422,000 jobs were “estimated” into existence in June via the Birth/Death Model.
Today, businesses are not replacing people who die or retire. They’re cutting back instead. These jobs do not exist.
This is how they come up with the numbers. They assume the number of people that “should” be hired in a booming economy and add that to the numbers, rather than count the real number actually hired.
These numbers mean nothing. Take away all the fictitious numbers, add those grossly underemployed or unemployed, and this country is in big, BIG trouble.
I think you have that exactly right. certainly where I work the pattern for years has been not to replace retirees. I work for a large defense contractor with so many people there are retirements everyday.
the problem is, in this Orwellian country we live in, the government and the media will be misrepresenting the actual facts, so it will seem to you few people have jobs, but they’ll keep reporting 7.6.
How about some numbers that get reported but don’t usually make the news, social security contributions. I know they are reported and I would think these numbers would say a lot about the level being reported this last quarter vs quarters in the past. Even taking into consideration pay raises, I bet the number is lower now than Bush years.