Although heralded in the popular media as indicating reinvigorated employment growth and declining headline unemployment, April’s headline reporting of labor conditions and the accompanying revisions was not a happy circumstance. Underlying economic reality remains deteriorating broad activity. Below the surface, the April labor detail did not tell a happy story… – John Williams, Shadowstats.com
The U.S. financial markets – and the media’s reporting of all news connected to the markets – have become the biggest farce known to humanity. The wildly inaccurate methodology used to produce the Government’s non-farm payroll report has become legendary. So-called financial experts climb on CNBC and Bloomberg and conduct a public display of dissecting and analyzing the numbers as if they are credible. In my opinion they are doing nothing more than making absolute asses of themselves. The entire spectacle exceeds the mundane bounds of absurdity by several standard deviations.
The Government and the bubblevision clowns would have us believe that 223,000 people found jobs in April. But a look “under the hood” of the actual report reveals that 252,000 full time jobs were lost. This was offset by an alleged increase in 437,000 part-time jobs. But even these numbers require acceptance of the BLS report prima facie.
Even more absurd is the BLS claim that the energy sector lost only 3,300. It’s an embarrassment to our Government that the BLS would release an official report with that claim in it. Challenger Gray, which compiles job hiring and firing statistics, reports that the energy sector lost 20,675 jobs during April.
My colleague Rory Hall and I released a brief podcast on our Shadow of Truth Youtube Channel which discusses the preposterous nature of both Friday’s report and the stock market’s reaction to the report: