The U.S. Labor Department’s monthly “job creation” reports are clearly manipulated. For example, seven of the last eight were quietly revised downward by substantial amounts in the months following their loud first release. If the same is true with the August report released today, the average “new jobs” since June will be just over 100,000/month, less than half the rate being claimed every month in 2023. The U.S. economy is clearly sliding; and, although not comparable to the collapse evident in Europe’s main economies, this slide means that the big trans-Atlantic war economies are at least all now headed in the same downward direction.
The “Household Survey” in the August jobs report showed: a total employment figure lower than that of August 2023; a total “unemployed” figure 800,000 higher; a number forced to work part-time only which is 600,000 higher; and nearly 1 million more eligible people outside the labor force. As to President Biden’s “manufacturing boom,” the number of manufacturing workers is down about 35,000 over June-August 2024, and just about equal to what it was in August 2022.
This follows $9 trillion in combined Federal Reserve money-printing and Treasury borrowing for economic stimuli since late 2019. As the Vietnam-era song asked, ‘Where have all the trillions gone?’ To financial speculation, nearly every one.
