👉Is the New Jobs Report Really this Positive !
A V-shaped recovery is a pipe dream.
Most of the service sector is toast.
Small business has been hit very badly by the closures and the riots; many have been burned to the ground and won’t be fully re-opened any time soon.
Small businesses make up 99.7 percent of U.S. employer firms, 64 percent of net new private-sector jobs, 49.2 percent of private-sector employment, and 42.9 percent of private-sector payroll.
This is what we know so far: The U.S. jobless rate fell to 13.3 percent, from 14.7 percent a month earlier, and employers added 2.5 million jobs in May. But the economy had lost 22.1 million jobs combined in March and April. Payrolls are nearly 20 million below their pre-COVID-19 level.
The worst unemployment rate in 80 years. We still have a long way to climb out of the hole.
The report NEVER mentioned what kind of jobs these are. All service industries.Fast food restaurants, people who do your nails?
I’m not slamming that workforce, but are those 2.5 million jobs paying the kind of money to sustain a family?
Manufacturing, Industry, etc.
I read that a large percentage of it was bars and food services.
Makes sense, you can’t open those places without staff, even without customers. Plus, since they survive on tips, sure, they are “employed,” but making minimum wage tops given the occupancy is probably 25% of pre-COVID. If you’re in that industry, you are going to be dramatically better off unemployed for the next year, or find a new job.
Temporary layoffs were not counted in the unemployment numbers. So when they get called back to work, they are counted as jobs gains.
These aren’t new jobs. Furloughed employees are returning to work.
Nine million unemployed workers were deliberately left off the unemployment rolls due to a new colorful classification. There are more unemployed workers now than there was a month ago. And if we could get the unemployment numbers as reported by each state, I bet they would be a lot different. so we moved people off the unemployment rolls and onto PPP so their bosses can hand out the government cheese, and this counts as “employed.”
Wait until the rest of the PPP loans are exhausted, and more employees are let go. We have 160+ million workings, and 40+ million are currently unemployed.
That makes a more or less 25% unemployment rate. The real unemployment numbers are 35 percent, according to ShadowStats.
And all this despite The bailouts, The Stimulus, massive deficits, the payroll tax holiday, near-zero interest rates, and the FED’s MULTI TRILLION QE program.
Atlanta FED’s last GDP prediction for Q2 is now -52%. Look at these numbers. We’ve never seen anything like them. The national debt is going to hit $26 trillion soon. Up around 6 trillion under Trump.Debt to GDP ratio of 122%. He ain’t lying when he says he’s the King of Debt!
And the Federal Budget Deficit is at $3.8 TRILLION,
Bread lines in most inner cities and some rural areas.
Hate & Divisiveness Index soaring.
What else is left? Well, not much.
The USA is in a “V for Vendetta” type recovery.
The magnitude of the Q2 numbers are really difficult to comprehend. With so much deficit piling up to sustain the economy, I wonder how long this can continue.
In most simplistic terms, it appears the US economy is like the Seinfeld show – much activity to produce subsidized goods and services that nobody actually wants or demands. I think a leading indicator of a Seinfeld economy might be new car sales.
“it’s really the most wonderful recovery I’ve ever seen!” said Trump.
How desperate is Trump!
He’s dancing for joy at 13.3% unemployment! He lost 22 million jobs in two months. Then he gains 2.5 million back and pretends he accomplished something.
Honestly, the guy is losing me. If we had ANY reasonable alternative, I would choose it. How about an “incredible” 10 trillion dollar stimulus package this time to suit the greatest economy there ever was? Anything less would be unworthy of such a magnificent economy. That should be a “tremendous” economy.
TRUMP praised the V-SHAPED RECOVERY But WILL ASK CONGRESS TO PASS MORE STIMULUS.
He said he’ll ask Congress to pass more stimulus money, including a payroll tax cut. He wants more stimulus because the last heroine hit is quickly wearing off.
Unironically, just before he announced the need for even more stimulus, the president was praising the V-shaped recovery in both the economy and the stock market.
Employment up 2.5 Million, and he wants more stimulus? Can’t have it both ways, Trump. What numbers are we supposed to believe!
Asking for more stimulus just poured cold water on his “everything is great again” speech yesterday.
We have a V-shaped recovery, but the economy needs more stimulus. Translation: Get ready to bend over again, working stiffs, because we’re going to steal your wealth to enrich the bankers and big corporations again.
