Gold & Silver Shrug As US Loses 140,000 Jobs In December, But Almost 500,000 Jobs Were Lost In ‘Leisure & Hospitality’ Alone

Second stimulus checks are being rolled out now, albeit to millions of wrong bank accounts, but job losses mount, so it looks like we will need a third check soon…

(by Half Dollar) Yeah, it’s that time of the month again, but I also think that this report doesn’t really matter all that much.

All the BLS is really good for is lying about labor statistics anyway, and in December, after all, there were myriad lockdowns and shutdowns taking place across several states, brick-n-mortar holiday shopping was called off, cold weather was descending over much of the country, impeding all of those wonderful “outdoor dining” experiences, and, for some reason, the Presidential election was still in “dispute”, so the outlook for the job market was already bleak.

That said, the Bureau of Labor Statistics has just released the Employment Situation Report, commonly called the Jobs Report, for December, 2020.

If you believe the numbers, according to the Bureau of Labor Statistics, in the month of December, 2020:

  • Total employment fell by: 140,000
  • Unemployment rate unchanged at: 6.7%
  • Average hourly earnings rose by: $0.23
  • Labor force participation rate unchanged at: 61.5%

Notice this little phrase from within the report, however:

In December, employment in leisure and hospitality declined by 498,000

Taken at face value, that’s a lot of low paying jobs that are likely never coming back.

I’m waiting for the day somebody offers to wash my windshield at a traffic light, you know, Mexico style, with a repurposed plastic water bottle filled some unknown miracle cleaner and a squeegee to get the glass squeaky clean, because once the funny money from Uncle Sam buys nothing, millions of Americans are going to be in for a rude awakening and searching for any creative way to make money by any means possible, and panhandling just isn’t going to cut it anymore at that point.

Ugh.

Gold & silver shrugged the moment the report hit the tape:

Although it’s clear why, isn’t it?

Here’s an interesting screenshot I grabbed off of CNN this morning:

Such a sad state of affairs in America, and to think the sheeple buy into that crap!

Shameless Plug Time: It really is a sad state of affairs in America right now:

Dave says we’ve gone off the rails!

And in other news, well, this: