If you believe the numbers, we’ve also only had two months of job losses during the worst economic collapse on paper and arguably the worst in US history…
(by Half Dollar) The latest jobs report has just been released for August, 2020, from the Bureau of Labor Statistics.
Prior to the release of the report, here’s a look at some mainstream estimates, via Econoday:
We are still seeing pretty wide consensus ranges with respect to the headline number.
Here’s the breakdown of the official August 2020 Jobs Report:
- Total employment rose by: 1.4 million
- Unemployment rate fell to: 8.4%
- Average hourly earnings rose by $0.11
- Labor force participation rate rose to: 61.7%
Of course, that’s taking the BLS report at face value, something that I personally would not do, and in no way do I believe these numbers are even close to what actually happened in August.
Regardless, here is some visual representation of the data from the BLS’ accompanying PDF:
So, we’ve had only two months of jobs losses during the worst economic collapse on paper and arguably the worst economic collapse in US history?
Uh, sure we did.
Here’s more nonsense from the BLS (bold added for emphasis):
Total nonfarm payroll employment rose by 1.4 million in August, and the unemployment rate fell to 8.4 percent, the U.S. Bureau of Labor Statistics reported today. These improvements in the labor market reflect the continued resumption of economic activity that had been curtailed due to the coronavirus (COVID-19) pandemic and efforts to contain it. In August, an increase in government employment largely reflected temporary hiring for the 2020 Census. Notable job gains also occurred in retail trade, in professional and business services, in leisure and hospitality, and in education and health services.
I’m calling total bull-crap on that too.
I took several day trips and a road trip this summer, and my eyes have not seen “notable job gains” in “retail trade” or in “leisure and hospitality”.
Quite the opposite, really, and what I saw was more like a zombie apocalypse than “improvements” and “continued resumption”.
But I digress.
Here’s just one simple reason why the numbers are totally bogus: The birth-death model.
The BLS estimates how many businesses are started (born) each month and how many businesses close (death) each month, and the BLS comes up with a number that is either positive on-net or negative on-net, but really, what they’re doing is making crap up to pad their numbers to paint the narrative of a “recovery”.
Specifically, including this latest jobs report for August, 2020, formally called the Employment Situation Report, the BLS now claims that, on net, over one million businesses were created in the last four months than closed down:
Are we really supposed to believe that with all of the civil unrest, rioting and looting across the country, in addition to various states of continued lockdowns and shutdowns, that over one million more businesses were created than closed down in the last four months?
Well, pathetically, most of the sheeple think we went to the moon, so I suppose they would have no reason not believe that, on net, in the middle of Societal Collapse and the Fall of Empire no less, more than one million new businesses were started above and beyond all of those that have closed down.
Shameless Plug Time: Last week, John Rubino and I discussed, among other things, the BLS Birth Death Model:
Thank you for your consideration!
Shameless Plug Time II: Yesterday, Michael Pento and I discussed, among other things, the tens of thousands of coming job losses from just the airline industry:
Thank you for your consideration, again!
Here’s a look at the mainstream financial press’s coverage of the jobs report:
Didn’t you know that Bloomberg’s ‘woke’?
Here’s a look at gold & silver on the tick-by-tick:
President Trump loves it:
Great Jobs Numbers! 1.37 Million Jobs Added In August. Unemployment Rate Falls To 8.4% (Wow, much better than expected!). Broke the 10% level faster and deeper than thought possible.— Donald J. Trump (@realDonaldTrump) September 4, 2020
Of course, he rightly called out the statistics as lies when he was Candidate Trump.