This 4.9 percent unemployment can't be true with a 15 percent Food Stamp Participation Rate. It defies logic. Yet one of the nectar drinkers said this, “Today’s numbers are about momentum, so while 151,000 new jobs in January is below expectations and off pace from prior months, the data shows America’s recovery is continuing. Amid all the global economic turmoil and domestic market gyrations, positive job growth, the drop in the unemployment rate to 4.9%, and the uptick in wages show the U.S. is heading in the right direction.”
The United States is not heading in the right direction. Marxist economic policies have never worked and have not worked the last seven years. This time the BLS report actually showed the US economy lost 2.989 million jobs between December and January. Yes, the BLS always uses a big seasonal adjustment (SA) in January — so that’s how they got the positive headline number. But the point is that the seasonal adjustment factor for the month is so huge that the resulting month-over-month delta is inherently just plain noise.
The seasonal adjustment factor for the month was 2.165 million. That means the headline jobs gain of 151k reported on Friday amounted to only 7% of the adjustment amount! The January NSA (non-seasonally adjusted) job loss this year of just under 3 million was 173,000 bigger than last January — suggesting that things are getting worse, not better. In fact, this was the largest January job decline since the 3.69 million job loss in January 2009 during the very bottom months of the Great Recession.
So are we really “heading in the right direction” as claimed by the regime and their nectar drinking crowd? Well, just consider two alternative seasonal adjustment factors for January that have been used by the BLS in the last five years. Had they used the January 2013 adjustment factor this time, the headline gain would have been 171,000 jobs; and had they used the 2010 adjustment factor there would have been a headline loss of 183,000 jobs.
The point is that the monthly jobs report has now become the essential vehicle for propagating a false recovery narrative that serves the interest of Wall Street and Washington alike. Month after month the artificially concocted and misleading headline jobs number is used to drive home a comforting meme. Namely, that the nightmare of the financial crisis and recession is fading into the rear-view mirror; that the Fed and Washington have fixed the underlying ills, for instance, via Dodd-Frank; and that the soaring values of stocks and other financial assets since the March 2009 bottom are real, sustainable and deserved.
The monthly jobs report has become like a side show at a carnival. It is all trickery with no substance. It is misleading and used to send a false message. The reality is that the American public is once again being treated as the servant, even though we the people are supposed to be the sovereign. In a tyrannical form of government the sovereign would have the head of the servant for these misleading reports.
We the people must reclaim our rightful place and have the heads of those servants who would mock us with these shenanigans and tricks. We, the sovereign, have been played for a fool.