The Economy

The household survey showed the number of employed people FELL by 683K . That only equates to "very strong job growth" when a bunch of charlatans pull numbers out of their sphincters and people actually parrot them. Explain to me how that works and I'll listen.

The previous two months were revised down by 71K jobs. Those were the last "bad for Biden" numbers. Not a peep on the revisions by the people who mindlessly parrot this DPRK stuff. The headlines would have been completely different last time around if those revised numbers had been reported up front.

The labor force participation rate is now down to 62.5. Of course we are at full employment when you just stop counting all the people capable of working who no longer work. It's a shell game. That drop in participation equates to 700K people having dropped out in the last month alone. That is not a strong labor market. It's a sign of a troubled economy.

We lost 1.5 million full time jobs in the period, and now have a record number of people working MULTIPLE jobs to get by -- which the BLS (and the administration running things) amazingly then turns around and counts as multiple jobs THEY created [how exactly does Joe Biden (or Donald Trump or anyone uselessly screwing up the country from the oval office) create a job?]. FWIW, those full-time job losses represent the biggest non-covid related drop since 1994.

I'd never rely on their numbers themselves to try to understand the employment picture in this country. They literally survey households. ... and then release a number that bears zero relationship to the actually surve. If they were statistically adjusting things for any kind of legitimate reason. ... they wouldn't CHANGE the methodology so frequently -- in absurd ways that coincidentally allow them to announce headline numbers monht after month that they think are good for the politician running the show (and it is not just the non-farm payrolls. ... this farce has been happening across a number of data series) and then get revised dramatically to less rosy numbers when people move on.

This isn't an indictment of Joe Biden in particular for what it is worth. ... although he invites scorn when he (like Trump used to) acts like he has some magic wand that creates jobs. He certainly can do things that hamper the health of the economy, and he has, but this economy is a complete slave to monetary flows being steadily increased (and the corresponding runaway debt that comes with it). It doesn't produce anything healthy -- which is why people are so disaffected -- and the wealth disparities and losses in purchasing power that are killing millions of people get more pronounced the longer it goes on. Right now, that falls to Jay Powell, not Joe Biden, just as it did when Donald Trump was president. But yeah, " bad for Biden." A hundred million people are just too stupid to know how economically secure they REALLY are.