This looks like we're just barely positive on employment trends. But that's misleading, and misleading the public is what the media is all about this morning, as they're saying that we had a positive number. We most-emphatically did not.
What's even worse is that both the workweek and hourly earnings decreased. That is, while prices go up on commodities, including food and energy, your earnings are going down not only in inflation-adjusted terms but also in nominal terms!
That's just plain old-fashioned bad.
What's worse is that the population increased by 176,000 but the household survey says that only 101,000 jobs were added. That is, 75,000 fewer people were working when one adjusts for population change.
This is what I have repeatedly pounded the table on - the employment rate is going the wrong way and there has been no improvement of materiality in it whatsoever.
When adjusted for population change, which is the number that matters not only for private prosperity but also for government funding sustainability, we appear to have topped out and are once again rolling over.
Bluntly: This report just plain sucks and is further validation of my thesis that government deficit spending does not create lasting economic recovery - it instead creates asset bubbles and distortions.
Time to face reality folks.
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