Take a look at a few of the “Lamestream Media” reports on the latest jobs numbers:
- Marketwatch: ‘Amazing’ jobs report, apart from wages
- Bloomberg: December Employment Gain Caps Best Year for U.S. Since 1999; Wage Gains Lag
- USA Today:“The employment report also confirms that the U.S. remains a bright spot in an otherwise languishing world economy.”
You’d think we were actually in some kind of jobs recovery, with those headlines. Let’s get serious, as the devil is always in the details.
340,000 Drop out of Workforce
Shale Bloodbath to Begin
340,000 More People Dropped Out of the Workforce
Let’s look at the numbers that are published monthly from the government BS. I meant – BLS (Bureau of Labor and Statistics): Total nonfarm payroll employment increased by 252,000 in December and the unemployment rate went down to 5.6% from 5.8%.
The Household Survey showed that 450,000 people left the labor force in December, while only 110,000 people got jobs.
But, But the Reason for the Low Participation Rate is Because the Older Americans are Retiring. WRONG!
Biggest Job Increases in Waiters and Bartenders
In December, 43,600 people got jobs waiting tables and tending bar.
That’s the highest number added in that
segment since 2012.
Industries Adding the Most Jobs
Shale Bloodbath to Begin
“In Houston, Texas, the first oil industry layoffs have been announced. States such as Texas, North Dakota, Alaska, Oklahoma and New Mexico are all likely to feel strains next year,” reports Reuters.
“The fact that the economic index is in decline in this region signals that the economy in these oil states is heading for an economic slowdown,” said Jerry Thomas, president of Decision Analyst.
As the drilling boom craters, orders for steel pipe and tubes – US Steel’s “most reliable profit driver,” according to Wells Fargo analyst Sam Dubinsky – are fizzling. There will be a lot more bloodletting.”
Peter Schiff weighs in saying, ” The real problem with the Labor Force Partipcipation Rate is that if you’re over 55 the rate it is on the rise. The collapse is among the younger people. The older people are not retiring, because they can’t afford to.
There are 92.9 million people not in the labor force. I’m wondering when that number is going to hit 100 million Americans not working. The big problem is going to be the Social Security, because they need the young workers in the work force to pay the taxes so that the few Americans who can still afford to retire can actually do it.
Here’s another statistic:
For every 2 persons that entered the workforce – 4 people left.
I think a lot of the people going to college are doing so to get the loans and using the loans to pay rent and other things. The credit card numbers show they are tightening their belts.
Along those lines, the auto delinquencies are now at their highest rate since 2008. It is what it was during the depths of the financial crisis. If this is during a 5% growing economy, then what’s going to happen during the next downturn?
This is an indication that consumers are running out of credit. On student loans, you’ve got the President coming out this week saying that he wants to make community college free. FREE. What is this going to do to the cost of college? It’s going to skyrocket.
Because if you can go to community college for free, a lot more people are going to want to go, so demand goes up. It’s not free, it’s going to cost a lot of money for the state government. And you only have to go part time, so theoretically, you could be at a 2 year college for 4 years.”
Those are quite some depressing details, which proves the saying, “The devil’s in the details.” This time the devil is taking the appearance of the Bureau of Labor Statistics and the lamestream media at large.
Article authored by Carol Serpa. You can find the original story right here.