The Bureau of Labor and Statistics (BLS) released the August Jobs Report [DATA HERE].
The topline is a net gain of 315,000 jobs with an increase in unemployment to 3.7%. However, the June and July jobs reports were revised down by 107,000 lower than previously reported, and if you look carefully at the data, you can see a serious problem.
Keep in mind, in the background is a release yesterday showing productivity within the economy dropping in the second quarter by 4.1%. [DATA] Combine the drop in productivity with higher wages of 5.7% and total wage costs per unit of business output are up 10.1%. Now we turn back to today’s employment release, and look at these three points of data:
(1) Unemployment for adult men and unemployment for Latinos increased in August. Adult men and specifically adult Latino men are losing their jobs. (2) The average number of hours worked in August dropped 0.1 hour to 34.5 hours. (3) Total employment amid those aged 16 to 19-years of age increased by 363, 000 in August:
The graphic is modified Table A-1 to focus on ‘age’
•Total economic productivity drops [biggest quarterly drop since 1948]. •Men and Latinos are losing jobs. •Average hours worked drops. •Teenage employment increases. What do these four facts tell you?
A total of 363,000 more teenagers started working in August, yet the total net gain in employment overall was 315,000 jobs. That should be the headline of the August 2022 jobs report.
(CNBC) […] The unemployment rate rose to 3.7%, two-tenths of a percentage point higher than expectations, largely due to a gain in the labor force participation rate to 62.4%, tied for the highest level of the year. A broader measure of unemployment that includes discouraged workers and those holding part-time jobs for economic reasons climbed to 7% from 6.7%.
Wages continued to rise, though slightly less than expectations. Average hourly earnings increased 0.3% for the month and 5.2% from a year ago, both 0.1 percentage point below estimates. (more)
The increase in Part-time jobs once again pushes these numbers positive.
Also, we are seeing a very strange phenomena of individuals holding multiple Full-time jobs. Odd.
Full-Time Employment Collapses As Multiple Jobholders Hit New All Time High | ZeroHedge
Remote work has created the “multiple full time job” phenomenon?
I’d like to see the productivity and cost analysis reports.
How could the Economy be shrinking with job growth ? Un-productive job creation = Inflation. And that’s exactly what we’re witnessing.
Don’t you think 87,000 new IRS agents might hamper the Economy and be very Inflationary !
Maybe inflation caused the multiple, full-time job phenomenon.
Inflation caused by government control/programs.
Know a guy who works his first job from 7-4 every weekday. Uses his one hour lunch break to work a side hustle. Then works from 5-9 every week day and from 8-6 every weekend for job two. His wife works from 8-2 every week day so she’s off when their kids get out of school.
Said their electric bill has doubled and their food costs have tripled. They have four kids who are all under ten.
FJB.
Food costs don’t have to triple (at least not yet!). It’s what you are choosing to buy that can really increase the cost. Take out, prepared food, and waste really increase the expense.
To control costs we are eating a lot less beef and more chicken legs. No more brand name English muffins, more French toast to use slightly old bread.
I’ve cut our waste to almost nothing and we brown bag instead of do takeout.
A lot of small food and habit changes can really add up.
I realize growing kids eat more, but unless they are eating a special diet, it doesn’t have to triple.
I live in a pretty high CoL area and so far have kept our food bill stable.
Biden just said inflation seems to be decreasing. Nothing but lies.
How many are working multiple jobs? That would be a huge tell.
Hint…the number is higher, per Zero hedge this morning.
I am currently working 8 full time jobs, and yes, drawing 8 full time salaries. It’s wonderful.
You must be working for the government. 🙂
Private sector baby! The funniest part is that there is a social media company led by a guy with a Z surname, from which I am drawing 2(!) separate full time salaries. I have 2 gigs with his company, and the left foot doesn’t know what the right foot is up to.
Show your audited data, proof of employment records and actual payment stubs. Give us three witnesses at your employment. Cancelled actual payroll checks. Be very very prepared.
