The Bureau of Labor Statistics (BLS) has released the June jobs report [Data Here] showing 372,000 job gains on the establishment survey of businesses. However, the April and May reports were revised downward by 74,000 jobs, and there is an odd disconnect between the survey of businesses and the survey of households.
The survey of businesses (BLS establishment report) shows job gains of 372k for the month of June, but the survey of households (BLS household report) shows that fewer people are working. The labor-force participation rate slipped to 62.2% from a previous high of 62.4%, fewer people are working.
This odd disconnect has many people wondering what is going on?
Wage growth comes in at 5.1% on an annual basis, which is far below the current BLS calculated rate of inflation at 8.6%. Meaning wage growth is not keeping up with inflation despite workers entering the labor force at a higher entry level wage.
Economists overall are flummoxed as job gains would indicate a strong economy. However, the actual economic activity, the creation of goods and services, is not growing. Quite the opposite appears. Orders for factory goods have dropped, inventories of currently available goods are climbing, and sales figures across a broad spectrum of companies are negative. The economy as measured by the creation of goods and services is stalled, but the economy as a measure of employment is firm.
Table B-1 of the BLS report shows where the jobs gains are being recorded. Employment in professional and business services added 74,000 jobs in June, employment in leisure and hospitality added 67,000. Transportation and warehousing added 36,000 jobs, and manufacturing increased by 29,000. Simultaneously, retail ‘general merchandise’ stores lost 7,000 jobs, and residential building construction lost 4,500 jobs.
It would appear that as spending priorities are definitely taking place; the jobs growth is in the current maintenance of lifestyle and not the ‘moving up’ in lifestyle. This would align with the general sentiment of the labor force that most people are just trying to get through the massive inflation impact and sustain their current rate of household expenses.
The decline in the labor force in June “is hard to explain,” said chief economist Aneta Markowska of Jefferies LLC, in light of the strong demand for labor. (link)
It’s really not that hard to figure out what is happening. Well, I should say, not that hard to figure out, unless your job is to pretend not to know things.
Looks like quite a few folks are taking on second and even third jobs to make ends meet. This eliminates the seeming paradox.
A better index would be number of hours worked. How many people are working a full and part time job? How many people are stapling a series of part-time jobs together to earn the equivalent income of a single full time job?
Yes…time to dig through the manure of these figures to see if there is a pony in them. I bet there isn’t.
You can take these reports and wipe your ass with them. Anything coming from this administration is a complete lie. Notice how every month they have to revise the previous month’s numbers down. The same happened under Odumbo.
And under President Trump they lied, then later had to adjust the numbers up, albeit when no one (except Sundance and a few others) was paying attention, they certainly didn’t make the front page news.
Well, no one can say you don’t speak your mind (lol).
Just plain lying is a feature of this Administration in particular, and of government in general.
Given how much fear corporations have of the regulatory part of government, and how leftist those parts of the government are, companies may be under pressure to over report labor increases.
Right.
Back in the Obamanation times, the Gov would tout all the increased jobs, but when you took out the increase in part-time jobs, the full-time jobs were actually decreasing. This happened month after month after month.
I recall when working in a Bank of America branch in the 80s a reduction in hours for 80% of employees. Only management, supervisors and key lending officers still had full time jobs.
Everone else worked no more than 35 hrs/wk at first, then eventually 19hrs/wk, thus eliminating benefits which only kicked in at 20 hrs/wk.
Still counted as employed even though working essentially part time with no benefits.
I worked for a local family owned bank in the Pacific Northwest in the 80s and 90s and the same thing happened to me when the family sold the bank to US Bancorp in 1997. I was supposed to be grandfathered in with benefits as long as I was regularly scheduled for 10+ hours per week, because that had been the terms under my previous bank. Very shortly after the merger was finalized, TPTB announced that all previous benefit packages were expired and only employees scheduled for 35 hours per week would receive benefits. They gutted the workforce, told all of the customers to start using online/telephone banking, and slashed benefits for the ones who did stay.
I received 1/4 of the benefits paid to a full time employee for medical/dental/life insurance but received four weeks of vacation (at 10 hours of pay) as well as 401K matching and a discount on my mortgage. There were less than 20 people nationwide (out of workforce of thousands) who were in the same situation. We were all long time employees with valuable skills and my total benefits probably amounted to >2K per year, but they said they “couldn’t afford” to keep paying us. The CEO got a golden parachute of 25 million and I walked away at the end of 1998 and never looked back!
