Avast ye mateys! I be tellin' ye, the scurvy Biden lot be hidin' five ghastly truths 'bout th' December jobs report!
2024-01-12
Avast ye scallywags! Cast yer eyes on this latest jobs report, and ye'll spy an economy in dire straits. Here be the five grand warnings that the White House lackey won't dare whisper in yer ears, mateys!
The White House celebrated the release of the Bureau of Labor Statistics' monthly jobs report for December, but there are some concerning details that they aren't telling you. Firstly, while the report showed an increase in nonfarm payrolls, it was revealed that the previous months of November and October had been revised down by 71,000 payrolls. This means that a third of the jobs allegedly added in December were actually jobs that we thought we already had. Additionally, the unemployment rate remained steady at 3.7%, but this was because around 680,000 people left the workforce and were no longer counted as unemployed. The labor force participation rate has still not recovered to its pre-pandemic levels, and the economy is missing between 4.8 million and 6.8 million workers. Furthermore, the jobs being created are mostly part-time, with a record high of 8.6 million people holding multiple jobs. This artificially inflates the number of jobs without actually increasing the number of employed individuals. The report also showed that government jobs accounted for a disproportionately high percentage of job growth, which is unsustainable. Lastly, native-born workers have been left behind, with employment levels below their pre-pandemic trend, while foreign-born workers have already returned to their pre-pandemic trend. Despite the positive headlines, these details reveal the reality behind the state of the economy. This disconnect between the White House's talking points and the public's disapproval of the economy explains the widespread dissatisfaction.
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