Posted on 12/08/2023 10:25:15 AM PST by Kaiser8408a
Several talking heads are salivating about the strong or solid jobs report in October. As if The Federal Reserve can’t read the jobs report. I call the report “Government gone wild!” since 51k government jobs were added in October.
Total nonfarm payroll employment increased by 150,000 in October, and the unemployment rate changed little at 3.9 percent, the U.S. Bureau of Labor Statistics reported today.
U-3 unemployment rate declined to 3.7%.
Job gains occurred in health care, government, and social assistance. Employment declined in manufacturing due to strike actvity.
Total nonfarm payroll employment increased by 150,000 in October, below the average monthly gain of 258,000 over the prior 12 months. In October, job gains occurred in health care, government, and social assistance. Employment in manufacturing declined due to strike activity. (See table B-1.) Health care added 58,000 jobs in October, in line with the average monthly gain of 53,000 over the prior 12 months. Over the month, employment continued to trend up in ambulatory health care services (+32,000), hospitals (+18,000), and nursing and residential care facilities (+8,000). Employment in government increased by 51,000 in October and has returned to its pre-pandemic February 2020 level. So, if you focus solely on U-3 unemployment rate of 3.7%, The Fed will be happy since it gives The Fed cover for doing nothing. But 51k government jobs added compared to 150k total jobs added? Its as if the Japanese monster Godzilla emerged out of the Chesapeake Bay.
Govzilla? King of the Monsters!
Speaking of Govzilla, my favorite quote showing the stupidity of BIG government is … Biden’s climate envoy John Kerry. “We’ve got to cut down on farming due to ‘Climate Change’…or people are going to starve…”
(Excerpt) Read more at confoundedinterest.net ...
So. 1/3 of all non-farm jobs added were government jobs.
Great.
“Employment in government increased by 51,000 in October”
************
Lots of contractors work for Fedzilla. DC is literally surrounded with their buildings. They are a shadow workforce, so the government’s actual ‘employment’ is considerably larger than reported.
Does anyone really believe any numbers coming out of this Administration?
Factoid that the Deep State cheerleaders won’t discuss:
September employment was adjusted DOWN by 35,000.
Wait two months and see the actual numbers when they revise it.
Should have cut that many government jobs.
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