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THE LATEST JOBS REPORT MAY ACTUALLY BE ‘CATASTROPHIC'

Matt Margolis | 11:57 AM on January 05, 2024

AP Photo/Jacquelyn Martin

The latest jobs report came out on Friday, and Joe Biden wants you to believe
that it was fabulous news.

"This morning’s report confirms that 2023 was a great year for American
workers,” he boasted in a statement. And the compliant liberal media certainly
took the cue. Total nonfarm payroll employment went up by 216,000 in December,
which was higher than expected, and that’s what much of the headlines about the
jobs report are focusing on. 

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But a deep dive into the report gives us a much better picture of what’s
happening, and things aren't as great as Biden and his minions want us to
believe. In fact, the data may actually be catastrophically bad.

Let's dive in, shall we?

For starters, despite the better-than-expected increase in employment, the
unemployment rate did not go down; it remained the same at 3.7%. While that is a
decent number, unemployment in January 2023 was 3.4%, and December’s
unemployment rate is also higher than the pre-pandemic unemployment rate of
3.5%.

There was also a 0.3 percentage point decline in both the labor force
participation rate and the employment-population ratio, now standing at 62.5%
and 60.1%, respectively, which means that the percentage of the nation’s
working-age population actually decreased in December — a month normally buoyed
by temporary holiday season employment.

As for the hiring that took place, it was mostly concentrated in a few select
sectors: government, health care, social assistance, and construction. In fact,
government hiring accounted for 24% of nonfarm payroll employment gains in
December, while healthcare made up 18%, and social services constituted 10%.

The job market in professional and business services showed minimal change in
December, with an increase of only 13,000 positions. Employment in professional,
scientific, and technical services continued its upward trajectory, adding
25,000 jobs and averaging 22,000 new jobs per month in 2023, which is
significantly lower than the 2022 monthly average gain of 41,000. Employment in
temporary help services declined in December, shedding 33,000 jobs, and has lost
346,000 jobs since March of 2022.

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Biden has consistently tried to take credit for creating the jobs that came back
from the pandemic shutdowns, and by that standard, job growth has actually
slowed. Roughly 4.8 million jobs came back in 2022, compared to the 2.7 million
calculated for 2023. So by that standard, hiring has slowed significantly.
Nonfarm payroll employment is only up 4.9 million over pre-pandemic levels and
is still behind where we were trending before the pandemic hit.



"Overall, employment in professional and business services changed little in
2023,” according to the Bureau of Labor Statistics. "Employment showed little
change over the month in other major industries, including mining, quarrying,
and oil and gas extraction; manufacturing; wholesale trade; information;
financial activities; and other services."

And then there’s the fact that the employment gains for October and November
were both revised downward in the latest report. "The change in total nonfarm
payroll employment for October was revised down by 45,000, from +150,000 to
+105,000, and the change for November was revised down by 26,000, from +199,000
to +173,000. With these revisions, employment in October and November combined
is 71,000 lower than previously reported."

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Zero Hedge points out that this trend is deeply concerning because the job gains
for 10 of the last 11 months of 2023 have all been revised downward. “Why? So
that the White House can take credit for a strong number (one which also sparks
algorithmic buying in the market) only to quietly revise it lower one and two
months later when nobody is looking."

But here’s where things look really bad. According to the BLS, the number of
full-time workers went from 134,727,000 in November to 133,196,000 in December.
That’s a whopping 1.531 million decline. 

There’s another dirty secret lingering in the data.

> Next we turn to the numbers behind the headline job prints which were rather
> terrible: the monthly nonfarm payrolls (from the Establishment Survey) may
> have been weak at 216K but the far more accurate Household Survey showed that
> the number of Employed workers actually collapsed by an unprecedented 683K,
> the biggest drop since the US economy was shutdown by covid!

"In short: December was a catastrophic month for the jobs market, which is why
we expect the usual theater: non-stop spin and lies from the Biden admin, and
not a single relevant question from the liberal media whose job is not to
educate or inform, but to carry water, spread lies and enable propaganda,”
observes Zero Hedge.

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This was not a good report, no matter what the White House and the media tell
you.


Share
Post



Matt Margolis is the author of Airborne: How The Liberal Media Weaponized The
Coronavirus Against Donald Trump, the bestselling book The Worst President in
History: The Legacy of Barack Obama, and The Scandalous Presidency of Barack
Obama.

--------------------------------------------------------------------------------

News tips, praise, hate mail, and media inquiries can be sent to
mattm@pjmedia.com.

--------------------------------------------------------------------------------

You can follow Matt on Twitter, GETTR, Truth Social, Facebook, MeWe, and Rumble.

Read more by Matt Margolis

Category: NEWS & POLITICS
Tags: ECONOMY BIDENOMICS

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