(Photo credit: rob_poh, Photobucket)
Financial "fake" news reports the economic "recovery" is robust. The NY Times puts it thusly:
US Labor Market Roars Back, Adding 222000 Jobs in June
New York Times - 7 July, 2017
The Labor Department released the June hiring and unemployment figures on Friday morning. This is the latest official snapshot of the state of the American economy.
The Numbers
• 222,000 jobs were added last month. Wall Street economists had expected employment gains of 175,000.
• The unemployment rate was 4.4 percent. May’s jobless rate was 4.3 percent.
• The average hourly wage grew by 2.5 percent from a year earlier.
• The labor-force participation rate inched up to 62.8 percent, from 62.7 percent.
The Takeaway
The labor market roared back in June, with a hefty monthly gain in jobs, and revisions added 47,000 more jobs to April and May than previously reported. Over the past three months, job gains have averaged 194,000 a month. Although the unemployment rate ticked up from the previous month, it did so because more people joined the work force.
“The payroll number is well above expectations,” said Jim O’Sullivan, chief United States economist for High Frequency Economics..."
The REAL "Takeaway"
What they're NOT telling you is the makeup of the jobs that were "created". Once you dig deeper, here is what you discover:
Government Job Growth in June Outstrips Manufacturing 35 to 1
By Terence P. Jeffrey, CBS
July 7, 2017
(CNSNews.com) - The growth in the number of employees in federal, state and local government jobs beat the growth in the number of employees in manufacturing jobs 35 to 1 in June, according to the employment data released today by the Bureau of Labor Statistics. The seasonally adjusted government employment number grew by 35,000 in the month, while seasonally adjusted manufacturing employment grew by only 1,000.
Also, in 2017 so far, the United States has created 1,000 more government jobs than manufacturing jobs, according to the BLS data.
From May to June, the seasonally adjusted total for employment in government rose from 22,318,000 to 22,353,000—an increase of 35,000.
At the same time, the seasonally adjusted total for employment in manufacturing rose from 12,395,000 to 12,396,000—an increase of 1,000.
Since December 2016, government jobs have gone from 22,299,000 to 22,353,000--an increase of 54,000.
Since December, manufacturing jobs have gone from 12,343,000 to 12,396,000--an increase of 53,000.
Government jobs outnumbered manufacturing jobs by 9,957,000 during June in the United States, according to the BLS.
The BLS noted in its release on the June employment data that health care had added 37,000 jobs during the month, social assistance employment had added 23,000, financial activities had added 17,000, mining had added 8,000, professional and business services had added 35,000 and food services and drinking places had added 29,000.
“Employment in other major industries, including construction, manufacturing, wholesale trade, retail trade, transportation and warehousing, information, and government, showed little change over the month."
So, the stock market soars (largely from FED and the government's PPT ("Plunge-Protection Team" *), while the big banks, like JPMorgan and others already prosecuted for manipulating the price of precious metals with the express purpose of bolstering the US dollar and making the economy APPEAR stronger than it really is, pull off 440 million in derivative market short-selling (NO backing required - selling "paper" contracts such as ETFs and futures contracts for amounts that far exceed the world's capacity to support these trades with actual asset backing.) to "flash crash" the precious metals markets as President Trump is scheduled to meet with Russian President Putin.
MSM's reason for all this? "A wonderful jobs report"!
We are hiring 35-to-1 people who will be working for the government! Their salaries will have to be paid by non-government workers taxes (that only ONE guy hired!.) Government workers pay taxes back to the government with money they received from the government.
Does anyone ELSE see the "shell game" that's being played on this nation's gullible sheeple?
Buckle up folks! This ain't goin' to end very well!
* DEFINITION of 'Plunge Protection Team - PPT' (Investopedia)
A colloquial name given to the Working Group on Financial Markets. The Plunge Protection Team was created to make financial and economic recommendations to various sectors of the economy in times of economic turbulence. The team consists of the Secretary of the Treasury, the Chairman of the Board of Governors of the Federal Reserve, the Chairman of the SEC and the Chairman of the Commodity Futures Trading Commission.
BREAKING DOWN 'Plunge Protection Team - PPT'
"Plunge Protection Team" was the nickname given to the Working Group by The Washington Post in 1997. The team was initially perceived by some to have been created solely to shore up the markets or even manipulate them. The team was created in response to the 1987 market crash.
The theory is that the team manipulates markets by executing trades on several exchanges when the market isn't behaving as it would like. It is said to only work with big banks such as Goldman Sachs and Morgan Stanley, only to report to the President, and to keep no records of trades.