Saturday, October 5, 2024

Government workers are a drain on the economy and should not be considered productive

Behind Today's Stunning Jobs Report: A Record Surge In Government Workers

Tyler Durden's Photo
BY TYLER DURDEN
SATURDAY, OCT 05, 2024 - 06:40 AM

At first glance today's jobs report was indeed impressive: the surge in jobs according to both the household and establishment surveys indicated a strong rebound from recent monthly weakness...

... which coupled with the drop in unemployment rate, and upward historical revisions suggested that much of the recent labor market weakness may have been transitory. The one fly in the ointment was the jump in wage growth which strongly hinted that inflation is also back, just as we have been warning for months (especially now that oil is once again surging) and we will cross that bridge eventually, but not yet.

Instead for now let's focus on the parts of the jobs report which the BLS has traditionally used to mask headline weakness, such as part-time workers used to mask weakness in full-time jobs, or foreign-born workers surging at the expense of native-born. Well, this month there was little of that as well, and in fact, part-time workers dropped modestly as full-time workers rose...

No comments: