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2018-04-06 08:56 by Karl Denninger
in Employment , 170 references
[Comments enabled]  

You gotta love the excuse-making....

Total nonfarm payroll employment edged up by 103,000 in March, and the unemployment rate was unchanged at 4.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in manufacturing, health care, and mining.

But where's the yuuuuuuge employment gains?

Yeah, well..... how about The Bureau of Lies and Scams ran out of lies and ability to fudge the numbers?

Let's look at the household survey, which I remind you last month showed a huge increase.

 

Net-net the household adds were 474,000.

Now that's down big from 1.55 million from last month, but let's remember that the usual for February is strong, and so is March.  So taking the two months together we're "in the box" for where the last few years have fallen, net-net.

 

We also saw a small increase in the "not in labor force" number; last month's figure remains a monstrous outlier.  The employment:population ratio advanced by one tick, which is soft historically; March is usually a good month for improvement in that area.

On a 12-month rolling basis compared against population the gain in employment remains but it has been massively cut; it's now down to 311,000 over the previous 12 months.

Retail trade jobs were generally soft with losses recorded and the "non-store retailers" did not make up the difference.  Those who argue that Spamazon, for example, "makes more jobs than it costs" are full of crap; they do no such thing.

Once again, however, health scams, er, "health care" saw big gains -- as it has forever.  Nearly all are extractive rather than actual care providers, as has also been the case throughout the last 10+ years.  The scam continues.  Ditto for so-called "social assistance" providers.

Want some other good news?  Getting drunk is more-popular; a stunning 144,000 were hired in such places last month alone.

Oh, and local government was a huge add-on too.  "Education" was 30,000 adds, but does anyone care to bet how many of those were teachers?  I'll lay odds it's 10% and the rest were overhead, unnecessary, and depressed teacher wages and benefits.  Thus Oklahoma and of course those "teachers" are too ****ing stupid to look at the figures and then skewer all the patronage.  Are you really dumb enough to let someone who cannot read this report teach your kid?

Probably.

Who else gained and lost?  Those with less then a high school diploma gained big, four ticks.  Those with a bachelors gained two ticks.  Both high school graduates and those with a technical degree lost.  Yeah, these are "great jobs", right?

Uh, no -- look at the above internal data; these are not doctors and teachers being employed, they're parasitic jobs along with bar and food servers.

Good luck.

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