by Karl Denninger, Market Ticker:
Total nonfarm payroll employment increased by 209,000 in July, and the unemployment rate was little changed at 4.3 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in food services and drinking places, professional and business services, and health care.
Oh look - we get people drunk, feed 'em unhealthy food and then suck up more of GDP in overpriced, monopolist "health care".
In fact that's been good for 327,000 "jobs" over the last year. You need look no further for what's wrong with health care in America; nearly all of those jobs have never and never will provide one second of actual care to an actual person -- they're almost all administrators.
Remember, the usual bleat is that we don't have enough doctors and nurses. Well if that is true then we have added 327,000 worthless "employees" over the last year that simply serve to vacuum all the money out of your wallet. We cannot address the cost of "health insurance" without addressing this issue, and doing so trashes the so-called "robust employment situation."
Employment in other major industries, including construction, manufacturing, wholesale trade, retail trade, transportation and warehousing, information, financial activities, and government, showed little change over the month.
Other than government, in other words, those productive industries didn't add people to their payrolls.
The real (household) economy claims a gain of 384,000 jobs last month, with all of them (381,000) coming from a reduction of those "not in the labor force." In other words people came back into the labor force and found jobs, probably ripping you off in the doctor's office and hospital and, if not, they were serving you booze as a salve for the sore butthole inflicted upon you in same.
Note the employment:population situation continues to improve. This is indeed a positive; we are getting up toward the bottom of the previous cycle range at 62%, which would be quite good if one ignores how we get there.
Sadly, you can't ignore that -- we're getting there with monstrous "adds" in parasitic employment that sucks off productivity and actual output or gets you drunk after you you've been financially raped.
Nobody in the media wants to talk about that and won't because even having the discussion will inevitably lead more than a handful of people to realize that not only can this not continue forever but if the people demand it stop the result will be an immediate and violent unwind of the so-called "progress" we have made until actual productive capacity replaces all the parasitic, essentially-worthless arm-waving nonsense.
Is there anything else interesting in this report? Yes. Women outperformed men (by two ticks) in participation rate gains this month (no surprise; they make up more of the medical parasitic class along with bartenders and similar, and both were strong.)
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