And then there’s the fact that the employment gains for October and November were both revised downward in the latest report. "The change in total nonfarm payroll employment for October was revised down by 45,000, from +150,000 to +105,000, and the change for November was revised down by 26,000, from +199,000 to +173,000. With these revisions, employment in October and November combined is 71,000 lower than previously reported."
Zero Hedge https://www.zerohedge.com/markets/inside-catastrophic-jobs-r... points out that this trend is deeply concerning because the job gains for 10 of the last 11 months of 2023 have all been revised downward. “Why? So that the White House can take credit for a strong number (one which also sparks algorithmic buying in the market) only to quietly revise it lower one and two months later when nobody is looking."
But here’s where things look really bad. https://www.bls.gov/news.release/empsit.t09.htm According to the BLS, the number of full-time workers went from 134,727,000 in November to 133,196,000 in December. That’s a whopping 1.531 million decline.
There’s another dirty secret lingering in the data.
Next we turn to the numbers behind the headline job prints which were rather terrible: the monthly nonfarm payrolls (from the Establishment Survey) may have been weak at 216K but the far more accurate Household Survey showed that the number of Employed workers actually collapsed by an unprecedented 683K, the biggest drop since the US economy was shutdown by covid!
"In short: December was a catastrophic month for the jobs market, which is why we expect the usual theater: non-stop spin and lies from the Biden admin, and not a single relevant question from the liberal media whose job is not to educate or inform, but to carry water, spread lies and enable propaganda,” observes Zero Hedge.
Zero Hedge https://www.zerohedge.com/markets/inside-catastrophic-jobs-r... points out that this trend is deeply concerning because the job gains for 10 of the last 11 months of 2023 have all been revised downward. “Why? So that the White House can take credit for a strong number (one which also sparks algorithmic buying in the market) only to quietly revise it lower one and two months later when nobody is looking."
But here’s where things look really bad. https://www.bls.gov/news.release/empsit.t09.htm According to the BLS, the number of full-time workers went from 134,727,000 in November to 133,196,000 in December. That’s a whopping 1.531 million decline.
There’s another dirty secret lingering in the data.
Next we turn to the numbers behind the headline job prints which were rather terrible: the monthly nonfarm payrolls (from the Establishment Survey) may have been weak at 216K but the far more accurate Household Survey showed that the number of Employed workers actually collapsed by an unprecedented 683K, the biggest drop since the US economy was shutdown by covid!
"In short: December was a catastrophic month for the jobs market, which is why we expect the usual theater: non-stop spin and lies from the Biden admin, and not a single relevant question from the liberal media whose job is not to educate or inform, but to carry water, spread lies and enable propaganda,” observes Zero Hedge.