Jobs Report Fugazi!

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Oh, it’s jobs Friday and we’ve got ourselves a jobs report. Fugazi. Yeah, I’m looking at this thing and I can’t I can’t help it, but harken back to Donnie Brasco where you got, you know, you know, picture this. You got lefty played by Al Pacino. Oh, my. This is a beautiful thing. This just job reports a beautiful thing. Look at us, the three hundred fifty three thousand. It’s a beautiful thing. And, you know.

Donnie, now, sorry, left. It’s a fugazi. This is not real. It’s a fake. Yeah, I was invited to appear on one of the networks in their Brady Munch boxes today to discuss the jobs report. And I didn’t do it. I didn’t feel like it. I won’t do it anymore. You know, it’s Groundhog Day, isn’t it? I think today is.

Yeah, again, the irony of that, you know, you think about that great movie Groundhog Day, and Phil Conner being aggravated at the fact that he’s got to go to Punxsutawney, Pennsylvania to cover the Groundhog and the Groundhog Day. I put as much stock in these jobs reports as I would the ability for the Groundhog to actually, you know, let me know whether or not winter.

is going to be another six weeks because I know it is. OK, I’m on Long Island. I summer doesn’t start until like my birthday at the end of June. So, no, I decided not to do it. And thank God I didn’t, because if I was sitting there, one of those boxes and they came out with this number and I would have been like, but I wouldn’t have been able to help myself. I don’t know. Anyway, so, yeah, ridiculous. Three hundred.

and 53,000 jobs. This while we constantly see layoff after layoff after layoff announcement after layoff announcement after layoff announcement. Talk to kids graduating from college this year and ask them how the jobs market is, whether or not they’re able to go out there and find a job at this point in time. To ask kids that are looking to get internships and how difficult that has.

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So, you know, we’re expected to believe this, but, you know, again, we’ve got companies announcing layoffs all over the place. But no, the job support is great. And again, if you actually understand how the BLS calculates these numbers, you’re a better person than I am because it makes no sense whatsoever. Will, we got seasonal adjustments, and if this happens and then that happens, it’s, again, it’s…

of Fugezi. Let me give you an example. You got the establishment and the household survey. The establishment is the 353,000 jobs, but the household survey is saying that employment dropped by 31,000.

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So how is it that the amount of household jobs, household people losing their job is down by 31,000, yet magically there’s 353,000 jobs were created? Where are these people living? For crying out loud, I can’t, I don’t have a house. It’s made up. You also wanna take a look at the internals, which they don’t do.

full-time jobs actually declined by 63,000. Part-time jobs were up by 96,000. Are you starting to understand how ridiculous this survey is?

So, yeah, let’s say if my son, my son who’s in high school, gets job part-time at the pizza joint here in our town, and let’s say he works on the weekends at night, whatever it may be, and maybe he puts in eight to 10 hours a week, he’s gainfully employed, is what you’re saying? Okay.

Well, again, so the establishment survey, it’s government, you gotta listen to the government, what the government says, right. Right, and then they also talked about, oh my God, look at the wages. Wages have gone up, oh my God, year over year they’re up 4.5%. Well, yeah, but the amount of hours worked a week is down.

So essentially they’re not making any more money. They’re working less hours. Is that, you’re following along with the, how ridiculous this entire thing is, but again, we got ourselves an election year. Got ourselves an election year. So, you know, we’re gonna make sure, we gotta make sure that we keep the incumbent in the White House looking as.

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squeaky clean and as shiny and as fantastic as possible. But again, I’ve explained this. You can be your own do it yourself economist by just observing the world around you and what’s taking place, what’s happening out there. You can ask questions. You can do a better job of judging what really is going on in the economy than these ridiculous numbers that they try to, you know, throw past us as some sort of economic reality. Right. Watchdog on wallstreet.com.