FRIDAY, OCTOBER 6, 2017
…About The Dismal Jobs Report That Showed The US Economy Lost Jobs?
Whistleblower Business Editor Merrill Forbes wonders if anybody saw the Trumpster’s really crappy jobs report today. The US lost 33,000 jobs in September, even as the unemployment rate fell to 4.2% (whatever the Hell that means), while a 90,000 jobs increase was expected. September’s jobs loss was the first monthly decline in seven years, when the economy was still pulling out of the Great Recession.
“The lousy returns from the September jobs report will make little impression on observers, who essentially gave the labor market a free pass due to the impact of Hurricanes Harvey and Irma,” said Curt Long, chief economist at the National Association of Federally Insured Credit Unions.
The storms’ effects were obvious — eating and drinking establishments lost 105,000 positions as workers were laid off due to damage from the record-breaking hurricanes. Long said the wage gains also may be misrepresented as most of the jobs lost were in low-wage positions.
Job gains for the month came from health care, at 23,000, transportation and warehousing with 22,000 and professional and business services, which added 13,000.
Many economists were already prepared to dismiss the report due to the hurricanes. However, one number sure to garner attention was the wages pickup.
Meanwhile, 94.494,000 Americans were still NOT IN THE LABOR FORCE (Persons who are neither employed nor unemployed), but like that bogus 4.2% Employment Rate number, most people don’t have the slightest idea about how that list is compiled of the people 16 years and older who never worked nor looked for work at any time during the year, which included retired people, people who were ill or had a disability, students, people who cited home responsibilities, and individuals who gave “other reasons.”
What do you want to bet The Destroy Trump Media only tells you about the 33,000 jobs lost versus the 90,000 jobs that were expected?