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5 ugly details the Biden admin won’t tell you about the December jobs report
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Even a cursory look under the hood of this latest jobs report reveals an economy in trouble. Here are the five biggest red flags that you won’t hear from the White House press secretary but that everyone nonetheless should know.
5 ugly details the Biden admin won’t tell you about the December jobs report (foxnews.com)
(may have to copy-paste link into browser to view fox article)
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1. One-third of the jobs allegedly added in December were ones we thought we already had.
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2. The unemployment rate of 3.7% sounds great, but it wasn’t in December. The rate stayed low because about 680,000 people left the workforce and were no longer counted as unemployed. The labor force participation rate fell all the way back to where it was in February.
Accounting for their absence yields a true unemployment rate between 6.4% and 7.5%.
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3. Third on the list is the kinds of jobs being created: they’re all part-time. Last month, the economy shed a whopping 1.5 million full-time jobs, the biggest monthly plunge since 2020
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4. Fourth, the supposed job growth last month was disproportionately government jobs, accounting for about one-quarter of the total. That’s troubling because you need many private-sector jobs to support a single government one through tax revenue, and a three-to-one ratio is insufficient
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5. In fact, the 130 million native-born workers employed in December was about the same as it was in July 2018. That means no ground gained in over five years. In 2023, employment among foreign-born workers increased 1.3 million while employment among native-born workers rose by less than half that: just 625,000.
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Bidenomics Trainwreck
http://roanokeslant.blogspot.com/2023/09/the-bidenomics-trainwreck.html
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