CDZ The May Job Reports is Bad

[william the wie]

162K expected but only 38,000 actually created. This little snippet is in CDZ because I'm waiting to find out the political, electoral and economic spin involved in this disaster.

 

[320 Years of History]

162K expected but only 38,000 actually created. This little snippet is in CDZ because I'm waiting to find out the political, electoral and economic spin involved in this disaster.

Red:
The 162K jobs is most definitely the published goal. The reality of where our economy is makes the goal more of a hope than an expectation. The added "distractions" that occurred in May further impeded progress toward achieving 168K jobs. So, yes, the growth was far lower than anyone would have wanted; however, with economy 7/10ths of a percent away from what is considered structural levels of unemployment, there's only so much one can expect and even less that will actually happen. I mean really. We are 7/10th of a percent away from the point at which every job this is available is available because there literally isn't a worker available to fill it, aka "full employment."

(Note: if you, dear reader, think "full employment" means everyone has a job, and you are not willing to find out what it does mean in terms of economics, you probably should not reply to this post.)

(click on the image above for a broader discussion of unemployment)

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Blue:
The spin will be exactly what just about anyone can predict it will be. The GOP will claim the 38K jobs added is a travesty and a sure indicator of blundering by the President, and by extension/extrapolation, it's what we should expect during a Clinton Presidency. Of course, were the jobs created to in May or any months between now and August/September well above what is expected (hoped for), the GOP will claim that the job growth has nothing to do with the President.

The Dems will attest to the relative insignificance of May's low growth figure, pointing instead to the recovery of the jobs lost due to "offshoring" of manufacturing (5M) and the jobs Mr. Obama has added to the economy, which are more than double the number lost.




In other words, both major parties, and everyone who has a publicly visible political role in them, will do what they've always done:

• Pander to a host of interests that have nothing to do with what's best for yours, my and the remaining "average" citizens' interests.
• Avail themselves of the "average" American's gross lack of understanding about even rudimentary economic principles.
• Refrain from providing a complete macroeconomic picture, perspective and analysis of what inferences, per the economic model the nation uses, can rightly be draw from the jobs information disclosed, and what cannot be accurately and reliably inferred from it.

Everyone in politics knows that, with regard to macroeconomic results observed in the U.S. economy, the simple truth is this: "Everyone who cares doesn't matter, and everyone who matters doesn't care" about one month's job growth or loss. The only thing makes May's and the following months' job growth figures, up to and including October's, assume undue attention is that it is an election year.

 

[jwoodie]

162K expected but only 38,000 actually created. This little snippet is in CDZ because I'm waiting to find out the political, electoral and economic spin involved in this disaster.

You just got it.

 

[william the wie]

The UK is trending towards Brexit in part because of this mess and Sanders could end up wiping out Hillary's popular vote lead tomorrow because she was part of the current administration.

 

[jwoodie]

The UK is finally waking up to the effects of uncontrolled immigration, but it is too late. The Scots were fools not to establish independence.