*1) Some great news from the New York Times:*
U.S. Added 313,000 Jobs in February. Here’s What That Means.
By PATRICIA COHEN <https://www.nytimes.com/by/patricia-cohen>MARCH 9, 2018
Continue reading the main story
2) A useful caveat from Planet Earth:
*More Non-existent Job Growth Reported*
*by Paul Craig Roberts and Dave Kranzler*
March 9, 2018 <https://www.paulcraigroberts.org/2018/03/09/> |
According to the Bureau of Labor Statistics, the US economy added 313,000
jobs in the 28 days of February, causing a big jump in the Dow Jones
average. Where does BLS find these jobs?
The BLS finds 61,000 in construction, which, if correct, suggests in view
of falling new and existing home sales, that those building at this stage
are going to experience financial difficulties.
Manufacturing conjured up 31,000, but in high tech areas such as computer
and electronic products only 1,100 jobs were created. Communications
equipment actually lost 100 jobs and electronic instruments lost 800 jobs.
50,300 jobs were created in retail trade, allegedly. This is inconsistent
with store closings and what seem to be round-the-clock sales at online
retailers. Is February the month people purchase cars, garden supplies, and
clothing? The BLS seems to think so.
According to the BLS, 50,000 jobs were creatped in professional and
business services, of which about three-fifths were in administrative and
waste services, almost all of which were in temporary help services. In
other words, we are not talking about employment for architects and
Waitresses and bartenders did not supply the usual out-sized number of new
jobs, adding only 11,500 new jobs.
Local government added 31,000 jobs, almost all of which were in education.
As my long-term readers know, my analyses of the monthly payroll jobs
reports are a tradition on this site. I am doing less of them, as I am sure
it bores you to hear again the same conclusion that we are being lied to
about job creation. The jobs, of course, are not the higher paid jobs we
were promised by globalists in exchange for moving offshore American
industrial and manufacturing jobs. That promise was never anything more
than a lie, even though it was the repeated assurance from Ivy League
economists and Washington policymakers. The lie protected itself by
wrapping itself in the holy grail of “free trade.” Any economist or
financial media presstitute who dared to point out that jobs offshoring is
the antithesis of free trade was kaput. The economists were well paid for
serving the jobs offshoring corporations.
As I explained yesterday, the economic information we are fed is false. It
is intended to give us a non-existent, fake reality picture of the economy.
For almost a decade the economic policy of the US, Europe, UK, Canada,
Japan has been directed to the support of the financial speculation that
caused the 2008 worldwide economic crisis. Nothing has been done for the
populations of the countries who experienced the crisis. Indeed, many of
these populations, such as the Greeks, have had their living standards
forced down in order to protect the big banks. This proves beyond all doubt
that in the “Great Western Democracies,” economic policy only serves the
hyper-rich and the hyper-powerful. Citizens simply do not count. They are
To give you a break from my analysis, I offer you below the analysis of my
sometime coauthor Dave Kranzler, an experienced Wall Street participant who
*313k Jobs Added? Nice Try But It’s Fake News*
*by Dave Kranzler*
March 9, 2018: The census bureau does the data-gathering and the Bureau of
Labor Statistics feeds the questionable data sample through its statistical
sausage grinder and spits out some type of grotesque scatological
substance. You know an economic report is pure absurdity when the report
exceeds Wall Street’s rose-colored estimate by 53%. That has to be, by
far, an all-time record-high “beat.”
If you sift through some of the foul-smelling data, it turns out 365k of
the alleged jobs were part-time, which means the labor market lost 52k
full-time jobs. But alas, I loathe paying any credence to complete fiction
by dissecting the “let’s pretend” report.
The numbers make no sense. Why? Because the alleged data does not fit the
reality of the real economy. Retail sales, auto sales, home sales and
restaurant sales have been declining for the past couple of months. So who
would be doing the hiring? Someone pointed out that Coinbase has hired 500
people. But the retail industry has been laying off thousands this year.
Given the latest industrial production and auto sales numbers, I highly
doubt factories are doing anything with their workforce except reducing it.
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