But nobody told that pompous that V stands for Vacuous.
Trump was off the hook yesterday morning with the pump and dump. The United States government under Donald Trump pulled a number out of thin air and pumped up the stock market with it.
“Tremendous progress is being made on vaccines,” Trump said during a Friday morning press conference from the White House. “In fact, we’re ready to go in terms of transportation and logistics. We have over 2 million ready to go if it checks out for safety.”
Two million vaccines that may not work, ready to go! Tremendous progress. Wee!!! The news broke as the market started to fall. He got a momentary pop out of it.
Pumping up fake markets and ignoring deficit and debt. Only a fool believes what any politician or bureaucrat spits out.
Trump’s promise to cut the deficit in half has changed to a promise to double, triple, or quadruple the incredibly large deficit. He has flip-flopped on so many issues. As always, the politician reneges on absolutely everything.
Makes sense! V-shaped recovery, but we still need stimulus. Print your way to prosperity.
And don’t forget yield curve control and negative rates. All necessary. He is buying the mirage of a healthy economy that we will have to pay for.
This is crazy. To hear this speech by Trump, is simply to understand the disconnect of the population from reality, for the POTUS speaks to this group. Whoever wrote Trump’s speech should be sacked. If not, Trump is on meds.
And he still wants negative rates. Part of any president’s job is to be a cheerleader for the economy.
Why would more stimulus be needed when the economy is obviously in recovery from the shortest recession ever recorded in history, according to the stock market fueled by incredible employment numbers. This is not a V-shaped recovery, but a swirling whirlpool of doom.
Ask Congress for more stimulus? Praise for the V-shaped recovery?
WHAT’S WRONG WITH THIS PICTURE?
It’s like putting out a fire with gasoline. It’s wet, so at some point, it has to work. More likely, a V-shaped dead cat bounce in a buying votes season.
If Trump believes those BS numbers from the BLS today, with all the screaming empirical data that exists, he is a lot dumber than I thought. Then again, he’s a politician, and those fake numbers suit him just fine. He is also a member of the elite wealth club and lives in the back pocket of the bankers.
Let’s hope he doesn’t run to his bunker scared when the 50 Million unemployed start rioting.
No economy in the world can be sustained on fake numbers.
As always, debt/printed money/phony non-market low-interest rates must be taken into account as to whatever rebound occurs.
I’m watching closely for a better price to obtain more Precious Metals.
Why do we need more stimulus in a V-shaped recovery? If we have a real recovery, no stimulus will be necessary.
Funnel MORE MONEY to the CORRUPT Politicians, Wall Street, the Banks, and CORPORATE WELFARE SOCIALISTS.
Complete takeover and elimination of the middle class and small business. This has been going on since 2008-09. The Fed bailed out the banks with 900 BILLION starting Sept 2019 until COVID in April. And the “initial” bailout was only 700 Billion, or the entire world was going to end back in 2008.
Forget the unemployment rate. It is basically useless with all the carve-outs.
Using the labor participation rate, in addition to other metrics, gives a more accurate analysis.
Before the pandemic hit, there were over 11 million unemployed or part-time looking for full time.
This was NEVER the best economy as Trump was trying to bs people into believing.
In fact, there was more hiring during Obama’s last years in office than in Trump’s time in office.
There are known 40 million newly unemployed by the unemployment applications. Add 11+ million to that, and there are over 50 million unemployed. This is the number Jerome Powell looks at when he tells Congress to do something, and don’t worry about the debt. We need a jobs program and more at this point. An indication of the anger in America is reflected in the streets, and it has little to do with racism. It is pent up anger coming out in the form of what the politicians want, a divided nation. When groups are pitted against each other, they are not united and attacking the true culprit. The greed and corruption that is making money off of the low wages and unemployment.
And I am not saying Obama was any better.
We are living in a fed-enabled world. It has our backs; everything too big to fail has won the lottery; the rest can just vanish silently.
The End result will be the value of the US Dollar. Socialism is unsustainable. In the end, no one owns anything, and we all live in government-subsidized housing, rely on government handouts for food, and the healthcare system is overrun because the experts refuse to work for chump change.
Let’s give Wall Street another $1 trillion. They are good people, said Trump. This could be where Trump finally goes off the rails. Elected as a populist but now just plays financial shell games.
Where’s that corruption cleanup everyone was promised a few years ago?!
Trump solved the economy, racism, North Korea, windmill cancer, and built a wall around the white house and cured the virus.
Too many people didn’t take him seriously when he said he would run the country the way he ran his many failed businesses.
The only president in the history of the US that printed and still printing trillions of dollars, lots of them. By the time he is out of office in a few months, he would have printed $20 Trillion.
A New York Billionaire Con Artist sold a “Populist” movement. When Mnuchin and Kushner showed up running the country, everybody should have seen that is never about the “People.”
And he just threatened to unleash the military on Americans. It is going to be sad Independence Day this year.
You would have to be stupid to think that things are heading in the right direction. Things are spiraling down the drain faster than you can blink!
Welcome back to The Atlantis Report.
You are here for your daily dose of the truth, the whole truth, and nothing but the truth.
It’s disturbing to read about all the talking heads, including committees in Congress, either pretending to be clueless or truly are about the Federal Reserve. It is a private entity with a profit motive and goal directly opposed to that which it pays lip service to. The more loans it provides, the more powerful it becomes. Right now, the biggest task for them seems to be the effort to hide the exponential inflation that is occurring.
Prudent stewardship of the money supply and monetary policy was abandoned a long time ago if it ever was something the Fed actually cared about. People are not stupid, so with time, they will figure out that actions speak louder than words, and when abuse and deception become institutionalized, they follow suit. The moral decay that is soon about to have run its course started with large financial institutions playing the markets through manipulation. Later this became too easy, so nations were played, and now it’s global.
The Fed, together with other central banks, are at the top of a defacto criminal racket to siphon off real value and centralize control for the political class that works as their accomplices. The illusory power that they have stolen is further used to wage war and create suffering on a gigantic scale. The mere fact that these entities exist is a testament to how utterly confused and misinformed people are on purpose.
At what point was the concept abandoned an economy is a productivity, a good investment value? Funny money and sky-high PE ratios do not an economy make. Nor do I know how one can say an economy is strong; we have to throw funny money at or lower rates to near zero. Seems to me this is merely an admission of the opposite, that one has an economic emergency on their hands, a sick patient.
In a strong economy, you have to raise rates and thereby back off on artificially allowing inflation of the money supply. This funny money is like saying people never had it better, out of one side of your mouth, and out of the other side saying we need emergency funding, to stem starvation. 2 + 2 never equals 5.
You know, I don’t think anybody, at large, dares to be honest anymore. Nobody will call a pile of dung anything but fertilizer.
It all goes back to Grover Norquist and the K Street Project.
I don’t see any real difference between conservatives and liberals when it comes to the buffet of pork. They merely champion their pet projects, and all ultimately subscribe to a bottom line of something for nothing, pile up more and more debt, what me worry? The U.S is a one-party system when it comes to looting the Treasury, the national wealth. At some point, politicians need to be featured on American Greed.
The law has been clear since the 1930s, and the politicians have simply deceived the population. Your payroll taxes were spent the day they were collected as they still are by contributors to this day. An additional 26 Trillion was borrowed and spent as well.
People do not know this, but when a person gets their Social Security check, it comes straight from the US Treasury general funds account from taxes and borrowings gathered today. These numbers are rolling so fast, and 2020 is so unique. Estimates have to be very loose, but around two-thirds of every Social Security deposit is borrowed right now.
In terms of accounting, the US Government and all governments operate like money laundering operations that only appear to be legal.
Payroll taxes are just taxes, like all other revenues collected by governments. Taxes are too high on the employed and employers, and this particular scam being payroll taxes was political deception 85 years ago and long past absurd in 2020.
Cut taxes and rewrite tax laws at all levels, especially eliminating ALL state and local taxes and the legal right to levy them. How much of your total income remains to you after all your taxes from all directions are considered at the end of the pay period? How much did you have to borrow?
Well, sheeple, doesn’t this story perfectly show what the BLS report was as fraudulent as the US economy itself?!! Just another TRICKLE-UP excuse to give the rich more and none for the poor. What small businesses? They’re gone!!
The fake market will implode soon.
Get out now before you lose everything.
I warned you.
It’s a casino, and the Fed has the place rigged.
End the Fed, abolish the IRS, reduce government by 90%, implement a 15% flat tax on nonessential goods, back currency with hard assets, return to a constitutional republic.
These are the true looters of this country—the real criminals.
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