Given the cliff demand just went over, how long will there be a need for those second and third “part-time” jobs?
We out here have to call that unpredictable. Too much now depends on what government decides to do, which determines what happens. That in itself is damaging to the economy, but hands more power to those in power. So they like it, a lot.
The people I know get on Disability, then work for cash.
I’ve known a few of them too.
I knew a family where the lady was so proud she had all 5 of them on disability. It disgusted me. I started turning them into code enforcement for all sorts of out buildings they had illegally constructed on their property, to the point the finally moved, after tearing them down. They went to Oregon, I hope they ended up in portland.
Very conservative of you, nothing like using the liberal system to help macerate property rights!!!
It’s like my neighbor up the road who comes down a half mile private drive to call my wife a whore for working outside in 98 degree heat in shorts.
He’s a good conservative Christian, you don’t have to ask him, he’ll tells me so as he runs like hell in the other direction when I come outside.
Hypocrisy knows few bounds.
When Barack was in the White House, disability was known as “the new unemployment”.
Somebody really needs to do a full study of how changes in disability claims have changed the labor market.
Though it might be hard to get any honest statistics out of government.
Considering Oregon’s minimum wage was raised effective July 1st, I can see reduced hours and the need for many to work two or more jobs.
That IS for those who want jobs.
Still see far too many “Help Wanted” banners and signs prominently displayed throughout our town….and several restaurants with curtailed hours due to insufficient staffing.
A lot, I would guess…Real inflation being 15+, it’s hard to make ends meet for many…but then, if you make too much money, you can’t get food stamps…
Heh, attempting to make ends meet is a worthy sacrifice for the cause of establishing the coming Liberal World Order!
Literally the horrible thing the Left blamed Trump for causing….
And I would also submit the possibility that formerly “dual income” households with kids have found it is more cost effective to have one party stay home rather than try to break even on that second person working. This is especially true in summer when the kids are not in school.
That would give them a chance to home school their kids with all the benefits to their development that entails.
I hadn’t thought of that. Thanks for bringing it up, someone with access to the statistics might be able to find evidence of that.
Very plausible. And the message you suggest will detect that phenomenon. I also wonder, whether households, as measured , underrepresent illegals.
They’re not taking second or third jobs. The numbers are bogus. That’s why each month they revised the numbers downward. They revise the numbers downward in just a mention rather than it being a headline as it should be. To be off month after month by 20% or more is intentional.
Given the past 6 years and the IMMENSE pressure on the Biden Administration to appear to be doing….. “something”, anyone who actually trusts these numbers is insane. They will screw around with the numbers to make everything look OK.
Amen. These numbers are about as convincing as the “official” election results in November of 2020.
Never mind, GB. These figures will be chewed over during the ensuing month and will be spat out more accurately in revisions for the July report. It was always thus.
Accuracy is not part of BLS’s political mandate. The numbers will be massaged month-over-month and adjusted until the discrepancies simply disappear…
You’d think they have their “Employee of the Month” spinning the Wheel of Fortune…or throwing a dart at a figures chart to see which number comes up.
They are never accurate.
And yes the day before, here come all the economic pundits with their own chart and their own figures, and their own prognostications and their own analyses… and they are always wrong. As they always will be, because the announced number is always manipulated.
In the end, it doesn’t matter what it is. It means nothing. Just a diversion for the Friday on which it is announced. And the casino which is the market moves up or down. The game continues.
Don’t count on accuracy, if it makes Biden look bad…
Just like ’09-’16, this is The Kenyan Redux III-Domination.
Morality isn’t taught in schools.
There’s next to zero accountability in government.
These are Liberals.
WHY WOULDN’T THEY LIE?
I’m just a simple person and there is a lot I don’t understand.
Simple question: Who reports these statistics?
Answer: The government who lies to us all the time.
It isn’t all from government, some private firms compile some of them, but a lot of it is.
People don’t believe these fools anymore or their lackeys the Fake News.
Could it be that even though demand is lower companies are reluctant to lay off employees because the fear of getting them back is greater? If so, this would mean either a) demand will need to increase in foreseeable future or b) the layoffs will be happening down the road.
How many people have left jobs because commuting expenses have doubled?
Lots of folks are working from home, often at multiple jobs.
If that were key, it would be households that were reporting more work than businesses.