Stop the Malarky!
Nah bruh I’ll just count my money.
So basically you’re not really putting in a full week at any of them. You may be fooling your bosses and collecting a check but you’re not putting in an 8 hour day at 8 places. Not particularly honest or something to be bragging about but that’s your conscience and none of my business.
But I bet someone who really needs a job would like to actually be giving one of your employers a real 8 hour days, 5 days a week. Shows how much slack and lack of oversight exists in today’s workplace. The fact that someone is pleased with basically one hour’s worth of work during a whole day is incredible. And I don’t mean that in a good way. Enjoy it while you can because at some point reality will bite you.
Agreed, when I was laid off at age 65, I worked three jobs for Five years. Sent out over 2300 resumes, kept asking friends or contacts in Machinery Sales. Nothing, not even a nibble.
I wonder why AOC isn’t bitching out FJB like she did Pres. Trump a few yrs ago over people forced to work multiple jobs…. Funny, the Squad is pretty quiet these days except for their student loans that haven’t been erased.
AOC and the Squad have disappeared. That’s a good thing.
The strange phenomena of individuals holding multiple Full-time jobs isn’t really that hard to understand.
Take Joe Biden–please.
He’s China’s Colonial Governor
Fentanyl Salesman of the Year
a Human Trafficking Cartel Boss
CEO of Ukrainian Money Laundries, Inc.
and CFO of Biden Bio-Labs, For All your Future Plandemic Needs(tm).
Why, this Human Dynamo is single-handedly driving these statistics!
By which I mean he ordered the bean counters to rig the numbers, as is his habit.
Bingo!! Spot on.
Spot on!!!
I was told quite a few teens are no longer pursuing their education. They drop out and take up cheap jobs such as sales clerks and inventory clerks, office receptionists… jobs that don’t require much brain power where the work schedule is firmly set.
Wrecking ball with a media of uncrupulous press agents,
reading scipts from enemies of Constitutional Republic USA
Sundance is illumination, again and again
Ultra-MAGA and I vote !
oops, typos
unscrupulous
scripts
sorry
Around the time Thomas Friedman weote THE WORLD IS FLAT.
it became obvious that DC was couring the CCP in a yard sale of
US prosperity… and that Peace was at grave risk.
Now, here we are at the precipice, energized to fix this mess
ans Make America Great AGain AGAIN. Thank you President Trum, and Sundance.
Real wages decline as record inflation soars.
Households need second job to keep up with inflation.
Jobs added are low skilled part time?
https://www.based-politics.com
Oh, what they don’t say is this:
All those second jobs, also cause an increase in payroll tax, social security, medicare and state taxes paid.
Hey joebribem, don’t spend it all in Kyev.
Don’t worry; they steal it all before it gets there.
Bingo!! Dam your at hitting the truth!
He’s not sharing???
Why that little crap hound!!
Replace skilled men, with a work ethic, with unskilled entry level teens, as a “warm body” to fill a hole, at lower cost?
In an attempt to try to keep their product price increases as low as possible, as inflation soars?
And, eating their seed corn of experienced, productive workers.
Short tern ‘gain’ but long term loss. A desperation move, trying to stay afloat?
That would be my guess. You hire a bunch of teens & 1 or 2 turn out to be worth a damn if you’re lucky.
“Ultimately, the Delta variant wave is a harsh reminder that the pandemic is still in the driver’s seat, and it controls our economic future.”
Such a useful tool to destroy the economy that’s still intact. You can’t very effectively BBB if there’s already a functioning system now, can you?
My neighbor who just got Covid despite having 4 Pfizer jabs is looking to get another for the next variant and a Flu shot! Vaccine junkies. Not a thought that vaccines are supposed to prevent you from getting it in the first place. How many millions more Americans are like him? Its a scary thought.
“Vaccine junkies” 😂😂😂😂
The new heroin, but unlike heroin (narcan) there’s no undo button with the vaccine.
