Inside The Catastrophic Jobs Report: Record 1.5 Million Crash In Full-Time Jobs, Multiple Jobholders Soar To Record, Native Born Workers Plunge ...

[Lastamender]

You just ignore data when you don’t like what it says.

Don't you? Fucking hypocrite.

 

[drudge X]

It won't hurt leftists ego if they thank Trump.

Your data is from 2018. What does that have to do with Biden?

Because the data hasn't changed much. Black homeownership is stagnant and in fact, higher under Trump.

 

[Andrew_Jackson_FTW]

The year 2023 saw nearly every month's jobs numbers revised downward. Add in the loss of full time jobs and the economy isn't sound.

While the prevailing post-payrolls narrative has focused on the surprisingly strong headline payrolls number (at 216K, this not only came above most estimates but was the highest in 4 months, denting the Fed's case for a March rate cut) and the far stronger than expected hourly earnings (which rose to 4.1%, but only because hours worked dropped again to 34.3, a level last seen in the pre-covid days from 34.4) and unchanged unemployment rate, which at 3.7% further makes the case for rate cuts quite challenging, a closer look at the details of today's jobs report reveals just how ugly the reality behind the the Budget-Busting Bidenomics truly is.​

​

Let's start with the now monthly revisions.​

​

Regular readers are aware that earlier this year we spotted a peculiar trend when it comes to economic data releases by the Biden admin which - without fail - had been revised lower...​

​

... and this month was no different. In fact, as shown in the chart below, the jobs print from 10 of the past 11 months has been revised lower! Why? So that the White House can take credit for a strong number (one which also sparks algorithmic buying in the market) only to quietly revise it lower one and two months later when nobody is looking.​

​

​

But that's just the start. Next we turn to the numbers behind the headline job prints which were rather terrible: the monthly nonfarm payrolls (from the Establishment Survey) may have been weak at 216K but the far more accurate Household Survey showed that the number of Employed workers actually collapsed by an unprecedented 683K, the biggest drop since the US economy was shutdown by covid!​

​

​

Even scarier, while the monthly grind higher in the payrolls number (pulled from the far less accurate Establishment Survey) means that US jobs hit a record high every month with bizarre consistency and in December this was certainly the case, the total nonfarm employment number rose to an all time high 157.232 million, the abovementioned collapse in US Employment (per Household survey) meant that there were only 161.183 million employed people in the US, the lowest since June, with the now traditional divergence between these two surveys glaringly obvious in the chart below.​

​

​

​

...​

ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

It’s mostly Democrats to blame, but I think common sense shows us that it was a collective Republican and Democrat push to lock us all down after the so-called coronavirus. Along with printing of trillions of dollars giving people trillions of dollars to sit at home and do nothing. Had a devastating effect on the economy.

We now know according to the Pbd podcast that it was the vaccine that killed most people… not the virus itself.

Imo The most important statistic right now is that for the average American…. homes are unaffordable and 99% of the country.

Homes "unaffordable" in 99% of nation for average American

Home prices have jumped so much that Americans must pay a third of their income on housing, according to one study.

www.cbsnews.com

 

[justoffal]

The year 2023 saw nearly every month's jobs numbers revised downward. Add in the loss of full time jobs and the economy isn't sound.

While the prevailing post-payrolls narrative has focused on the surprisingly strong headline payrolls number (at 216K, this not only came above most estimates but was the highest in 4 months, denting the Fed's case for a March rate cut) and the far stronger than expected hourly earnings (which rose to 4.1%, but only because hours worked dropped again to 34.3, a level last seen in the pre-covid days from 34.4) and unchanged unemployment rate, which at 3.7% further makes the case for rate cuts quite challenging, a closer look at the details of today's jobs report reveals just how ugly the reality behind the the Budget-Busting Bidenomics truly is.​

​

Let's start with the now monthly revisions.​

​

Regular readers are aware that earlier this year we spotted a peculiar trend when it comes to economic data releases by the Biden admin which - without fail - had been revised lower...​

​

... and this month was no different. In fact, as shown in the chart below, the jobs print from 10 of the past 11 months has been revised lower! Why? So that the White House can take credit for a strong number (one which also sparks algorithmic buying in the market) only to quietly revise it lower one and two months later when nobody is looking.​

​

​

But that's just the start. Next we turn to the numbers behind the headline job prints which were rather terrible: the monthly nonfarm payrolls (from the Establishment Survey) may have been weak at 216K but the far more accurate Household Survey showed that the number of Employed workers actually collapsed by an unprecedented 683K, the biggest drop since the US economy was shutdown by covid!​

​

​

Even scarier, while the monthly grind higher in the payrolls number (pulled from the far less accurate Establishment Survey) means that US jobs hit a record high every month with bizarre consistency and in December this was certainly the case, the total nonfarm employment number rose to an all time high 157.232 million, the abovementioned collapse in US Employment (per Household survey) meant that there were only 161.183 million employed people in the US, the lowest since June, with the now traditional divergence between these two surveys glaringly obvious in the chart below.​

​

​

​

...​

ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

Yep... The THE REAL ECONOMY

 

[odanny]

It’s mostly Democrats to blame, but I think common sense shows us that it was a collective Republican and Democrat push to lock us all down after the so-called coronavirus.

