The financial punditry class are befuddled, confused and perplexed. The Bureau of Labor and Statistics released the November jobs report [data here] showing a six figure miss from expectations. Economists were expecting around 535,000 additional jobs; however, the U.S. added only 210,000 jobs according to the new data.
The situation itself is not that difficult to understand when you look at Main Street. However, so many of the professional punditry class are confused because they only focus on the Wall Street economy, their only prism of reference for the last several decades.
Americans are preparing, cutting back and hunkering down from the Hurricane that is Joe Biden’s inflation.
Inside the jobs numbers, you will note the areas where consumer spending contraction first hits: retail, luxury, leisure and hospitality, is the area where November employment was flat or jobs were lost. DUH!
The ‘retail sector‘ lost 20,000 jobs in November. Think about that. What usually happens in November? People are hired to handle holiday seasonal shopping…. but they weren’t… why not? The professional economic punditry cannot figure it out, so they avoid those questions entirely. Those questions hold the key to unlocking the understanding. Does the “pretending not to know things” ring familiar?
The damn jobs report is simply reflecting how Main Street USA workers, consumers, spenders and survivors live when gasoline, energy and food costs necessarily skyrocket. The November employment results are a reflection of the blue collar prepper mindset. This is not hard to figure out. As long as inflation continues to hit items that cannot be avoided, at a level that is two to five times the rate of wage growth, decisions are made that are based on checkbook economics.
The cognitive dissonance is quite remarkable look:
(Via MSM) – The employment situation last month wasn’t what experts expected. There were only 210,000 nonfarm payroll jobs added in November, coming in below the median estimate of 550,000 from economists surveyed by Bloomberg. This comes after October’s gain of over half a million, at 546,000.
Employment in leisure and hospitality was struck hard by the pandemic, and has been slowly making its way back. The industry still has a lot of ground to make up; it’s 1.3 million below pre-pandemic employment, as hiring dramatically slowed last month.
After two months of job gains of over 100,000, leisure and hospitality saw a gain of just 23,000. Instead, leading the way in November’s gains was the professional and business services industry, with 90,000 jobs.
The pandemic may continue to play a role in hiring in the leisure and hospitality industry, according to Daniel Zhao, a senior economist at Glassdoor.
“I think what’s going on here is that the Delta wave is lingering. Even though there has been improvement in the public health situation, cases are still elevated — if not rebounding,” Zhao said. “That has a disproportionate impact on COVID-sensitive industries like leisure and hospitality and retail.” But it could also be that people don’t want to work in such a low-wage industry. (read more)
They’re still blaming COVID, as if the virus is the explanation to justify all of Joe Biden’s massively failing policies.
Inflation is being fueled by legislative spending, monetary policy, fiscal policy, economic policy and Build Back Better. Inflation is the unavoidable Hurricane bearing down upon us…..
The American middle class worker is prepping, boarding up the windows, bringing in their family, preparing to survive this storm and hunkering down. It really is that simple.
I hope that metaphor helps explain the November jobs report.
Spot on analysis by Sundance as usual. However, do not discount the pandemic. In a root cause analysis, it would be the pandemic that is the excuse for the lunacy parading as health care policy that has 35% of consumers freaked out. Climate change is another. Between COVID and CO2, they have their excuse for virtually all their crazy economic policy.
No, you don’t quite understand root cause. The root cause is determined by a switch like method. Switch off covid and see if anything changes, switch off climate change and measure what happens. Given that you can’t switch these on and off you have to look to see if results are consistent everywhere.
Let’s take Florida as a test. they still have covid but the results are not the same. Similar test in other states. Climate change happens everywhere differently every year so there would be no consistencies. The parade killer supporting media blames the SUV. Jen Saki says covid is root cause for smash and grabs. All wrong because the parade killer could have used a big truck and gangs don’t care about covid. just ask them.
Now you start looking at policies and the people behind them. Each state has different policies and the red states appear to be doing better because of them, despite covid. Switch on or off the policies and you will get different results which leads to proving root cause is more likely policy.
Remember to get those Christmas lights up –
https://ace.mu.nu/archives/letsgobrandonchristmas.jfif
Wow, people are creative; that’s great!
Aggie girl wonders…supposedly businesses are ‘hiring’ and even have signs out, indicating that. Low jobs numbers also sound a whole lot better than ‘layoffs’. Business tactic/strategy or political tactic/strategy? Just can’t help but wonder.