You still see people wearing masks, it’s crazy.
Not “despite”, should say “because of”.
Yes everyone who has COVID gets a small vaca…..
Employyyyyyment?
2 Sep 2022
https://market-ticker.org/akcs-www?post=246824
Very enlightening. The CNBC report is for last August.
The figures are always printed and sent out to media.
A month or two and the figures are all ways revised downward, like a third.
Lies, dammed lies and statistics.
Latino men losing jobs. That clearly says to me that the Trades are slowing down, which relates to housing slowing down. Construction (up or down) is always the first indication of economic health. In this case, an obvious decrease in housing starts – at least that’s how I see it – a decrease in the availability of parts and raw materials, etc.
So, Xiden is going to blame this on MAGA or what? The entire Internet has erupted after last night’s speech.
Along with the trades, there are also the home repair industries. I am waiting for the reports on foreclosures. Most people were used to living on a certain income with out preparation for a return to lean times…let alone election theft.
In my world, the more affluent/with a pension, don’t take their dog to the groomers, they cancel training classes, cancel plans to enter events (unless high end AKC conformation competitors.).
Me, am stingy…I am that scotsman–really a lady but hey…the story goes with a scots”man”… who finds a fly on my drinking glass and picks it up and tells the “little buggar to spit it out?”
Home improvements and home repairs have really dropped.
I have a construction business that employs many migrants (not illegal, mind you) from south of the border. I went from full bore 5-6 days a week 2016-march 2020, and again in 2021. Now I’m lucky to have 2 full days a week of work.
Side note – I dont advertise. Everything is word of mouth recommendation. While small, my business is (was) very successful. That extra $500/mo people spend on just food and fuel means no renovations….which means no business for me. The only silver lining is I’m also a former insurance adjuster, and have standing relationships with many agents as well as realtors. That sliver of my business may be all that keeps the lights on for the foreseeable future since I live in tornado/hail alley.
Thanks for the info and keeping us informed.
They’re still trying to tell us the pandemic is driving the current economy when every Biden policy clearly tells a different story. Every job lost is intentional and more will be coming.
When will the media finally comprehend that we’re not going to be gaslighted anymore.
Hence the new push for the vax jab for omicron.
The answer to your question re the media telling the truth begins with an “N” and ends in ever. These MSM puppets will keep spewing the communist company drool until a lack of power shuts them off. PDT’s rally this weekend should be really telling. Here’s my hope;
The commie fbi would attempt to arrest PDT at one of his rallies for maximum media exposure. BUT… What happens is the crowd turns on them and scenes of a mob disposing of the commies is carried live
lot of undecorated lampposts out there
The FBI only acts tough when they have an overwhelming advantage – like Ruby Ridge, Waco, or breaking down someones door at 4am. I like your hope though!
My hope is:
They get all geared up for a home invasion but unknowingly walk into a well defended Patriot holdfast, where those pukes that survive are captured and then exchanged for the Jan 6 prisoners.
Most FBI peeps are loser dweebs to the point that they would think Rod Rosenstein is Mr Cool.
They never mention Rod Rosenstein anymore. Didn’t he want to become a Supreme Court justice?
The brilliant PB is taking HW Bush.
Spit.
I hated those CFR vermin and their Neocon comrades. war criminals as well as traitors. PB was the true heir to Reagan.
I wont argue but Reagan’s real heir was Jack Kemp. But I would have taken Buchanan in a heart beat. Pat was too plain spoken, like Trump he told it like it was and let the chips fall where they may.
Another guy where you have to ask “what if?”
I quit the Republicans after they jacked him in 1996.
Out go the experienced (expensive) workers. In come the teens (and the illegals). Soon, out go the teens and in comes AI.
Wonder how many of those teen jobs are taken by JoeBama’s illegals claiming to be teenagers to get an expedited status approval.
Increase in teen employment…means mom and dad can no longer afford the car, insurance, and cell phone payments?
