Posted on 01/05/2024 7:02:29 AM PST by Kaiser8408a
Well, kiss that anticipated March rate cut goodbye. According to the BLS, total nonfarm payroll employment increased by 216,000 in December.
But to quote Cousin Eddie from Christmas Vacation, “Now hold on to your wad.” While the headline screamed remarkable, please note that the civilian labor force actually declined. As did the Employment-population ratio (to 60.1).
On the jobs report, the 2 year Treasury yield spiked to 4.4726%.
But next month today’s print will likely be revised sharply lower (perhaps even below 175K, meaning today was a miss). Why do we say that? Because once again the BLS revised not just one but both previous months sharply lower:
October revised down 45K from 150K to 105K November revised down 26K from 199K to 173K This means that ten of the past 11 jobs reports have been revised substantially lower.
Sadly, government employment increased by 52,000 in December. Employment continued to trend up in local government (+37,000) and federal government (+7,000). Government added an average of 56,000 jobs per month in 2023, more than double the average monthly gain of 23,000 in 2022.
But the biggest shocker is that the number of full-time jobs actually plunged by 1.5 million in December to the lowest since Feb 2023, while part-time jobs exploded higher by 762K to the highest on record. And there was another record: in the number of multiple jobholders. We will shortly have a post breaking all of this down.
So government is the largest growth in jobs (it is Biden after all and all he knows is government). Sad, since government produces nothing but taxes, regulations and debt. THAT is what Biden knows how to do!
(Excerpt) Read more at confoundedinterest.net ...
Fewer people working real jobs.
But the government can tax the bejeezus out of those workers.
And use that revenue to hire a whole bunch of government workers who contribute nothing.
So that the non-farm payroll numbers can “soar”.
This is the sort of manipulation will make some people want to re-elect Joe Biden.
We were told in econ class many moons ago: If the government is the largest employer basically there are no other jobs in that county or state.
I’m dismayed it’s true of the whole country.
Not a good look.
It's the Cloward-Piven, baby.
Longest unemployment of my life so far...
Never ever been out of work anywhere close to 6 months before.
Keep telling me how GREAT the economy is.
Somebody has to wise up and start cutting government jobs.
Five bucks says that isn't taught anymore.
Full-time Jobs Plunged By 1.5 Million
More Biden’s build back better in action
Yellow media mum
The people getting cut are in the 100k+ range.
The ones paying for all this social nonsense.
We are seeing a repeat of 2002.
Lets just hope we don’t see a repeat of 1978
Remind me again what happened in 2002?
Who knew part time jobs abound during December.
Government spending represents 42% of our GDP last time I checked . That should scare everyone.
“If the government is the largest employer basically there are no other jobs in that county or state.”
It is worse than that.
A large percentage of jobs are working for companies that are contractors or subcontractors to government—or receive grants or loans or insured loans from government—or subsidies from government.
It goes on and on and on....
I will just you one example.
Dave Ramsey is a well known conservative who has advocated for debt-free living for decades.
He has nothing to do with the government, right?
Wrong.
It turns out that he lobbies state legislatures to use his teaching materials in the public schools—and those efforts have been successful.
This is actually good for the students—but is not the point in this discussion.
“Free market Dave” makes a lot of revenue from government.
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