If I remember correctly, it was Trump who was President then and shut down the economy, while it's Biden who is pushing it to new heights.

Thank you President Biden!!

 

[Marener]

Don't you? Fucking hypocrite.

No one really doubts the data from the BLS.

Just weirdos like you.

 

[struth]

The year 2023 saw nearly every month's jobs numbers revised downward. Add in the loss of full time jobs and the economy isn't sound.

While the prevailing post-payrolls narrative has focused on the surprisingly strong headline payrolls number (at 216K, this not only came above most estimates but was the highest in 4 months, denting the Fed's case for a March rate cut) and the far stronger than expected hourly earnings (which rose to 4.1%, but only because hours worked dropped again to 34.3, a level last seen in the pre-covid days from 34.4) and unchanged unemployment rate, which at 3.7% further makes the case for rate cuts quite challenging, a closer look at the details of today's jobs report reveals just how ugly the reality behind the the Budget-Busting Bidenomics truly is.​

​

Let's start with the now monthly revisions.​

​

Regular readers are aware that earlier this year we spotted a peculiar trend when it comes to economic data releases by the Biden admin which - without fail - had been revised lower...​

​

... and this month was no different. In fact, as shown in the chart below, the jobs print from 10 of the past 11 months has been revised lower! Why? So that the White House can take credit for a strong number (one which also sparks algorithmic buying in the market) only to quietly revise it lower one and two months later when nobody is looking.​

​

​

But that's just the start. Next we turn to the numbers behind the headline job prints which were rather terrible: the monthly nonfarm payrolls (from the Establishment Survey) may have been weak at 216K but the far more accurate Household Survey showed that the number of Employed workers actually collapsed by an unprecedented 683K, the biggest drop since the US economy was shutdown by covid!​

​

​

Even scarier, while the monthly grind higher in the payrolls number (pulled from the far less accurate Establishment Survey) means that US jobs hit a record high every month with bizarre consistency and in December this was certainly the case, the total nonfarm employment number rose to an all time high 157.232 million, the abovementioned collapse in US Employment (per Household survey) meant that there were only 161.183 million employed people in the US, the lowest since June, with the now traditional divergence between these two surveys glaringly obvious in the chart below.​

​

​

​

...​

ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

Sad, dark times…welcome to xiden’s america, and the demafacist utopia

 

[Andrew_Jackson_FTW]

If I remember correctly, it was Trump who was President then and shut down the economy, while it's Biden who is pushing it to new heights.

Thank you President Biden!!

i have criticized Trump for that. It was Republicans and Democrats across the country in local and federal jurisdictions who destroyed the economy. If you look back at some of the postings here in 2021 and I’ve done this, it’s really unfortunate to see how people overreacted to the virus. The lockdowns destroyed our economy.

There’s not much the common American can thank Biden for. 40% of Americans do not own stocks and although some of the index funds are up, they’re still plenty of big-time stocks that are way down since two years ago.


Anyway, I put country before politics ….if
prices were on par or lower than what they were under Trump I would congratulate Biden. But Our economy is a wreck today.

Homes "unaffordable" in 99% of nation for average American

Home prices have jumped so much that Americans must pay a third of their income on housing, according to one study.

www.cbsnews.com

The cost of living is astronomical today compared to what it was under Trump. Also Biden‘s social policies are divisive and do not stand up to scrutiny or common sense. You know we all descend from slaves and slave owners and he’s out there talking about “white supremacy” , it’s very problematic considering major sports organizations, businesses, and the media have quotes to hire minorities. There is no quota for hiring a certain number of white men. Why not have a meritocracy. This is called common sense and equality. So we actually have major companies, businesses, government jobs, sports organizations that are practicing systemic racism against white men. There’s no need for that. Again, just have a meritocracy.

 

[struth]

If I remember correctly, it was Trump who was President then and shut down the economy, while it's Biden who is pushing it to new heights.

Thank you President Biden!!

A record number of Americans are saying they are worse off now then before they xiden was elected

Those sort of heights?

 

[Winco]

We now know according to the Pbd podcast that it was the vaccine that killed most people… not the virus itself.

BS.

 

[Harpy Eagle]

I'm more concerned about the 52K government workers.

of which 45,000 were state level, so about 900 per state.

Does not really seem all that scary

 

[citygator]

You crack me up. The economy has added millions of jobs this year. We are living in a truly wonderful age for the economy. Come see my argument:

It’s the economy: Greatest time to be alive is now. Thanks Biden!