Hours dropped? Benefits also drop.
Ah but folks, there are no real massive layoffs so life is good?/s
Bingo! We have a winner!
Remember Abbott and Costello?
COSTELLO: I want to talk about the unemployment rate in America
ABBOTT: Good Subject. Terrible Times. It’s 5.6%.
COSTELLO: That many people are out of work?
ABBOTT: No, that’s 23%.
COSTELLO: You just said 5.6%.
ABBOTT: 5.6% Unemployed.
COSTELLO: Right 5.6% out of work.
ABBOTT: No, that’s 23%.
COSTELLO: Okay, so it’s 23% unemployed.
ABBOTT: No, that’s 5.6%.
COSTELLO: WAIT A MINUTE. Is it 5.6% or 23%?
ABBOTT: 5.6% are unemployed. 23% are out of work.
COSTELLO: If you are out of work you are unemployed.
ABBOTT: No, Biden said you can’t count the “Out of Work” as the unemployed.
You have to look for work to be unemployed.
COSTELLO: BUT THEY ARE OUT OF WORK!!!
ABBOTT: No, you miss his point.
COSTELLO: What point?
ABBOTT: Someone who doesn’t look for work can’t be counted
with those who look for work. It wouldn’t be fair.
COSTELLO: To whom?
ABBOTT: The unemployed.
COSTELLO: But ALL of them are out of work.
ABBOTT:No, the unemployed are actively looking for work.
Those who are out of work gave up looking and if you give up,
you are no longer in the ranks of the unemployed.
COSTELLO: So if you’re off the unemployment roles that would count as less unemployment?
ABBOTT: Unemployment would go down. Absolutely!
COSTELLO:The unemployment just goes down because you don’t look for work?
ABBOTT:Absolutely it goes down. That’s how it gets to 5.6%. Otherwise it would be 23%.
COSTELLO: Wait, I got a question for you. That means there are two ways
to bring down the unemployment number?
ABBOTT: Two ways is correct.
COSTELLO: Unemployment can go down if someone gets a job?
ABBOTT: Correct.
COSTELLO: And unemployment can also go down if you stop looking for a job?
ABBOTT: Bingo.
COSTELLO: So there are two ways to bring unemployment down,
and the easier of the two is to have people stop looking for work.
ABBOTT: Now you’re thinking like a Democrat.
COSTELLO: I don’t even know what the hell I just said!
ABBOTT: Now you’re thinking like Biden.
Xi’s on first. Always.
Who?
Great one!
Bravo! Great “work”!
The best one yet. Congrats. Send it to JP Sears and I bet he makes a great video of it.
I nearly flunked math. But even a math clunkier can figure that out. Thanks for your cogent analysis!
It’s all good the country is doing great! Joe said so.
Latinos, eh?
Serious question…where are all those illegals going to work?
For the employers firing the current workers that get W-2s?
Akindole: Yes.
First off, its an unrealistic assumption that the current illegals are all or even mostly latinos.
Reports from border patrol are 140 countries of origin.
I would expect most of the “latino unemployment” would be those latinos that are American citisens, rather than illegals.
While they are lumped together, just as latinos from cuba are very different than latinos from mexico, etc. latinos that are citisens are different from “dreamers” and they are different from illegals.
I say this having worked at businesses that employed all 3.
Of all the nonsensical labels used to divide people, “latinos” or “hispanics” is the most absurd.
Never here much about GDP anymore……
Ignore the problem and it goes away.
/s
It just keeps falling every month but we have a new definition for a recession so don’t worry folks!
I remember when they talked about the GNP but that was then and this is now.
The regime is dying. It’s not going to take a lot now to push them over the edge.
I agree.
If we can just take back the House and Senate majorities that would cause it to die so much more quickly.
We definitely need the gridlock to stop Biden and the Dems massive spending bills.