I tend to wonder if businesses are not so afraid of the regulatory deep state punishing them that they report whatever the de facto government indicates it wants reported.
Ouch. I am a refugee from Illinois now living in a better state, so I don’t know very many people here yet and can’t give any general impression, but I do know one coworker who left our company to take a different job specifically to avoid as much driving as our company required.
Fewer people working more than one job.
“Repeat the line”
What do we supposed is going on in the mind of those two parasites standing behind FJB?
How could anybody stand there with a straight face and listen to this?
That must take a very special skill.
they’ve gotten used to it, so, no big deal anymore, that’s just Joe
Camaltoe was fighting hard to keep a straight face, but let it slip just a bit near the end.
Actually, Kamala has a lousy poker face.
She often twitches her mouth and eyebrows when he makes a gaff.
They are probably deaf mutes, or are wearing earbuds.
I laugh, cry and move on.
Plain fact people do not trust government figures about anything, especially these Cabal of criminals.
“Lies, damned lies, and statistics.”
About sums it up.
They lost our trust, when they broke the social contract.
I have read a few reports where companies are rescinding job offers, so I know these numbers are like my breakfast, lunch and dinner….they are COOKED!
They are rescinding job offers not just for some new grads in gender studies and basket weaving, but for new grads in STEM disciplines, too. So much for the “only pay for your kid to get a STEM degree!” “STEM is the only real education any more!” and “STEM’s gonna save us” crew.
The woke crowd are destroying STEM in this country with their diversity, equity and inclusion curriculum, count on it.
I think STEM is still good for something – if you get enough math, you start to notice how many figures are lying and how many liars are figuring.
Math is racist, sexist, ablest, etc. We need a socially responsible math system. /s if necessary.
I think young people need to stay out of college and the military at all costs.
STEM jobs seem to be going to the legal aliens imported by RINOs, and the military is going to be nothing but a woke meat grinder in this next war.
Learning a trade seems to be the best bet for young people. Often your training is paid for by your future employer, you are almost always guaranteed a good paying job and within a few years can be making a six figure income with no student loans to repay.
I’m not sure that enough of the traditional economy will be left to support the trades. It may not be so much as precisely what your job is, but more What specifically you produce. Do you produce something people absolutely must have, like food or energy? Then you will probably have a job. People in most of the country can survive with a lean to made out of branches or in a cave, or more practically, just doubling up or tripling up in some previously existing ruin that is no longer maintained.
Produce something basic.
Plant beans, raise goats for milk or chickens for eggs, know and protect, or create, your local energy source, and F Joe Biden.
East Indians coming in on an HB1 visa are cheaper. I don’t doubt that the number of foreign hires is increasing under Biden as well.
Deep state manipulation to aid their comrades. Just like the last 2 months, will b revised down next time. This went on w Obama 4 8yrs. Trump was opposite. Would quietly revise up after they had reported not as good as expected. This is how a one Party state works.
I do marketing for resorts.
These resorts are high end, membership only RV resorts. These resorts are part of an association of over 100 like resorts across the US and Canada.
Across the board, we are seeing the worst year, in sales, that we have ever seen.
Disposable income just isn’t there.
Another interesting observation: we were running ads on Hulu/Disney platforms.
Our year over year performance was markedly down on these platforms. We think they are lying through their teeth when it comes to subscribers.
Hope you have a plan B for yourself when these resorts start cutting back on marketing.
Heck, my disposable income is so low that I don’t even treat myself to Dairy Queen when I go out every fortnight to get groceries!
I am trying to rebuild after living in that kind of situation for a very long time. Good luck to you, if you are able, you might consider relocating to someplace run by people who are at least borderline same, or adding or changing jobs.
Joe, they are undoubtedly lying through their teeth.
Gee they wouldn’t be cooking the books would they?
If you don’t have current claim for unemployment they don’t count you as being unemployed but you are still out of the workforce aren’t you?
While the DemonRats and their RepubliCon/Rino friends across the aisle, such as Thune and others call for more cheap labor to be imported many Americans are denied work in their chosen fields.
Just a reminder for those that think that people are to lazy to work, that right to work States are actually at will States, which means they don’t need a reason not to hire or a reason to fire you.
In todays economy cheap labor is king. It’s the golden rule, those that have the gold make the rules.
Reading your post it occurred to me that many people who’d long aged off the unemployment rolls due to being self-employed suddenly reappeared during the pandemic and could be figuring into the milieu.
