- Total nonfarm payrolls increased by 157,000 for the month, below the 190,000 expected in a Reuters survey of economists and the lowest gain since March.
- The unemployment rate fell one-tenth of a percentage point to 3.9 percent, as expected.
- Average hourly earnings increased 2.7 percent over the same period a year ago.
- Previous months’ jobs numbers were revised substantially higher.
We need to create 250,000 new jobs each month just to keep up. So when we only create 157,000 that means there are more unemployed. But the unemployment rate is down. Which means more people are being swept under the run in a statistical lie.
The jobs numbers are heavily manipulated. When Obama left office they posted that they had overcounted new jobs by 2.5 million. Because we were in a great depression that no one would admit.
Now the situation is one of more break even. The labor participation rate – the critical number – has not budged. Tens of millions of Americans have been out of work for years and are simply not counted.
A good jobs report would be 350,000. That would take 150,000 of the tens of millions and put them back to work. We did not see that today. This is more fuel for the fed to stop raising interest rates.