Proof The Bible Is True

“Since we are in a critical election year we can expect more baloney “good news” statistics”.  Admin

As John Williams has made clear, the monthly payroll jobs number consists mainly of an add-on factor of 200,000 jobs. These jobs are a product of the assumption in the Birth-Death Model that new business ventures create more unreported new jobs than the unreported job losses from business failures. If we sustract out this made-up number, July saw a gain of 55,000 jobs, not enough to keep up with population growth. Even the 55,000 figure is overstated according to John Williams’ report: “The gimmicked, headline payroll gain of 255,000 more realistically should have come in below zero, net of built-in upside biases.”

 

In other words, the 255,000 jobs are the product of a virtual reality created by a faulty model and manipulations of seasonal adjustments. Williams says the real rate of unemployment is not the claimed 4.9% figure but 23%.

 

Even if we assume that 255,000 jobs were created in July, the news remains bad, because the jobs claimed are mainly lowly paid part time jobs without benefits and provide insufficient income to support an independent existence. This is why so many employed young people
continue to live at home with their parents.

 

Read More: Another Phony Jobs Report — Paul Craig Roberts – PaulCraigRoberts.org