There’s No BS Like The BLS

The employment report isn’t worth discussing, quite frankly.  We already know ad nauseum that the report is completely fabricated and, perhaps, only reflects a modicum of what is really happening in the U.S. labor market.  That is, the report shows that most of the employment “gains” are occurring in the part-time segment of the labor force, while full-time jobs continue to disappear.

The only purpose served by dissecting the report is to “legitimize” the number as if those are the numbers we should be discussing.  The talking heads and economic “experts” in the financial media look like complete idiots when they engage in passionate discourse about a “tight labor market” and an “improving employment situation.”  It’s beyond absurd.

Furthermore, we already know that the labor force participation rate continues to decline into oblivion.  Again, it’s become obvious over the last several years that the U.S. economy is quickly approaching the point at which more than one-third of the population is not even considered to be part of the “workforce.”  That fact is starting to put me to sleep – and perhaps that’s the goal of these Government manipulated economic reports.

But one area of the report did catch my eye.  According to Government data-collectors and statisticians, the number of workers over the age of 55 surged to an all-time high, while the number of workers in the 25-54 age bucket plunged by 131k.  Even if that latter number not the real number, it certainly reflects some sort of statistical reality.  In fact, I would bet the real number is even bigger.   This fact becomes obvious when you walk into any retail big box stores and grocery stores – not just Costco or Home Depot – and you see AARP members performing menial tasks like greeting and thanking customers, collecting grocery baskets and even bagging merchandise.  The Social Security set is being forced back to work and its crowding out the prime segment of the workforce who might otherwise take those jobs or who don’t take them because they don’t pay enough.

The only reason I bring this up is because – for any of you who remember – Obama gave a speech about a year ago in which he asserted that the rapid decline in the labor force participation rate was caused by people over the age of 55 taking early retirement.

Either Obama is a psychopathic liar or he is a complete idiot who merely serves the purpose of reading the propaganda that scrolls in front of his eyeballs on the teleprompter.  I suspect it’s a combination of the two factors.

I suspect I was not the only person at the time who pointed out this incongruity, because I have not heard that particular propaganda soundbyte coming from the Obama Government since Obama expelled that large brown piece of fecal matter from his mouth.

16 thoughts on “There’s No BS Like The BLS

  1. “Obama gave a speech about a year ago in which he asserted that the rapid decline in the labor force participation rate was caused by people over the age of 55 taking early retirement.”

    Yes, he did. I seem to recall a video that lays waste this preposterous fiction not long after that speech…

    http://www.youtube.com/watch?v=z2WrfNg1gNc

    The yarn about the wave of retirees that’s somehow crushing the labor force participation rate into dust is popular among propaganda organs like NPR and that insufferable Krugman.

    1. Thanks JT – was going to stick that in there but didn’t have time to look for the link. I’ll put it on the
      front page later.

  2. I have the feeling that all this propaganda doesn’t matter any more. The tide has turned! The facts are overwhelming. It can’t be downtalked any more. The FED is powerless. The market had enough of all this jawboning. From here it’s only going down. The bulls are worn out. They don’t make any more profits now. S&P will go down, gold and silver up.

    1. PM miners are now in the 4th year of this bear market since 2011.

      History be our guide, the previous longest bear market lasted 5 years from mid 90s to early 2000s, PM miners will be approaching the bottom in 2016.

  3. Robert Half did mention tight employment on their 2Q call and one of the trucking companies mentioned it in relation to drivers. But they just sort of referred to what I’m assuming is the headline number, without mentioning the shitty labor force participation rate.
    Maybe those organizations should look into recruiting from among those people that have dropped out of the labor pool.
    sigh…sooner or later its just gonna collapse, just like the soviet union. I wonder what people will tear down. In Germany, they took down the wall. Here, perhaps it will be the Nasdaq studios in times square.

  4. “Either Obama is a psychopathic liar or he is a complete idiot……….”

    Could be both. One does not exclude the other.

  5. Quite right Dave. Why even discuss fraudulent unemployment stats and end up lending credence to them?

    The REAL unadulterated, unemployed worker level sits at 23% of the work force.

    There has been NO recovery. The “recovery story” is a fantasy fed to the masses.

    What we had is a deepening recession, that has now morphed into a deepening depression. Deflating assets on top of inflating costs of living.

  6. “The only reason I bring this up is because – for any of you who remember – Obama gave a speech about a year ago in which he asserted that the rapid decline in the labor force participation rate was caused by people over the age of 55 taking early retirement.
    Either Obama is a psychopathic liar or he is a complete idiot who merely serves the purpose of reading the propaganda that scrolls in front of his eyeballs on the teleprompter. I suspect it’s a combination of the two factors.
    I suspect I was not the only person at the time who pointed out this incongruity, because I have not heard that particular propaganda soundbyte coming from the Obama Government since Obama expelled that large brown piece of fecal matter from his mouth.”

    Ummmmm Dave,
    My sentiments exactly – living here as I do….welcome to the world of the flea bitten cess pool called Chicago politics. The ongoing bleeting of the sheeple I warned back in 08 of this sociopathy could not believe this guy could be worse than what we had. All I could do was say a few words like – you just don’t know what you are doing if you vote for this boob and now – they bleet like shorn sheep wondering how they could have been so deluded and dooped into believing in the hopey changey crap this guy spewed forth.

  7. According to the BLS report, unemployment claims are at record lows. How can this be, when the employment tax withholding collection suffered not only a sharp drop, but has in fact collapsed?
    Also according to the report the labor force participation rate is 62.6% Using common core math, how can the unemployment rate NOT be 37.4%? Okay subtract kids, students, stay at home Moms and others, who have a legitimate reason for not being in the labor force. Say a deduction of 15% that would still leave a TRUE unemployment rate of 22.4%

  8. I WORK AT A POWER PLANT 10 YEARS AGO WE HAD ABOUT 250 PEOPLE NOW WE DO IT ALL WITH ABOUT 100 .MORE WITH LESS BUT WHEN WE DO GET A NEW GUY NOW AND THEN THEY ARE LAZY AND ALWAYS ON THAT F-ING I PHONE CHECKING ON THE WIFE.

  9. Dave sorry to be a bit off topic but what happened on the Dow at about 2pm? Big spike in volume and hardly a ripple on the ticker? I have not seen that before at such a weird time. Have we seen the first obvious move to the exits?

  10. All the old people are coming out of retirement and entering the workforce because ObamaCare has become to expensive. They can’t afford they’re prescription drugs and neither can they afford all the costly doctor visits, check ups, surgeries….etc….. Not to mention the soaring premiums and high deductibles! Good job Obama! And all others in Congress!!!! Fucking Idiots!!!!

  11. BLS data, reminds me of Fleetwood Mac ‘s song Little Lies

    tell me lies
    tell me sweet little lies
    tell me lies tell me tell me lies
    oh no no you can’t disguise
    you can’t disguise.

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