I’d never had an unemployment claim, but stopped working in the mid-80s, as an employee.
After the Covid mess and seeing the writing on the wall and who government was favoring with cash and keeping the doors open, I said screw it, closed the shop, sold off the equipment and it’s the alternative economy for me now. No sense risking my life and health daily in a heavy industry business for their worthless game and buying them bombs and bullets and biological weapons to kill me with.
Done.
And how much will the jobs numbers be “adjusted” downward next month? This is the same bait and switch that happened almost every month during Bambi’s first two terms…good news turned out to not be quite so good a few months later but the corrected numbers never got any publicity. Bad news was always “unexpected” and no one in the MSM said a word when the numbers were “revised” even further downward the following month.
Conversely, every positive number during Donald Trump’s Presidency was also “unexpected” and glossed over while anything that appeared to be a negative was splashed across the front page in bolded font and also never corrected when it turned out to have been wrong and the numbers were actually good!
The numbers are politically manipulated. You never want to look at the unemployment rate. The only REAL number is the Labor Participation Rate. (of course that number can manipulated as well)
Here is an example: If everyone in the United States was unemployed and NOT actively looking for work with the exception of 1 person – the unemployment rate would be 0%. It’s that simple.
I don’t know the in’s and out’s of BLS report and this is antidotal but I know a fellow who owns a highway construction company that hires 100 people a week and loses 75 to 80 of them by Friday. They all say the work is too hard and hot even at$28.50 an hour plus for unskilled labor. This is in South Carolina.
Is it hot enough to cause heat stroke for people who are vulnerable to heat exhaustion? Or are they just unwilling to deal with some discomfort? Without judging why people quit, that does sound rough for the construction company.
And very costly. Five years ago he had a wait list for his jobs.
Who knows, but I would think a construction company would tend to hire the physically fit. People are desperate these days though for employees.
While they WILL “Cook the books” as much as they can, I am waiting to see the 2023 COLA for SS.
Given it was 5.9 percent beginning in Jan 2022, based on cost of living increases that occured in 2021, and so before Bidenflation really got going, I don’t see how they can possibly come in under 10 percent, although the real # is obviously higher.
Yes, this will significantly increase the $ the Fed gov is paying out, but I think the PERCEPTION may even be more impactful, as it flies in the face of the narrative they are pushing.
They certainly aren’t looking forward to announcing the new COLA, you can bet on that!
I don’t know about COLA, but we just got an advertisement from Assurance today stating that the Medicare premium increases effective January 1, 2022 [?] includes a “14.5% increase in standard monthly premiums for Medicare Part B – the largest dollar increase in its history.”
Letter dated June 27, 2022.
We don’t use this company, but I wonder if this was meant to be for next year?
There may be other implications too, but at a minimum this indicates inflation is expected.
I’m afraid though, that they may be underestimating it.
Half of that cost of living increase went for an experimental Alzheimers drug. It failed its trial so they put up another one. Our cost of living increase went to subsidize more drug fraud. That’s why they jacked the premium.
I like to use the fuel comparison. During Carter I was working as an apprentice carpenter and my pre-tax wage then, ten bucks per hour, bought 20 gallons of diesel or thereabouts.
How much is diesel now? IDK, it’s over six bucks in CA and nearly that in OR. So, say six bucks, those highway construction entry level jobs, or maybe not even entry level jobs, would have to pay 120 bucks an hour, pre-tax, to match up with my example from the 70’s. Remember, Carter inflation and a gas shortage and high fuel prices. I was just a dumb college student banging together ventilation boxes at a cottonseed plant. Nothing rocket science.
Those of us who lived and worked through many economic cycles know right now is a sht-show. We don’t need government or any other figures to know that. It’s called life experience. FUBAR
I use the can of beans standard. A can of beans, in hard times, is a meal for at least one person. And nobody bothers to try to politically manipulate the price of beans.
I sure wish I could still do that kind of work, but I know I’m lucky to be able to work at all at my age and with my medical problems. I never really wanted to stop working at all, and with God’s help maybe I will make it.
In China, official figures for GDP growth and other economic indicators are whatever the government wants them to be.
In Deep State America, they are running hard to catch up.
