In the US, job creation is booming and unemployment is dropping like a nuclear bomb!
(by Half Dollar) The Latest Employment Situation Report, commonly called the “Jobs Report”, was just released for the month of February, 2022.
According to the BLS, in the US, in February:
- Total employment rose by 678,000
- Unemployment rate fell 0.2% to 3.8%
- Average hourly earnings rose by $0.01 per hour
It should be noted that one of the default selections in the first paragraph seems to have been deselected:
Total nonfarm payroll employment rose by 678,000 in February, and the unemployment rate edged down to 3.8 percent, the U.S. Bureau of Labor Statistics reported today. Job growth was widespread, led by gains in leisure and hospitality, professional and business services, health care, and construction.
Although now that the so-called “supply chain disruptions” are fully resolved, at least from a Ministry of Plenty perspective, a shotgun blast does seem kind of appropriate.
Of course, something is not quite right:
JANUARY: Employment in transportation and warehousing increased by 54,000 in January and is 542,000 higher than in February 2020.
FEBRUARY: Employment in transportation and warehousing increased by 48,000 in February and is
584,000 higher than in February 2020.
Gold & silver shrugged when the “report” hit the tape:
But go ahead and add an artificially flavored red hot job market to officially understated red hot price inflation.
“The Fed can’t hike”, they say.
Silly Armchair Quarterbacks.
Bread & circuses are for kids…