The headlines reported that 223k people found jobs last month. Of course, you have to read into the details to find out that the 280k report in June for May that caused a parabolic spike in the stock market was revised significantly lower to 254k. So the stock market was artificially driven up on a fictitious reporting of a fraudulent number.
In fact, 60,000 jobs were removed from what was originally reported over the last two months.
The real story in today’s report is the fact that the labor force participation rate hit a low not seen since October 1977:
Even the Government’s outrageous manipulation of the data and the media’s outrageously bullish spin on the data can’t hide the fact that a record number 93.6 million working age people are NOT in the labor force after 640,000 removed themselves from the pool of people who had been looking for a job.
The birth-death fairy tale threw another 109k into the mix of make-believe jobs that were s
easonally-adjusted statistically abused to produce the fictitious jobs reported in the headlines.
The U.S. economic and political system is precariously perched on an insipid foundation of fraud, corruption and debt. Perhaps most emblematic of this cesspool of waste is the Government’s non-farm payroll report. It’s nothing but a huge lie which is shamelessly promoted by the media and Wall Street and used by the Fed and the Plunge Protection Team to juice the stock market.