In the world today, evil is good, and lies become the truth.
Yahoo reported on the jobs report this morning.
December’s jobs report, the last read on U.S. job growth in 2022, showed the labor market remained strong at the end of the year, even as the Federal Reserve raised interest rates to the highest level in 15 years.
Nonfarm payrolls increased by 223,000 in the last month of the year, according to the latest from the BLS published Friday. The unemployment rate in December fell to 3.5%, and on an unrounded basis, the unemployment rate came in at 3.468%, the lowest since 1969.
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Zerohedge noticed this too.
Reading the mainstream media’s reaction to today’s payrolls report, one would be left with the impression that it was generally on the goldilocks side and indicative of a possible soft-landing – consider this from Bloomberg: “the US labor market stayed resilient last month while wage gains cooled, raising hopes that the economy may dodge a recession and the Federal Reserve will further slow its aggressive campaign of interest-rate hikes.”
But what isn’t being reported by the media is that wage growth is falling:
The drop in wage growth was consistent with the warning from the ADP earlier this week, which found that December ushered in “the largest decline in pay growth for job stayers in the three-year series history” (and even job-changers saw a modest drop in wage growth).
There was more: not only did average hourly earnings drop, but so did average hours worked, which has a major impact on the average wages, and had hours been flat, the decline in average wages would have been even more pronounced.
What is pointed out is that full-time jobs have decreased while part-time jobs have increased.
Here too we find something striking: the total number of full-time jobs has declined by 288K in the past ten months, which however has been more than offset by the 886K increase in part-time jobs.
This is Obama’s horrid economy all over again. Massive spending. Full-time job losses. Part-time job increases due to people needing the income to stay afloat. Massive inflation and people’s wages decreasing by the day.
Who in their right mind thinks Biden’s economy is ok?