The United States missed the mark for job creation for August.
Announced on September 1st, MarketWatch reported that the U.S. nonfarm payroll increased to only 374,000 in August, citing data from the ADP National Employment Report.
This missed the over 600,000 jobs estimates courtesy of polled economists from the Wall Street Journal.
Our data … has highlighted a downshift in the labor market recovery. We have seen a decline in new hires, following significant job growth from the first half of the year.
Nela Richardson, chief economist at ADP
On top of this more payroll data was released yesterday, September 3rd, and this also fell below expectations.
Wall Street Journal analysists had estimated 400,000, but the reported numbers came in at 235,000 jobs.
ZeroHedge provides a breakdown of the gains and losses for August:
- Employment in professional and business services increased by 74,000 in August. Employment rose in architectural and engineering services (+19,000), computer systems design and related services (+10,000), scientific research and development services (+7,000), and office administrative services (+6,000). Since February 2020, employment in professional and business services is down by 468,000, over half of which is in temporary help services (-262,000).
- Transportation and warehousing added 53,000 jobs in August, bringing employment in the industry slightly above (+22,000) its pre-pandemic level in February 2020. Employment gains have been led by strong growth in couriers and messengers and in warehousing and storage, which added 20,000 jobs each in August. Air transportation also added jobs (+11,000), while transit and ground passenger transportation–which includes school buses–lost jobs (-8,000).
- In August, employment increased by 40,000 in private education, declined by 21,000 in state government education, and changed little in local government education (-6,000). In all three industries, these employment changes followed job gains in June and July. August marks the beginning of the traditional back-to-school season. However, recent employment changes are challenging to interpret, as pandemic-related staffing fluctuations in public and private education have distorted the normal seasonal hiring and layoff patterns. Since February 2020, employment is down by 159,000 in private education, by 186,000 in state government education, and by 220,000 in local government education.
- Manufacturing added 37,000 jobs in August, with gains in motor vehicles and parts (+24,000) and fabricated metal products (+7,000). Employment in manufacturing is down by 378,000 from its pre-pandemic level in February 2020.
- The other services industry added 37,000 jobs in August, but employment is 189,000 lower than in February 2020. In August, employment rose in personal and laundry services (+19,000) and in repair and maintenance (+9,000).
- Employment in information increased by 17,000 in August, reflecting a gain in data processing, hosting, and related services (+12,000). Employment in information is down by 150,000 since February 2020.
- Employment in financial activities rose by 16,000 over the month, with most of the gain occurring in real estate (+11,000). Employment in financial activities is down by 29,000 since February 2020.
- Mining added 6,000 jobs in August, reflecting a gain in support activities for mining (+4,000). Mining employment has risen by 55,000 since a trough in August 2020 but is 96,000 below a peak in January 2019.
- Employment in retail trade declined by 29,000 in August, with losses in food and beverage stores (-23,000) and in building material and garden supply stores (-13,000). Retail trade employment is down by 285,000 since February 2020.
- In August, employment in leisure and hospitality was unchanged, after increasing by an average of 350,000 per month over the prior 6 months. In August, a job gain in arts, entertainment, and recreation (+36,000) was more than offset by a loss in food services and drinking places (-42,000). Employment in leisure and hospitality is down by 1.7 million, or 10.0 percent, since February 2020.
On Thursday, September 2nd, the Labor Department released the number of jobless claims for week ending August 28th.
They came in at 340,000 people filing for unemployment, which the media says this is a “new-pandemic low.”
These numbers translate to just shy of three fully-packed University of Michigan football stadiums.
This most recent jobless claims report completely erases the payroll gains and nearly any growth for the nonfarm payrolls.
As of August, the federal government says unemployment is lower at 5.4%.
ShadowStats still maintains that the true U.S. unemployment remains at 25.4% since August 3rd.
Tax The Rich
After missing expectations greatly for job creation in August, President Biden is now proposing to raise taxes on corporations and wealthy Americans.
We are going to deliver these investments without raising taxes one cent on anyone making less than $400,000 a year. How are we going to do that? We’re going to do it by leveling the playing field.