I will be 67 next month, and I worked full-time for an east coast major media ministry for 30+ years in a variety of roles — graphic art, senior writer/copy chief, producing TV commercials (that won Telly Awards), writing 7 years for their “View-like” women’s show (that had a cult following, attracted celebrity guests, and won 20 Telly Awards), and finally, working 10+ years full-time remote, writing for my old direct marketing team there, when I moved back to NE Ohio to be near roots and family. (Before that, I had worked for 6 years in Boston ad agencies as a graphic artist, and have a BFA in illustration/advertising, and an MA in communication – film/TV production.)
Despite the distance, I knew the team, and we worked seamlessly when I relocated. I was remote before remote was hip, and I was their “go-to” person for emergency projects, because the VP knew I would turn it around quickly and without needing major revisions. Surprisingly, I was laid off in July 2019 due to reorg and budget cuts, much to the dismay of my boss, supervisor, and other co-workers. (One of my writing co-workers even offered them to give up her recent raise if it meant I could stay. I had also gotten a recent merit raise, and offered it back as well if it meant keeping my job.) I liked my job and was disappointed and stunned, but figured, OK — maybe God has something even better here in Cleveland. There are a lot of non-profits, media outlets, and marketing/advertising groups here, so I figured something would open up. I’ve never usually had problems getting a job in the past, and figured with my resume and experience, I could land something fast.
Instead, I sent out tons of resumes and cover letters, networked, and was on every online job hunting service, including Ohio Means Jobs. I had only a small handful of callbacks or interviews over the next few years. Covid lockdowns by that next March made it even more challenging, but I thought with 10 years of successful remote experience, that would help me land something. Thankfully, God provided for me via all the covid unemployment benefits, bonuses, and multiple extensions — plus a variety of freelance jobs, including helping to script a documentary and doing research about cybersecurity jobs.
I am not one to blame discrimination for lack of success, but I had a number of professional friends in their 60s who ran into the same thing. We all thought we would get good full-time positions because of our resumes and years of experience — and instead, were passed over. We started attributing it to ageism, despite the so-called labor shortage, and our attempts to not make our resumes seem dated. I wasn’t even demanding a 6-figure salary — working for a non-profit, my salary history was in the range of what they were stating those jobs in the Midwest were going for. My guess is that they wanted younger Millennials or Gen Xers who they perceived as more in touch with the culture, or who have more career years ahead of them, and/or would work for less (even though I usually didn’t usually get far enough to even have salary discussions.)
I finally decided to retire and go on Social Security last summer near my 66th birthday, as my covid unemployment benefits were about to run out. I figured I might as well cash in on all the years I paid into it, and have a nice safety net that was easier to access than unemployment was. And I am doing quarterly freelance writing on contract for one of the departments of the place I used to work full time. It’s enough to keep my writing skills sharp (I have a book idea that I want to pursue), and the money is a nice supplement to the SS, especially with inflation. But yeah, just sayin’ — for people asking where are the workers, there are a lot of good, capable professionals in their late 50s and 60s who have been sidelined.
This morning I did something using skills I pretty much used daily in my business, replacing a submersible well pump pressure control. A plumber or electrician would’ve charged 2=300 bucks for that job. When I closed the shop my rate was 125/hr.
I won’t work for anyone for any price. Sand in the machinery. I’ll help out my friends and neighbors for free. Alternative economy.
You know age had a lot to do with it. By 60 your common sense and wisdom Kicks in. They don’t want someone who will rebel or not be politically correct is my experience. I was told that seniority didn’t matter any more.
Love, ‘linderella’, so awesome.
Thank you for sharing your story.
It reminded me of a guy, Pa Kettle and I met last night. Not the same story as yours but if we weave all the the stories together, well then it’s the fabric of our times and lives.
So, Pa and I are looking for a “hot soaker” outside. Creaky bones are in sore need but mostly because the mark up on pools here, is just disgusting.
The guy selling the soaker was a retired Correctional Officer, in MA. He planned his life and retirement, thinking he was getting the kiss in the mail from his service to the State of MA. He is horrified, being about I would say 5 years younger than me, about in his mid 50’s. Nice guy. Retired early to live his best life. And He cannot pay his bills for his inherited CC property and his FL condo.
He said that his supplemental 401k has sunk so low, that he had to take a job here on CC for the summer, at $17.00 an hour to make ends meet. He thinks that he may even have to sell his FL condo, that he planned to spend 6 mos a year at, during his retirement.
He is between a rock and a trusted the Democrats place and well Pa and I got that soaker for a steal.
No shame.
Wonder which party he votes for now??
Kind of a sign of the times, the traditional being jettisoned for the trendy.
