Unfortunately, it gets much worse, because while the Establishment Survey only looks at jobs quantitatively, the Household Survey (which again was stronger this month) also looks at the quality of jobs gained or lost, and specifically it breaks down the jobs into full-time and part-time jobs (Source: Table A-9).
Well, one look at this month’s adjustment and it’s literally a shocker: you will not hear anyone from the Biden admin or associated economist cheerleaders mention this, but the BLS reported that in August the number of full-time jobs dropped again, sliding by 85K to 134.2 million, and followed the whopping 585K plunge in July which brings the two-month total drop in full-time jobs to a whopping 670K, the biggest 2-month plunge since the covid lockdowns in early 2020 when 12.5 million full-time jobs were lost in one month!
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But wait, there’s more: as we noted last night, the August payroll is a made-up number almost entirely driven by the Seasonal Adjustments, and as SouthBay Research notes, in August, the Seasonal Adjustment created 159K of the 179K Private Payroll growth. 90% of the total.
The flim flam politicians are enemy’s of we the people, there are just a handful of them, the rest of them need rope therapy.
“We know they are lying, they know they are lying, they know we know they are lying, we know they know we know they are lying, but they are still lying.” – Attributed to Aleksandr Isayevich Solzhenitsyn
Bars and restaurants are closing early because they can’t get workers. Small places are paying more than they ever have for workers and still can’t get enough. We will see lots of small businesses close.