The superwealthy are still going to be able to have their three homes.
Even though the jobs number missed the mark, according to Business Insider, Biden says his economic plan is still working, claiming that jobs are still being added.
He puts the blame on the low jobs reports on the spread of the Delta variant.
He emphasizes this is why it is imperative that Congress passes his bipartisan $1 trillion infrastructure bill, plus with Democrat’s proposed $3.5 trillion social welfare package with the professed goals of rebuilding the middle class.
When Biden had first proposed his infrastructure bill, he floated the idea of raising corporate taxes by 28% from 21%.
China, in comparison, has remained at 25% for a length of time.
AUTHOR COMMENTARY
The poor is hated even of his own neighbour: but the rich hath many friends.
The rich man’s wealth is his strong city: the destruction of the poor is their poverty.
Proverbs 14:20, 10:15
Not only do I not think Biden’s proposal will not go through, even if they did, these rich corporations would never pay this. Whenever politicians talk about taxing the rich, it means the little guy gets to pay the hidden taxes at the pump, grocery store, online, homing, etc.
And no, Sloppy Joe, it is not because of the “Delta variant” – that doesn’t exist – as to why jobs are fleeing: it’s because political scum like you, Trump, governors, mayors, and unelected health officials, shutdown the economy!
But this report further demonstrates what I have been saying for a while: the economy is in total freefall. No one wants to talk about it, and these types of reports never do quite as well. And while I realize getting high metrics is not the goal, I still am trying to warn those that will heed the warning. Most people have absolutely no clue about the economy, nor do they want to; and because of that arrogant decision, many of them will get (and are) wiped clean in broad daylight.
For more data, check out some of these other reports:
The Quickest Way To Know The Economy Is Broken Beyond Repair
A Tsunami Wave Of Evictions Are Set To Begin In America. Landlords Are In A Bind
America’s Trade Deficit Reaches A New Record High, As Jobless Claims Fall
WEF’s Partner BlackRock Closes In On The Once Unthinkable $10T In Assets
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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Wonder how many homes the Biden family owns? Clinton’s? Obama’s? Bush’s? Trump’s? …and the net worth. Choke a horse.
The rich will ALWAYS be able to afford three homes when they can tax whoever & whatever they want….til Jesus pulls the plug.
Just for general info back up the fact they lie, lie and lie some more. Been seeing clickbait horror headlines of massive covid death in Florida, mortuaries overwhelmed and thought I’d check the CDC Weekly Provisional Death Counts by State, annual death rates for a few years of weeks 31-35, roughly August, of all causes, to see if there was any truth to it, or just inflated covid numbers.
It SAYS the stats were updated 9/03/21 but all the statistics are from last year only. Footnote states thus: “Number of deaths reported in this table are the total number of deaths received and coded as of the date of analysis, and do not represent all deaths that occurred in that period. Data for 2019 and 2020 are provisional and may be incomplete because of the lag in time between when the death occurred and when the death certificate is completed, submitted to NCHS and processed for reporting purposes. Causes of death included in this dataset are tabulated by underlying cause of death ICD-10 codes. COVID-19 deaths by underlying cause and multiple cause of death are also included.”
Gives new meaning to the old expression: ‘Close enough for government work’.
Apparently you just show up, or work ‘remotely’….open document, click ‘updated on such-and-such’, enter nothing, shut-down! It actually changed from updated 9/3/2021 to updated 9/4/2021 while I was on there with none of the numbers or week ending dates changing!
Try ‘fact checking’ THAT now! Such liars….& not even good ones.
The roll of Biden is to deflect from the true rulers. He is very good at his job, as is most public facing parasites. They are put in place to help split the populace and keep from asking who is behind the curtain. The real power is always tied to the money. That would be the Federal Reserve, which is run by [wait for it…] Rome! TaDa! Enslavement complete, now they will revolt against the poppet leaders and Rome can do it again.
Welcome to the true circle of life (or death).
.\\itch – If you can not live without technology, it is no longer a convenience;its enslavement.