The BLS Says 128,000 jobs were created, and the MSM thinks this lousy number is downright fantastic (after setting their expectations so low)!
The BLS Jobs Report, formally known as the Employment Situation Report, was just released for October, 2019.
Prior to the release, here were the consensus estimates from Econoday:
Number of jobs created in the month of October, 2019: 128,000
The unemployment rate ticked-up to 3.6%
Average hourly earnings (year over year) rose 3.0%
Labor force participation ticked-up to 63.3%
Exactly what line is he looking at which shows that number?
And why does he keep using the word “ROCKS!”?
Oh yeah, to make sure everybody knows he’s a rockstar.
Which explains those huge crowds at free events.
But I digress.
Directly from the BLS Report:
Total nonfarm payroll employment rose by 128,000 in October, and the
unemployment rate was little changed at 3.6 percent, the U.S. Bureau
of Labor Statistics reported today. Notable job gains occurred in food
services and drinking places, social assistance, and financial activities.
Within manufacturing, employment in motor vehicles and parts decreased
due to strike activity. Federal government employment was down, reflecting
a drop in the number of temporary jobs for the 2020 Census.
Sure enough, the BLS is specifically pointing to the auto industry’s strike as one of the culprits for a weak jobs number.
Unfortunately, “notable” job gains occurred in food service and bars.
This is unfortunate because those are low paying jobs that offer little to no benefits, whereas manufacturing jobs are good paying jobs that generally offer decent benefits.
Anecdotally, I would like to make a side note, however, since we’re on the notable: Last week my family went to eat at one of those bland, corporate chain restaurants, at 6p.m., which is a busy dinner hour for restaurants in the United States, and call me weird, but I don’t like sitting on the same side of the restaurant as the bathrooms, so when I asked the hostess if we could sit on the other side of the restaurant, the hostess said, “that side’s closed tonight”.
Now, I’m pretty sure businesses are not in the business of building restaurants with the hopes of closing-off half of the dining area off because it’s not needed, but then again, I’m not a restaurateur, so what do I know?
Additionally, it would be one thing to close-off the other side of the restaurant after the dinner rush, but since it was closed before the dinner rush, is that the sign of healthy fundamentals in the food service industry?
Also to note from last week’s dine-out was that the hostess was also our waitress.
For the entire restaurant.
And sure enough, the hostess was also the bus boy.
For the entire restaurant.
Was she the dishwasher too?
So yeah, it may be “notable” in this month’s Bureau of
Lies Labor Statistics Employment Situation Report, but my real-world experience does not reflect this one bit.
And I’ve just given one specific example.
I see the food service industry in decline pretty much every time I eat out, take out, or otherwise spend my hard earned fiat in a food service establishment.
Bloomberg is painting a rosy picture of this jobs report:
U.S. hiring was unexpectedly resilient in October and prior months saw sharp upward revisions, offering hope that the labor market can propel consumers to keep spending and extend the record-long expansion despite weak business investment and trade tensions. Stock futures and the dollar rose while Treasuries dropped.
Payrolls rose 128,000 after an upwardly revised 180,000 advance the prior month, according to a Labor Department report Friday that exceeded the median 85,000 estimate in Bloomberg’s survey. That includes a strike-driven 41,600 decline in automaker payrolls and 20,000 temporary census workers leaving their jobs.
And others in the MSM are loving it just as well:
Notice the Trump 2020 marketing campaign there?
The cartel always prefers to hit the “sell” button the moment the report hits the tape.
Of course, the manipulation deniers will say it’s no big deal, and it’s just a coincidence, that month after month after month after month, the moment the jobs report hits the tape, gold & silver are “sold”.
Here’s a look at gold & silver nearly thirty minutes after the release of the report, including a look at the dollar:
As was the case yesterday, I don’t think gold & silver stay down for long, and as I have been calling for all week now, I think gold & silver will finally begin their rallies week.
During our live-stream on Wednesday, Mike and I discussed how the ADP Employment Report, which was released the morning of our live-stream, painted a bleak employment picture.
We don’t discuss stale news during our live-streams, but rather, ongoing news, and news that’s fresh off the presses.
So do have a listen to what we said about the current job creation news (the video will start at the exact time-stamp, the 04:04 minute mark, when we begin analyzing the employment situation):
We have an economy that’s in a rapid state of decline, ready to enter the economic collapse.
The disappearance of good jobs continues, replaced by low-paying, benefit-less jobs.
It’s a race to the bottom as formerly well paid workers compete for mere pennies.
However, this is to be expected as America joins the ranks of the third world.
The trend remains: The US is still losing its few remaining good jobs.
I think we’ll see many people soon working “under the table”.
As governments at all levels impose ever more taxes.
In the third world, the majority simply scrape by.
Americans will be blindsided by this reality.
Most will not be able to adapt at all.
When coming from a good job.
To living life in a scramble.
Those who do adapt?
If they’ve stacked?
Gold & silver?
– Half Dollar
About the Author
U.S. Army Iraq War Combat Veteran Paul “Half Dollar” Eberhart has an AS in Information Systems and Security from Western Technical College and a BA in Spanish from The University of North Carolina at Chapel Hill. Paul dived into gold & silver in 2009 as a natural progression from the prepper community. He is self-studied in the field of economics, an active amateur trader, and a Silver Bug at heart.