http://twitchy.com/samj/2023/09/01/bidenmoics-august-jobs-report-shows-unemployment-up-in-a-big-way-n2386788
Now THIS, ladies and gents, is indeed Bidenomics at work.
We're of course standing by waiting to see how our friends on the Left and in the media (same diff) are going to spin THIS nugget of awful.
Watch:
RNC Research (@RNCResearch) ~ AUGUST JOBS REPORT: "Unemployment rate goes up in a big way"
http://twitter.com/i/status/1697589098326724924
In case Democrats forgot how to count, 3.8 is MORE THAN 3.5 and when unemployment goes UP, that's not a good thing. Basic math.
And speaking of basic math, guys, it's so much worse than they're even saying. Check out this thread:
EJ Antoni (@RealEJAntoni) ~ Terrible numbers in Aug #JobsReport and it gets worse with the increasingly suspicious "revisions" ...
Here's a deep-dive, plain English 🧵 with what you need to know ...
EJ Antoni (@RealEJAntoni) ~ [i]First, the headlines: 187k nonfarm payrolls added as unemployment rate climbs to 3.8%. But last two months just lost 110k jobs in downward revisions - meaning 59% of the jobs "gained" in Aug were jobs we thought we already had:
EJ Antoni (@RealEJAntoni) ~ While we're on the "revisions" topic - every month this year has been revised down w/ a huge cumulative effect: 355k overestimation, and over 300k from preliminary benchmark, meaning total downward revision of 661k - that's 30% of all the jobs we thought we added this year:
EJ Antoni (@RealEJAntoni) ~ 514k jump in unemployed resulted in large part from labor force increasing 736k - one of the few pieces of good news in the report since we want to see more people working, but returning to work b/c of a cost-of-living crisis isn't a great sign; LFPR still depressed vs. Feb '20:
EJ Antoni (@RealEJAntoni) ~ Manufacturing continues its anemic performance this year, as predicted by Fed regional bank surveys and others, sector has added less than 0.1% jobs YTD - important b/c manufacturing tends to lead rest of economy as we head into recession:
EJ Antoni (@RealEJAntoni) ~ Average hourly earnings rose a meager 8 cents and weekly earnings rose just $6.13 - w/ Aug CPI report, real hourly and weekly earnings will be in the red again M/M and way down from when Biden took office:
EJ Antoni (@RealEJAntoni) ~ TLDR: labor market is proceeding, as expected, into a stall and early data is nowhere near as robust as originally projected; #recession still likely to begin around year's end - behold the bitter fruit of monetary malpractice and fiscal profligacy ...
The essential American soul is hard, isolate, stoic, and a killer. It has never yet melted. ~ D.H. Lawrence
| 