Lots of ministries seem to want to tickle ears instead of save souls.
Sad.
Hope you have a fruitful, joyful retirement!
Thanks — I agree that in the rush for many places to go after the young hipsters vs experienced boomers, they miss out on people who know the difference between fad and fashion. But hey — I’m still living my best life!
And actually, I still respect the media ministry where I worked, and still enjoy writing for the department I do freelance for. They are doing a good job of broadcasting the Gospel in solid and innovative ways, as well as covering news from a conservative biblical perspective — while also doing a boatload of humanitarian relief, here and worldwide. They were combining two departments, and had too many writers — and I think it was easier for the higher ups to dissolve my remote position than to lay off someone they could see. The decisions were made over my boss’s head, and it was at least vindicating that he and my whole department were upset about the whole thing.
I was using a headhunter. I asked why I was not getting calls. She was very honest and said that it was my resume. I had too much experience. 40 years experience in a single trade can only mean one thing. I am old.
“…the April and May reports were revised downward by 74,000 jobs.”
As June will be.
Is it just me or was all of Trumps numbers revised upwards while Biden’s are always revised down?
Yes, the media would report “disappointing May numbers” and then a few weeks latter you’d hear that the May numbers were significantly revised upwards. but they also continually revised GDP numbers downward to deny Trump his goal of 3% economic growth.
Ever since “Trump” mainstream economists, overeducated idiots self appointed as “experts” have been “flummoxed” “amased” “puzzled” etc.
At WHAT point do we recognise these idiots are WORSE, far worse, than nothing?
Put another way, “tis better to keep your mouth shut, and be thought a fool, than to open your mouth, and remove all doubt!”
They ALL ascribe to the rediculous fantasy of “MMT” Modern Monetary Theory, which posits that since Government creates money, it can create and spend as much as it wants, without having any deleterious effect on the economy.
As they continue down that path, THEY, by their actions are discrediting that theory.
In addition, by recent actions, the idea that Governments should be run by a group of unelected technocrats is also being discredited.
And, Brandon has shown the foolishness of the notion that competence means nothing, and diversity and inclusion is what counts.
Lesko, Brandon!
Some thoughts on that MMT. It is a useful fiction to believe things work as that theory describes.
More to the point, that belief is a rationalization given to the plebs and useful idiots if you will, by the self proclaimed elite for implementing and practicing it. Slicker yet, is that it is doing exactly what it was meant to do. Enriching the few at the cost of the many, among other things.
The Romans clipped coins, Weimar cranked up the printing press.
All houses built upon sand will fall, no exceptions.
Prepare yourself as best as you can, try to influence others to do the same, and lean on the Lord.
Someone please help answer this. Increased job numbers, but everywhere there are help wanted signs and a shortage of labor. I’m not just talking about restaurants. I’m talking on the ground conversations in just about every industry except tech where employers are in a panic.
We are still below pre covid numbers in the work force correct?
I’m hearing that many workers are still collecting unemployment. They apply for a job but never show to the interview do they can continue to qualify for their monthly handout.
I also hear that because child care has gone up so much, that the household is resorting back to one parent staying at home to watch the kids. Put simply, earn 1500 a month at a part time job but spend 1200 a month in child care isn’t enough to make sense to do the work. Instead, stay home and have the spouse put in some more hours.. This might mean they have to take out one of their part time jobs in order to make this work.
On top of this, a whole bunch of people retired out of the workforce as well, leaving bigger gaps, but not getting filled.
I’ve read a lot of articles here and other places, but I’m still not seeing the exact connection why there is such a fallout of labor. Inflation is going up, but people aren’t going back to work. You would have thought that having less money would lead to a desire to work more? But its not happening.
The numbers reports are such a disconnect from what is going on at the ground floor, I’m at a genuine loss for where everyone has gone and why when I look around people are still smiling and acting like there isn’t a problem.
Sundance and or anyone with more insight into this, please reply. I’ve been in Oregon, Washington, Idaho, California, Alaska, Texas and Ohio in the last several months. Texas is the only one I’m not seeing as big of an issue.
This is a head scratcher. Calling all analytics to provide some insight.
I’m just talking to my sister in St. Augustine Florida. I asked her how the tourism business was doing, she works in the hotels, she said Businesses are closing, Rent has gone up astronomically and none of the workers can afford the rent. She says they can’t find any staff to work and it’s getting too expensive to survive. Oh and by the way, a liberal. It took me alot of self control not to throw it in her face. But we rarely talk cause She disowned practically the whole family cause we all love TRUMP.
