Friday, October 02, 2015

Today's (Ficitional) Jobs Report

The 5.1 percent reported unemployment rate is inconsistent with the collapse of the labor force participation rate (which is at a 40 year low) and is "accurate" only because it includes not a single one of the millions of discouraged workers. The way BLS gets a low and comforting rate of unemployment is not to include most of the unemployed.
Were were the new jobs? If you can believe the numbers, despite the absence of retail sales growth, retail stores hired 23,700 new workers. Ambulatory health care services and hospitals hired 28,400, and 20,700 jobs were created for waitresses and bartenders. 
None of these jobs produce exportable goods and services.


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