BIDEN ECONOMY: The Truth Behind June Payroll Numbers Is “Hardly the Sign of a Strong Job Market”
It looks like the Biden Administration is monkeying with numbers much as Obama did during his Administration in reporting numbers that were better than the truth. But Biden appears to have gone too far.
We saw this during Obama and again earlier this year – what appears to be a total disregard for the truth in an effort to make things appear better than they are.
The jobs numbers came in red hot yesterday. So much so that the ever-so-smart analysts were saying the recession may have been avoided. But looking further into the numbers we see some monkey business that only a corrupt Administration could partake in.
Zerohedge has an excellent discussion on the jobs numbers – here is a summary:
On one hand, the closely followed establishment survey came in red hot, and despite dropping modestly from May, it still printed some 100K above the median consensus expectation, at 372K vs the median consensus of 268K…
… but a problem emerges when looking at the more detailed, if less closely watched, Household survey. Here, unlike the Establishment Survey, the June jobs change was actually a striking 315K drop, and after the April plunge of 353K, the June drop was actually the biggest going back to the March 2020 crash.
This is why the labor force participation rate is the same as it was in January and well below the rate before the 2020 COVID shutdowns.
So what’s going on here? Well, starting at the top, we find the following discrepancy:
- Establishment Survey: +372K
- Household Survey: -315K
But things only get worse after that, because if one goes back a little more, one finds that something appears to have broken a few months ago, around March, when the Establishment Survey kept on rising unperturbed, while the Household Survey hit some unexplained brick wall, and hasn’t moved at all.
In fact, there is a difference of 1.5 million jobs between the establishment jobs survey and the household jobs survey since March:
What’s happening is that more Americans are working two jobs to get by.
And even more remarkable: the number of multiple jobholders whose primary and secondary jobs are both full-time just hit a record high! Hardly the sign of a strong job market, one where people can afford to quit jobs at will.
Liars lie and the Biden gang and this media will do anything to hide the truth from Americans. Biden’s economy is a disaster.
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