No mystery here. The democrats are just adjusting the numbers to fit their wanted outcome, just like in the 2020 elections!
In a Wednesday appearance on the ABC late-night show “Jimmy Kimmel Live!,” President Joe Biden made a dramatic claim about the US economy — and repeated himself for emphasis.
“Look, here’s where we are. We have the fastest-growing economy in the world. The world. The world,” Biden said.
Not even close Lying Biden!
Well, it is a comedy show.
Portugal??? The highest vaxxxxed country on the planet??? And now experiencing incredible numbers of reinfection as a result?? 11.9% GDP?
Hmmmmmmm…..
However, Antoni noted that “multiple job holders shot up by 239,000” in June, according to the household survey.
“That’s a pretty big increase.”
If all of these figures are taken into account, including previous-month revisions, the economy may have gained only 59,000 jobs, he said.
Initial jobless claims reached a seven-month high of 235,000 in the week
If employment conditions deteriorate amid a recession and inflation, the situation for millions of Americans could “become disastrous,” says Jill Gonzalez, an analyst at WalletHub, a personal finance publication.
https://www.theepochtimes.com/us-added-372000-jobs-in-june-topping-market-estimates_4584820.html?utm_source=ai&utm_medium=search
It is not like they are accurate anyways. Every month following they seem to need to adjust the numbes in a negative direction.
Probably 24 month term positions at the FBI are the reason for the increased jobs.
Plus 6 month term positions at Dominion
Just about every business I drive by here in Illinois has a “we’re hiring” sign in their window. Seems to be many more jobs available than people wanting to work.
I remember reading similar when the first Covid op ‘reopening’ occurred. I looked around locally during that time and saw one sign, at the local fuel station, pretty consistent for them, advertising for island attendants.
Out of curiosity I checked the state jobs board for the historical trade of my business, general machine work, and found three job ads, none for machinists rather for ‘machine operators’, which are people who run computerized equipment that does the machine work for them. Three jobs.
I figured it varied widely by geographical region, as it does now. My neighbor across the road is an anecdote, recently her electric furnace quit working and out of desperation she called me, apparently due to the service company in the nearest town not being able to get to it for another six weeks. dd
I had her back in business in fifteen minutes. No charge. She regularly brings me eggs from her chickens. We help each other. Alternative economy. Everyone has their role. My trade skills make me the village blacksmith. Not a very auspicious title but I’m OK with that.
The village blacksmith was indispensable!
He made and repaired the tools that everyone else needed to keep the world running.
Be proud of the title!
ShadowStats uses the 1994 Bureau of Labor and Statics methodology for calculating unemployment. Per the BLS methodology from 1994, unemployment in the US is currently at 35%, which is much more realistic and explains the rapid decrease in GDP. Click on the Unemployment chart to view it.
When clicking on the Inflation chart which uses the US government’s 1980’s method for calculating inflation, inflation is currently running at 17% through May compared to the 8% the govt is telling us. That represent over a 100% difference.
Clicking on the GDP chart uses the inflation-adjusted GDP calculation which shows our more realistic GDP is in negative territory compared to what the Biden admin is reporting. The current administration is baking the inflation numbers into our GDP (higher prices) which overinflates our GDP, making it look stronger, when it isn’t.
http://www.shadowstats.com/alternate_data
BLS is most likely lying to the public. That would easily explain the disconnect. I trust NOTHING out of this illegitimate administration.
As usual government figures , estimates and forecasts have nothing to do with reality .
Wait till many independent contractors find out what legal bills they may get jammed up with should they have an accident driving a company owned vehicle !
I can assure you most independent contract drivers are not carrying commercial liability insurance etc …
I shall refrain naming companies except to say one is the largest on the planet
In the commercial trucking world, it appears many O/O’s wet lease their trucks to corporate firms (Hunt, Swift, etc) and operate under the company’s authority and insurance.
I believe it was during the Canadian convoy to Ottawa that I heard about their scheme and the TPC here in the states apparently had a lot of O/O’s who do similar because they got pulled off the convoy or else they’d lose their authority and insurance and couldn’t legally move the truck.
I hadn’t been around trucking since oilfield days in the 70’s and lost touch with how things go.
