government employees.  The unemployment rate, from the household survey, was unchanged, as was the labor force participation rate.  Here is the official BLS release  (BLS Release)  and here is the usual excellent ZeroHedge analysis.  (ZH Post)