I’m glad to hear the kids are getting jobs, that being said Old Joe giving green cards/Social Security cards to illegals is a big problem for all other age groups. We really don’t need cheap low skilled/semi skilled labor flooding the market at this point in time.
The Chamber of Commerce are not the friends of America Citizens who are either in the workforce or want to be in the workforce.
FJB,WEF,COC and the jets they fly around in.
I am of the opinion that importing all this unskilled labor legal or not, is purely to suppress wage growth which is one consequence of ongoing inflationary policy over time.
Got to keep the game going a while longer before the system blows up with hyperinflation due to multiple feedback mechanisms working synergistically to destabilize it.
Yes…this why US legal Latinos are against everyone walking across…new labor will depress wages and threaten employment for the legals.
Explains why south Texas is going R…
Tells me that employers are laying off experienced male workers and hiring teenagers whose wages are lower.
Ahh…don’t you love it when a plan comes together.
All by design folks.
Teenagers employed to mow lawns while factory workers idled is not exactly a prescription for growing the economy.
It’s been years since I saw a teen mowing lawns. In my neighborhood it’s all adult Hispanics.
Here it is white and black guys, some who have jobs, some who are retired and do lawns for extra pocket money.
I mow my own lawn thank you.
I do too.
Amazon is cutting jobs, and downsizing.
when do the 5 million illegals start showing up on the report?
When They run out of Gov freebees!
Gain in teenage employment is undoubtedly for dead end second tier jobs that will most likely evaporate down the road. The key info coming in is the lay offs from many of the major corporations, I.e., Target, Bed and Bath, Silicon Valley etc.
Can’t run an economy like this. All by design. The Obama Prosperity Plan for suckers.
People (for the most part) just want to provide for their families and enjoy life.
I would guess that the drop in employment among men, Latinos in particular, is representative of a slow down in construction.
I’m a contractor and am feeling the slowdown in real time.
Only the beginning, unfortunately.
that is what happens when interest rates go up
My daughter sold her house, closing today, and had her choice of three buyers
one was all cash, two week close – lowest bid
the other two had loans and wanted 30 – 45 day close – higher bids
If she had not taken the all cash two week close, she would have to lower
her price of the home by $30,000+ because of the interest rate change
Same thing happened in the Obama/Biden administration. Part time jobs.
The employment numbers of a “growth recession.”
I’ve employed construction crews in Tx for over 30 years… all Hispanics…no white or blacks. I’ve found whites and blacks do not like to work hard in construction.
Hispanics are hard working, family oriented and go to church.
They do not like the border crises…it is a direct threat to their way of life.
I have run electrical construction crews in TX for over 39yrs and whites and blacks have been some of the hardest working most skilled electricians on my crews that being said the group you refer to as Hispanics can also be a valuable addition to my crews. Over the years I have seen blacks and now even whites being discriminated against.
I had one smart ass tell me years ago that having illegals on his crew was the next best thing to slavery.
June and July were revised down by 107k.
I always look for that.
Obama and Biden always had/has revised numbers that were down.
President Trump….his numbers were always revised up!
My take is that the industries that “men” and “Latino men” work in are letting go of labor. “Men” industries are probably along the lines of manufacturing, construction, landscaping, and other physically demanding jobs. They are also mainly full time jobs. Teenagers are being hired to replace whomever because they are less expensive to pay and they are only part time.
Teen parents can’t afford the expense of their kids’ car fuel-insurance-maintenance, their iPhone data plans, their Spotify accounts, their weekly allowance. The Era of Entitlement Inflation real. These teens are now going to have to work to pay for “life as they knew it”. Perhaps the only good thing that has come out of this blundering economy…
so how many teenagers will be quiting these jobs as schools get back going,can’t be having a job if your in sports.so lets see what the oct jobs report says,bet it’s down and not just a little.
Don’t know about your neighborhood but the Republican Party is attracting more and more Latinos.
