Thursday, July 3, 2014

Hold the applause. It was an ugly June jobs report

You'd think we were in a gung-ho jobs recovery if you follow mainstream media.

Want an example? Here's how the Wall Street Journal touts the government jobs report released today:
U.S. employers added jobs at a robust clip in June and the unemployment rate fell, signs of labor-market strength as the economic recovery heads into its sixth year. 
Nonfarm employment advanced at a seasonally adjusted 288,000 last month, the Labor Department said Thursday. The combined gains for the prior two months were revised up 29,000. April's 304,000 increase was the strongest since January 2012.
Robust? Are they serious?

I see something completely different. Human Events also sees the key data MSM isn't reporting:
The U.S. economy lost 523,000 full-time jobs in June.  This was offset by an enormous surge of 799,000 part-time jobs.  That gives us what the media is bizarrely reporting as “300,000 jobs created.” 
This jobs report doesn't contain robust jobs growth. It reflects an economy in contraction.

When possible, employers are likely splitting full time jobs into two or more part-time ones. So if we lost 522k full time jobs and only gained 799k part-time ones, I surmise this is a significant contraction in employment hours and wage earnings.

So why's the MSM trying to spin something so ugly into cause for celebration?

1 comment:

  1. Hey Doug;

    They have to support the narrative, anything else gets them excluded from the halls of power. They crave access and information above everything else.