They want cheap labor at minimum wage, or highly specialized advanced labor. They’ve gutted the middle of the spectrum moving jobs offshore. Wonder when corporate merica will figure out that if you send jobs offshore, then raise taxes on the reminder with jobs to pay for the unemployed, folks wont have money left to buy corporate merica stuff made offshore. Add inflation and it gets rapidly worse. Government employees can still afford it, using COLA fiat dollars secured by the future tax stream of the children of the now unemployed or underemployed.
But on a lighter note, gig’em
And my local newspaper (Leftist run rag) had a front page article about how the “economy is booming ” today
Ooops! Hahaha! I wonder what they will headline tomorrow?
Climate change! 😂
And how it destroyed the economy in less than 24hrs
Must have written the headline after Jen Psaki’s daily lie-athon. According to Jen, “We have added hundreds of thousands of jobs in consecutive months, more than any first year President in history”.
Most of us have been prepping since last January when it became apparent the federal government had become the enemy of the people. Many of my family members have invested in chickens, goats, cattle and are actively growing as much of their own food as they can.
Most have stocked up on canned foods, frozen foods, beans, rice and pasta. We also have extra emergency supplies on hand; wood, candles, etc. Recently some of the “prepper” food companies, such as 4Patriots and Augasen Farms had difficulty getting raw materials to process for long term food supplies. I think 4Patriots announced they are able to fill orders again.
The feds think we are stupid.
Invest in long guns, ammo, and night vision scopes, gangs might take the livestock and visible food supply. Buy at least one bolt action .22, get the barrel threaded, and 5000 rds .22 shorts, it’ll take down a deer at 30-40 yards with a neck shot. Shoulder shots will take down smaller critters except for feral hogs.
Don’t forget really, really good no-shakem flashlights with rechargeable batteries, a crank or solar powered recharger. No, $100 is not too much to spend on the flashlight.
A $100 is a bit pricey for an old school prepper but I have it covered with a 400-watt solar system and have a garage sale exercise bicycle converted to generate power on the sun less days. 😉 Numerous LHTF (Liberals Hit The Fan) items are buried about the farm in sealed containers, kitty litter protecting contents.
How does an economic or financial reporter become classed as an “expert”? Prolly by a jury of peers in the same perfession.
Catherine Austin-Fitts interview – how she came to understand how the government and wall street have stolen our future (my words, not hers)
https://rumble.com/vpt2uq-catherine-austin-fitts-2nd-full-interview-planet-lockdown.html
“Inflation is being fueled by legislative spending, monetary policy, fiscal policy, economic policy and Build Back Better”
I always thought vandalism was a purposeless crime. However, this is economic vandalism and it has a purpose.
That economic vandalism you speak of has support as well as a purpose.
My fantasy is the Dems wake up and join us in huge demonstrations chanting” fjb” and” bring back trumpenomics” “, no more jabs!” An old nana can still dream. Maybe 2022🤞🙏
Agreed “trumpenomics” were great, but Trump just did a call-in interview with FOX and said in so many words that “everyone just take the jab.” What could he be thinking? He shattered my belief in him.
Mine is that the vax works exactly as intended, the great herd thinning. When its over, we bulldoze the mess and get back to “Rocking in the Free World”.
There are lots of retail job openings. I could easily get a part time job, as I’ve had in the past. They require, most of them, mask wearing. I don’t need a part time job.
All this chaos is produced by an out of control agenda driven corrupt government. Batten the hatches and don’t rely on the government to produce a cure for the chaos they created.
Just an observation; I bought two sets of wiper blades yesterday. $100; and they weren’t the most expensive ones. I shouted ‘Lets Go Brandon’
Really terrific illustration. Says it all in one picture.
Shopping at one of my local thrift stores yesterday – crowded!
People are not stupid.
My step daughter is trying to find a job but refuses to get the jab. There are plenty of job openings but they have all told her they require all new hires to be vaccinated (and we live in Florida.) Now add those people losing jobs over refusing to get vaccinated. At end of August there were 70 million that had not been vaccinated. No jab no job definitely having an impact. That will never be discussed in MSM. They will continue to overlook and underestimate the impact of the Biden mandate policy on employment. We have a stagflationary storm brewing.