The Chart Huggers will have to go back to their drawing boards…
(by Half Dollar) I’m not sure why we need a jobs reports anymore if we have a President who can’t stop talking about the millions upon millions of jobs that the Federal government is going to create with the now called “Bipartisan Infrastructure Deal”?
Of course, this is Newspeak, which is a different language than Plain-Old English, so when any “elected” “leader” or career public “servant” is talking about creating millions of jobs, they’re actually talking about destroying millions of jobs.
Regardless, it’s truly amazing just how much the irony is lost on so many:
When I arrived in office, it had been a long time since the federal government had worked hard for working people.— President Biden (@POTUS) August 1, 2021
We’re changing that every day. pic.twitter.com/83CYqyiktW
Take your pick.
That said, the latest Employment Situation Report, commonly called the Jobs Report, has just been released for the month of July, 2021, and since the Fed is going to let inflation “run hot” in order to focus on the employment part of its so-called “dual mandate”, which I’m not even really sure why if everybody is just going to be working for the Federal government from here on out, each future Employment Situation Report is going to be the most important report, ever.
Here’s a breakdown of the official numbers for July:
- Total employment rose by 943,000
- Unemployment rate declined by 0.5% to 5.4%
- Labor force participation rate was little changed at 61.7%
- Average hourly earnings rose by: $0.11
From the report (bold added for emphasis and commentary):
Total nonfarm payroll employment rose by 943,000 in July, and the unemployment rate declined by 0.5 percentage point to 5.4 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains occurred in leisure and hospitality, in local government education, and in professional and business services.
If the economy is re-opening, why is every month’s job gains in leisure and hospitality “notable”?
Shouldn’t it be “Expected jobs gains occurred in leisure and hospitality”?
I don’t even think I’ll dive into the numbers this month, for I did have a nice breakfast, and it would be nice if I could keep it down today.
Besides, it looks like it’s going to be a long day as gold & silver were worked lower overnight, and then the precious metals were “sold” once the report hit the tape:
The MSM Propagandists will surely spin this month’s job gains as signs of a strengthening US economy, and as such, if you were sick of the “taper talk”, well then, you might just want to put in another order for some Pepto and Tums before prices go up again.