Once again the Biden Admin seems to think the American people will fall for their lies. It is as if we live in Soviet AMerica now where the government lies as the norm… Let’s dive in.
When dissecting today’s release of the May jobs report, it’s akin to inspecting a car’s engine, oil, battery, brake fluid, and spark plugs. While the surface may showcase a shiny, new paint job with a significant 272,000 job increase, a closer look reveals a different story. Nearly half of those gains were government or government-related jobs, as indicated by the nonfarm payrolls. However, underneath the hood lies an alarming 408,000 job loss from the household survey.
Holy. Shit.
The insane trend continues…
In just May, 414,000 immigrants (legal and illegal) gained a job. Meanwhile, 663,000 native-born Americans LOST their job.
Since pre-Covid, native born workers have actually LOST ~2 million jobs. All of the net job gains are immigrants. pic.twitter.com/BNEWRSBDrU
— Geiger Capital (@Geiger_Capital) June 7, 2024
The disparity between the two surveys lies in their methodologies. The payroll establishment survey primarily contacts larger, established companies for job counts, whereas the household survey reaches out to families and individuals to inquire about their employment status. Traditionally, the household survey tends to weigh more heavily on small businesses and has only shown a meager 31,000 job increase over the past year. Additionally, the civilian labor force contracted by 250,000, leading to a rise in the unemployment rate to 4%. The employment-to-population ratio, a key indicator of labor force strength, also dipped slightly to 60.1% in May.
Former labor economist Ed Lazear, who viewed the employment-population ratio as the primary indicator of labor market health, highlighted its significance. During the Trump administration, this ratio reached 61.1%, one percentage point higher than the current figure. However, in May 2000, it peaked at 64.6%, indicating a substantial gap in workforce participation.
Something doesn’t add up here:
All of the headlines say that the US economy added 272,000 jobs in May.
However, when you dig deeper into the data you can see that full-time employment actually FELL by -625,000.
Meanwhile, part-time employment rose by 286,000 along with the… pic.twitter.com/77403A2Eyu
— The Kobeissi Letter (@KobeissiLetter) June 7, 2024
Concerns over the job market complexities persist, particularly regarding the decline in full-time jobs by 605,000, contrasted with a gain of 286,000 part-time jobs in May alone. Furthermore, while 414,000 immigrants (both legal and illegal) secured jobs, 663,000 native-born Americans lost jobs, a trend that has intensified under the Biden administration.
Analyzing the affordability crisis under Biden’s tenure, the combination of average hourly earnings and hours worked reflects a mere 3.4% increase in income over the past 12 months, aligning closely with the consumer price index. Consequently, real wages have declined throughout Biden’s term, exacerbating the impact of soaring prices.
May’s jobs report was solid, according to Deutsche Bank economist Brett Ryan: “The bigger picture here is that there was really no change in trend from what you’ve seen over the last 12 months.” pic.twitter.com/PAm0w1Al2v
— Yahoo Finance (@YahooFinance) June 7, 2024
Considering these underlying factors, there is a growing sentiment that a different approach is needed. Lower taxes, deregulation, and energy independence are advocated for as means to spur economic growth. As individuals scrutinize the intricacies beneath the economic hood, the desire for a more favorable model—one that addresses these concerns—is palpable. Unfortunately Biden and crew have little desire to expand the US economy and help the American people. Every move they make is merely to divide Americans by race and class, in hopes of winning elections.
Major Points:
- The May jobs report presents a surface increase of 272,000 jobs, but a closer examination reveals a significant job loss of 408,000 from the household survey.
- Methodological differences between the payroll establishment and household surveys contribute to the disparity in reported job numbers.
- Concerns arise over the decline in full-time jobs by 605,000, accompanied by a surge in part-time positions by 286,000.
- The employment-population ratio, a key metric of labor market health, dipped slightly to 60.1% in May.
- Issues such as declining real wages, contrasting job trends between immigrants and native-born Americans, and ongoing inflation underscore the complexities of the current economic landscape.
Charles William III – Reprinted with permission of Whatfinger News