Americans at 30-year high for taking on second jobs
One quarter of the Americans who took the McKinsey’s American Opportunity Survey (AOS) said they had to take extra work “out of necessity to support basic family needs.”
https://thepostmillennial.com/americans-at-30-year-high-for-taking-on-second-jobs
More people supplementing income with Uber and gig jobs.
Record high second jobs in an attempt to stay afloat.
I’m assuming the amount of money that the IRS will take in next Jan – Apr will be significantly less this year than, say, 2020. That’s probably one reason why the Biden handlers hired all of those extra agents, they’re going to squeeze every penny out of us that they can. They can’t get any more out of me though, I’m totally honest on my returns, in fact I probably overpay. (It would be funny if I were audited and we discovered that the IRS owes me money. lol)
I’m at a loss to understand why anyone would puzzle over any government-issued statistic with the idea that it is connected to reality in any way shape or form. We’re all the victims of denial and normalcy bias, but the reality is that our whole government, top to bottom, soup to nuts, is corrupt.
Teenagers getting into the job market because their parents can no longer afford to support their lifestyles.
Be hard to feed a family on the wages paid to teenagers for part time work.
https://truthsocial.com/users/DanScavino/statuses/108855889995801017
The Covid1984 cash is drying up and reality is again raising its prices fly head
Typo.. reality is biting, raising its ugly head.
I have noticed an increase in elderly employees lately. Especially at the big box stores. Some did not look very happy to be there. One said that he worked all of his life and saved for retirement only to end up having to cashier part time so they could eat. I can only hope the worst for these scumbags.
Sundance did great legwork in sorting through the data and highlighting reality. Yet, as bad as they are, the real numbers are probably a lot worse. Don’t believe any government data.
Call me cynical but I’ve seen too many of these lies in all my years.
Where are earnings going?
Savings, if you don’t qualify for credit and are being shifted to cash up front purchases paid in real time.
Rent money.. National average rent now $2,000. mo. Teen High School June graduates moving on to college’s soliciting students but not building more dorms.
Leaving home for relocations for jobs.
Earnings into debt money. Purchases made earlier on credit and loans by banks and family members posted into the economy; expense cannot be recorded at both time of sale and time of actual payment of sale 30 or 60 days later.
Graduates joining Military; what portion of Members of the Military income is spent on their Base and not in reported corporate or private commerce, clothing, new vehicles, energy or housing sectors ?
Nothing is random or stupid. People in power with diverse interests have an agenda. They would not let things continue if it was OK with them. Biden as a puppet obviously impaired gives those seeking to take advantage of the country many opportunities to manipulate and be predators.
He can do anything because he’s the president
If he does something bad for the American people, good for them , they can blame his impairment or throw him under the bus (but let it stand)
If he does some good for the evil and good for the the American people, they can give Biden credit for it
They can keep him from doing anything good for the people and bad for them
We can’t hold Biden accountable because he’s old, impaired, and because he is President
If we oppose him we are trying to usurp the government
If we take action against him we are terrorists and need our guns taken away and privileges removed
Slowly, the boa constrictor is tightening around us individually and as a country
We cannot organize or even have our feelings validated because all media is controlled
Corvid and other means keep us from communicating
Video games, TV, social media purposely waste our time and divert our energy while also allowing the enemy to monitor our thoughts and mark those dangerous to the goals of those who are evil.
They want intelligent, aware people unable to communicate to the masses, but not silent.
In fact they want the most aware, intelligent and people capable of mounting organized resistance to be very vocal and thoroughly so, but in a contained platform so they can mark those of us who are most dangerous to their cause.
Sometimes I fear that this site (CTH) could be such a place. Designed to absorb the anger of patriots dangerous to the enemies, and keep us contained with hope porn, and spending time on the site instead of organizing in a way to mount an effective rebellion against the enemy.
I don not think it is a diversionary site, because Sundance often leads the way with eye opening articles at great risk to himself and at odds even to the majority of Patriots. I don’t think he would do this if he were just trying to pacify the organization of rebellion.