The Ugly Truth About the Recent Jobs Report
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What was that song by Millie Vanilli? Blame it on the rain, blame it on the hurricane. A real ugly jobs report and they’re saying it’s due to the storms. 12,000 jobs. 12,000 jobs. Ouch. The prediction was 100,000, but let’s go to the video tape, shall we?
The Labor Department has revised the last two jobs reports lower by a combined 112,000 jobs. Interesting. Eight out of the last 11 jobs reports have now been revised lower. Again, a little perspective here. Over a million jobs, poof, disappeared from these jobs reports.
over the past year. What honestly, what’s the point? What is the point? I last time I last time I did a jobs report on one of the television shows, I kind of swore to myself, I said, I can’t do this. I can’t be a part of one of these Brady Bunch boxes. I can’t do another jobs report again. It’s just it’s like wasting breath. I can’t I don’t know. I don’t know.
if I’ll do it again, probably if I do, they’ll probably never invite me on because I’ll make fun of the whole charade because that’s what it is. What is the use behind these numbers if they’re not accurate? So then supposedly the Federal Reserve is gonna take these numbers and make decisions based upon bad data.
Is that following the economic science? Again, it doesn’t make any sense to me. It really doesn’t. But again, you know, for whatever reason it may be, I politicians will use jobs numbers. We had the blowout jobs number and you know, the usual, the labor, their secretary will come out and tout how wonderful it is. I’m, you know, again, today, you know, they couldn’t hide it. If it’s 12,000, it’s probably much, much worse than that.
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probably much, much worse than they’re putting out and then they’re gonna have the excuse to say labor. So, know, it’s blaming on the rain, blame it on the hurricanes again. No, no. It’s the economy, people. It’s what’s going on in and around the country. Companies are, I’ve been saying this for a while, they’re doing everything and anything they can to cut.
costs. It’s the reality of the terrain. mean, again, you look at service sector jobs and places where they raise minimum wage past what a company can afford to pay. What’s a business to do? This is why minimum wage is just stupid. It’s stupid. Companies will pay what they can afford to pay. Why do you think Chipotle is looking at putting in robots to make their chips?
and their guacamole. Labor costs are too high. Again, if the robot and the machinery is more expensive than the actual person, well, guess what? They’re going to hire the person. But you’re pricing everyone out with these things. These are the issues that are facing businesses around the country. Regulatory costs, labor costs, input costs. They can only charge so much. There’s only so much that the consumer will take.
We talked about this, was it a week or so ago, we were talking about Denny’s. You’re go to Denny’s and spend 18 bucks on a Grand Slam breakfast? That’s bloody expensive for crying out loud. At Denny’s? Why do you think that they have to shut them down? Well, you know what? They realize that they can’t charge anymore. They can’t charge anymore, and they’re not making any money based upon their costs. You wanna get the…
the jobs market moving and grooving again, you gotta get out of the way. Government has to get out of the way. We need small businesses to make an epic comeback. Big businesses are cutting their costs. They’re cutting their costs every which way out there and again, they went nuts during COVID. But do I think that this jobs picture is going to improve anytime soon? No, I don’t.
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Do I think the Federal Reserve lowering rates is going to remedy the situation, going to fix it? No, I don’t think so. Watchdog on wallstreet.com.