Wow. Just wow. Here are just 10 reasons why you should be thankful for the time in which you live. We are truly living in the age of honey and wine. Best employment environment in history*** - Not just low unemployment but highest number of open jobs compared to pre-pandemic 66% of Americans...

www.usmessageboard.com

 

[Invisibleflash]

The year 2023 saw nearly every month's jobs numbers revised downward. Add in the loss of full time jobs and the economy isn't sound.

While the prevailing post-payrolls narrative has focused on the surprisingly strong headline payrolls number (at 216K, this not only came above most estimates but was the highest in 4 months, denting the Fed's case for a March rate cut) and the far stronger than expected hourly earnings (which rose to 4.1%, but only because hours worked dropped again to 34.3, a level last seen in the pre-covid days from 34.4) and unchanged unemployment rate, which at 3.7% further makes the case for rate cuts quite challenging, a closer look at the details of today's jobs report reveals just how ugly the reality behind the the Budget-Busting Bidenomics truly is.​

​

Let's start with the now monthly revisions.​

​

Regular readers are aware that earlier this year we spotted a peculiar trend when it comes to economic data releases by the Biden admin which - without fail - had been revised lower...​

​

... and this month was no different. In fact, as shown in the chart below, the jobs print from 10 of the past 11 months has been revised lower! Why? So that the White House can take credit for a strong number (one which also sparks algorithmic buying in the market) only to quietly revise it lower one and two months later when nobody is looking.​

​

​

But that's just the start. Next we turn to the numbers behind the headline job prints which were rather terrible: the monthly nonfarm payrolls (from the Establishment Survey) may have been weak at 216K but the far more accurate Household Survey showed that the number of Employed workers actually collapsed by an unprecedented 683K, the biggest drop since the US economy was shutdown by covid!​

​

​

Even scarier, while the monthly grind higher in the payrolls number (pulled from the far less accurate Establishment Survey) means that US jobs hit a record high every month with bizarre consistency and in December this was certainly the case, the total nonfarm employment number rose to an all time high 157.232 million, the abovementioned collapse in US Employment (per Household survey) meant that there were only 161.183 million employed people in the US, the lowest since June, with the now traditional divergence between these two surveys glaringly obvious in the chart below.​

​

​

​

...​

ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

 

[Harpy Eagle]

The same people didn't work multiple jobs under Trump. Did you miss the memo that Americans working multiple jobs to make ends meet are the highest ever recorded?

why do you lie when it is so easy to prove you wrong?

 

[skews13]

Sounds like the typical fake news from the forum King of Fake News.

It's as desperate as it is pathetic.

 

[leftwinger]

It’s mostly Democrats to blame, but I think common sense shows us that it was a collective Republican and Democrat push to lock us all down after the so-called coronavirus. Along with printing of trillions of dollars giving people trillions of dollars to sit at home and do nothing. Had a devastating effect on the economy.

We now know according to the Pbd podcast that it was the vaccine that killed most people… not the virus itself.

Imo The most important statistic right now is that for the average American…. homes are unaffordable and 99% of the country.

Homes "unaffordable" in 99% of nation for average American

Home prices have jumped so much that Americans must pay a third of their income on housing, according to one study.

www.cbsnews.com

Easier to say the “UNIPARTY”. They did whatever it took to remove Trump. Trump was ”US” not them. It is common sense America first we all supported. Just as Canada should support Canada first. it is not the man but the plan. For America. Not FOR the Copenhagen Global warming BS cabal.

 

[Doc7505]

Americans fear recession as low unemployment links to economic downturns, intensified by alarming job market.​

Americans fear recession as low unemployment links to economic downturns, intensified by alarming job market.

A staggering 96% of Americans express deep worry about the current economic landscape, according to a survey by Intuit Credit Karma. The surprising link between low unemployment and imminent recessions is now causing widespread anxiety. While historically, a low unemployment rate signals a...

citizenwatchreport.com

6 Jan 2024

A staggering 96% of Americans express deep worry about the current economic landscape, according to a survey by Intuit Credit Karma. The surprising link between low unemployment and imminent recessions is now causing widespread anxiety. While historically, a low unemployment rate signals a robust economy, recent data challenges this notion.
~Snip~
In a shocking twist, full-time workers plunged by 1.5 million in a single month, hitting the lowest point since February 2023. Simultaneously, part-time workers soared by 762,000, reaching a record high. The number of multiple jobholders hit an all-time high at 8.565 million, while temporary jobs plummeted. The housing market strain is so severe that divorced couples are forced to continue cohabiting, as reported by the Wall Street Journal.

​

Commentary:
Eventually we will have a Deep recession akin to the 1930's.. But predicting is different as many found out when they were wrong in 2021, 2022 and 2023.

 

[JoeB131]

Commentary:
Eventually we will have a Deep recession akin to the 1930's.. But predicting is different as many found out when they were wrong in 2021, 2022 and 2023.

Well, we know that is what you hope for.

The question is why you hope for it.

Here's another predictor of recession. Of the 12 recessions we've had since 1950, Republicans have been in charge during 11 of them.