Have You Seen Biden’s Pitiful Jobs Report?
(00:00.334)
yes, jobs Friday. man, they hype this thing the entire week on CNBC. It’s jobs week. Good number coming out on Friday. I was thinking about it today. I’m sitting there watching the report and honestly, I don’t even know why I bother anymore. I really don’t. And I see the print. I see the print and it blows away everyone’s expectations. 270.
What is it? 272 ,000 jobs, yet unemployment’s at 4 % now. Again, Fugazi, fake, Brasco. You know what the best way to describe the jobs report is a movie trailer. How many times have we watched a movie trailer? It’s, ooh, that movie looks like it’s gonna be good. Wow, look at that movie trailer.
And then you go and you see the movie and it’s just awful. There was a whole subplot in one of my favorite series from back in the day, Entourage, where they made this movie, Medellin was the name of the movie and it was bad, but the trailer was really good. And they were trying to sell the movie based upon the trailer because the…
The director wouldn’t let anybody see the movie. Again, that’s all this is, a sales job. This is a sales job. I’m sure, I don’t know if he’s come out yet. I don’t know if that chief economic advisor from Biden, Jared Bernstein, who doesn’t know a damn thing, has proved it. You can see it in interviews that he’s given. I’m sure he’s a real nice guy. Again, he’s a musician by trade, but he’s the chief economics guy for Joe Biden.
I’m sure he’s out touting these wonderful jobs numbers, but I’ll explain to you how this is a bad movie. Bad movie. Bad trailer, bad movie. Well, as usual, we got prior months jobs numbers revised downward. Let’s take a look. Let’s take a look at why. Why the unemployment rate? Why are all these jobs being created?
(02:22.414)
All these are 272 ,000. How did the unemployment rate rise to 4 %? Not to mention the fact you’ve got the labor participation rate fell as well to 62 .5 from 62 .7. The establishment survey, that’s the 272 ,000 that they put out. Hot, hot, hot. The household survey, which is more accurate.
more accurate, which is used to measure the employment rate, actually reported that the number of working Americans tumbled by 408 ,000.
272, that’s the headline, that’s as, whoo, that’s the movie trailer that they’re putting on, right? The number of working Americans was down by 408 ,000. You wanna see how much of that 272 ,000 number was fabricated. There’s something in the report that the Bureau of Labor Statistics puts together.
It’s part of their magical world of algorithms. It is called the birth death adjustment. And what the birth death adjustment is, it’s about businesses, small businesses in essence, new business creation. How many new businesses were born? How many new businesses died? They just guess. It’s just an estimate. That’s all.
These were imputed and put in there and yeah, that’s what we have. Let’s also take a look at the number of full -time workers. The number of full -time workers was down by 625 ,000.
(04:22.798)
Yep, that’s the lowest since February 2023. Well, the number of part -time workers is up by 286 ,228 million. So basically you have what is a movie trailer to that looks great. 272 ,000 jobs. Get out there and tout it. And then the reality is much, much different. What you have is a really, really bad movie.
A lot of the data that is collected nowadays, they talk about job openings that are posted. You do realize that many job openings that are posted are always posted. These are jobs that are posted that they’re not even filling. Now these human resource people now, they just get automatic because of all the artificial intelligence and the mass sending out of resumes here, there, and everywhere. They just constantly pour in.
You guys see it’s stories in the Wall Street Journal the past couple of weeks. You know, basically we’re back to a point in time. You want to get a job in certain fields, finance, it’s who you know.
It’s who you know. And that is the reality of the terrain right now, not this ridiculous movie trailer. So yeah, I’m still on board. I’m still on board. And again, you saw this morning, my God, look at that. Stock market futures are sharply lower on this really hot print. The Fed might not lower rates.
Sorry kids, I do think the Fed is going to lower rates sooner rather than later. Again, this report, again, complete and utter fabrication, a lie, a bad movie trailer. Watchdog on wallstreet .com.
