Payroll Jobs Report
By Paul Craig Roberts
October 04, 2015 "Information
Clearing House" - The 142,000 September
payroll jobs reported today (2 Oct 2015) by the Bureau of Labor
Statistics is too small to be consistent with the still high stock
averages or the alleged economic recovery. Moreover, the BLS says
that it over-estimated the July and August payroll jobs by 59,000.
The average workweek declined to 34.5 hours. The labor force
participation rate fell further and is now the lowest in about 40
years. This is especially damning when we remember that in those
long ago years many more households could exist as one-earner
households.
The 5.1 percent reported unemployment rate is inconsistent with the
collapse of the labor force participation rate and stands at 5.1
percent only because it includes not a single one of the millions of
discouraged workers. The way BLS gets a low and comforting rate of
unemployment is not to include most of the unemployed.
Where were the new jobs? If you can believe the numbers, despite the
absence of retail sales growth, retail stores hired 23,700 new
workers. Ambulatory health care services and hospitals hired 28,400,
and 20,700 jobs were created for waitresses and bartenders. None of
these jobs produce exportable goods and services.
My coauthor Dave Kranzler gives a good accounting of the shaky
status of the economic part of the Matrix in which the public is
kept by uninquisitive financial media. Here is Dave’s report:
http://investmentresearchdynamics.com/non-farm-payrolls-theres-not-enough-lipstick-in-the-world-to-pretty-up-this-pig/
Dr. Paul Craig Roberts was
Assistant Secretary of the Treasury for Economic Policy and
associate editor of the Wall Street Journal. He was columnist for
Business Week, Scripps Howard News Service, and Creators Syndicate.
He has had many university appointments. His internet columns have
attracted a worldwide following. Roberts' latest books are
The Failure of Laissez
Faire Capitalism and Economic Dissolution of the West
and
How America Was Lost.