Away from that scheme, everyone I knew as customers who had corporate fleets that employees drove both for work and to/from home covered them entirely. Vehicles were assigned to specific employees, mostly service trucks but also regular trucks and cars, and the employee was covered for insurance and got a fuel card. Nice perk. I would imagine that varies but such was my experience around ag and heavy industrial stuff.
Independent contractor , it’s all on you and your hourly pay !
Nothing left for an added insurance nut each month .
It’s just mathematical corporate screw job
Productivity is dropping because of continuing supply issues. In other words, it takes more workers to produce the same amount of goods and services than it did before the pandemic. Not a good sign.
FJB.
That is all.
And an Xtra 1000 👍since I can only vote once
Governments, state and federal, are known to change their reporting methods and procedures to cover-up lying that might get exposed. Surely that couldn’t be happening with all the BlackRock geniuses installed into the WH and agencies!
A few people holding down multiple jobs.
Uh, is this “the best economy” to which Karine refers?
We’re in a recession. Consumption remaining steady, while big ticket items like houses and cars, and business and industrial investment, declining is the profile of every recession in history. People cannot stop living but they can stop making new investments and new big ticket purchases.
I’ve been in vehicle wholesaling for 42 years, I have never seen a market like this. Used vehicles seem to be immune to the mayhem. Just my two cents
It’s called INFLATION!
No worries, were no where near the cesspool’s bottom yet.. lots of floating keeping us on top!
If they can only estimate illegals how can the be sure about the gainfully employed?
that ole devil in the details.
who wouldn’t want to go to work??
The fact that buried,in at least the BLS report, full & part time workers dropped big time, but people working multiple jobs went big time in the opposite direction. If this is true (article over at ZeroHedge), then, in this inflationary climate, a single job, and certainly a part time job isn’t cutting it. One needs to work, I assume…two FULL TIME jobs to get by.
Link to ZeroHedge:
https://www.zerohedge.com/markets/something-snaps-us-labor-market-full-part-time-workers-plunge-multiple-jobholders-soar
Joe needs to change his slogan from “Build Back Better” to “Revised Downward”.
Or just “We’re all screwed!”
Zerohedge had an article today about fewer people having jobs, but that more of those who are working have multiple jobs. Many of those folks have two full time jobs.
When I was a kid in the 60’s, my Dad worked full time as a machinist and my Mom stayed home until the youngest of us kids started school.
We only had one car, never ate steak but instead had a lot of potato soup and shopped at Good Will, but all of us graduated from high school and two of us went to college.
I don’t know that it is possible to do that today.
I feel sorry for the young folks starting out today. God bless them.
Household Survey shows that the economy lost 315,000 last month, not the 372,000 gain in jobs. ( Both part time and Full time)
This is a really bad report. April lost slightly more. The loss in June, except for April was the worst report since the depths of 2020.
Anecdotal in the context of this ongoing thread, but I can say that Bath Iron Works is also strapped for filling lots of positions. Many of which are trades that pay well for the area.
Though there’s effectively a housing crisis in Maine. Not enough affordable housing stock for a number of reasons. Many of which have been mentioned elsewhere here already.
Odd though, it’s like people do not want to work at BIW even when the pay starts at $23.50 an hour and comes with benefits.
Presuming that’s a grunt job, an apprentice in the various ship-building fabrication trades, I can offer a comparator….. when I was an apprentice, a carpenter, at a cottonseed plant in the mid-70’s, I was making the grunt wage, the lowest wage in the plant. Ten bucks an hour.
Why aren’t people working today at BIW? How much of the day do they work to just pay for the fuel to get to and from work that day? Buy the food to put in their lunch pail?
In my example, it took me about 1.5 gallons of gas to get to and from the plant, so about a buck. Lunch was under a buck. Rinse and repeat for today. Then factor in the value of the dollar in the mid 70’s versus today.
Corporate America. God bless them.
They’ve been revising these numbers for over a year now, and always downward.
I suggest THE ADMINISTRATION looking at the BLS HOUSEHOLD SURVEY QUESTIONS ON DISABILITY. Disability increased by 3M last year and all cause mortality is up over 10%. The strongest hypothesis which explains the data is the vaccine program is killing and disabling people in unprecedented numbers.
This administration will put crap in your hand and tell you its chocolate!
This article from a consistently reliable source digs into the numbers. Recommended reading for Treepers: https://www.zerohedge.com/markets/something-snaps-us-labor-market-full-part-time-workers-plunge-multiple-jobholders-soar