It seems that the job market is weaker than economists have thought:
Hiring slumped sharply in December, as the economy added only 74,000 jobs, according to the government. This was the weakest month for job growth since January 2011 and came as a huge surprise to economists, who were expecting an addition of 193,000 jobs.
Wait, what? I thought that over 200,000 jobs were added in December 2013. Hrm…
Some economists believe December’s weak job gains could be a fluke, given other solid data recently. They expect the government to revise the numbers higher in the months ahead.
“Just about every other measure of job growth suggests that employers are either hiring or intending to hire, extending hours and laying off fewer people,” said Tim Hopper, chief economist for TIAA-CREF.
Emphasis added by me. But read between those bold lines. They are telling you that government actively manipulates the job numbers!!! They also tell you that if businesses (1) intend to hire people; (2) make their existing employees work longer hours; or (3) don’t lay off workers then in the view of government economists it is the same as if they hired new workers!!!
As of this moment, you should disregard every statement about the economy that is made by a government official or a PhD economist. They are lying, and they know they are lying:
Meanwhile, the unemployment rate fell to 6.7% in December, but the drop came mainly from workers leaving the labor force.
Job market dropouts could be doing other things, like retiring, enrolling in educational programs or taking care of relatives. But many have simply given up hope of finding work.
Oh, they could be doing something else. But they are probably sitting at home playing Xbox and living off of food stamps.
Only 62.8% of the adult population is participating in the labor market now — meaning they either have a job or are looking for one. That matches the lowest level since 1978.
In the job market’s 2007 heyday, unemployment was under 5%, but in the two years that followed, the recession wiped out 8.7 million jobs. To this day, not all those jobs have returned.
“We’re going to have a long-term unemployment crisis for a long time,” said Heidi Shierholz, economist with the Economic Policy Institute.
All is not so well after all…