The Blog

2022-

2022-08-23 b
NARRATIVE FAILURE II

FAKE PRESIDENT. FAKE JOBS NUMBERS.

Just How Cooked Is The Official Jobs Data: PwC Finds More Than Half Of US Companies Are Laying Off Workers

[...] the truth is that there is no comprehensive explanation for the variation in data. Which, needless to say, is problematic because the “solid” jobs market is one of the very few things that is preventing the Fed from substantially easing back on its hawkish policies (now that peak inflation has clearly been reached… if only for the time being), and the Fed’s sharply higher rates are already wreaking havoc on the housing market not to mention various stock sectors that have also gotten walloped.

But what if the BLS data is not merely “off” due to benign factors such as “residual seasonality” or a post-covid hangover? What if it is intentionally manipulated to make Biden’s economy appear stronger than it is for midterm election purposes even if it means distortions across the entire market?

We bring up all these rhetorical questions because a new survey released by consultancy PwC confirms our previous observations about rampant mass layoffs in the US labor market, and suggests that the true state of the job market is far, far uglier than the alleged 528K job gain reported by the BLS in July would suggest.

(read more)

See also: https://techcrunch.com/2022/07/12/microsoft-lays-off-a-portion-of-its-workforce-as-part-of-a-realignment/

See also: https://www.zerohedge.com/markets/ford-laying-3000-workers-mostly-michigan

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