{"id":327959,"date":"2022-12-05T16:20:56","date_gmt":"2022-12-05T21:20:56","guid":{"rendered":"https:\/\/www.sgtreport.com\/?p=327959"},"modified":"2022-12-05T03:12:23","modified_gmt":"2022-12-05T08:12:23","slug":"the-bureau-of-lies-and-scams","status":"publish","type":"post","link":"https:\/\/www.sgtreport.com\/2022\/12\/the-bureau-of-lies-and-scams\/","title":{"rendered":"The Bureau Of Lies And Scams"},"content":{"rendered":"

by Karl Denninger, Market Ticker<\/a>:<\/em><\/p>\n

\"\"<\/p>\n

Vomited forth the BLS did….<\/em><\/a><\/p>\n

Total nonfarm payroll employment increased by 263,000 in November, and the unemployment rate\u00a0was unchanged at 3.7 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains\u00a0occurred in leisure and hospitality, health care, and government. Employment declined in retail trade\u00a0and in transportation and warehousing.<\/p><\/blockquote>\n

Uh huh.\u00a0 The market no likey thinking that The Fed will be more aggressive and the initial response was to dump about 75 handles.<\/p>\n

However — inside there is a different story.\u00a0 Note that the\u00a0Establishment\u00a0<\/em>survey, which is what the headline number is based on,\u00a0counts you as two jobs if you have two jobs;\u00a0<\/em>that is, “employed” is double-counted there if you have two jobs inherently (leaving aside intentional bias) because the two employers generally don’t know about each other.<\/p>\n

TRUTH LIVES on at\u00a0https:\/\/sgtreport.tv\/<\/a><\/p>\n

On the household side the unadjusted number was -395,000, and more to the point 650,000 people left the labor force – that is, they gave up for whatever reason.<\/strong><\/em><\/p>\n

The “employment by educational attainment” figures were interesting as well — they showed that\u00a0degree holders\u00a0<\/em>got hammered.\u00a0 One has to wonder if the Twitter firings were in there, but that wasn’t\u00a0that<\/strong>\u00a0large\u00a0and there was a drop of 348,000<\/strong>\u00a0in that category and, more-ominously,\u00a0316,000 people disappeared out of that bucket entirely<\/strong>.<\/p>\n

Since you can’t “lose” educational status\u00a0once you get into that top bucket, that of a Bachelor’s or better, the only way out of that bucket is to\u00a0die<\/strong>.<\/em><\/p>\n

(Ok, to be fair there are two other ways —\u00a0you can go to prison\u00a0<\/em>or wind up in a nursing home, but the latter usually ends in “die” too they’re the same.\u00a0 I don’t recall mass-imprisonment of banksters and cryptofraud purveyors, even though I’d like to see it.)<\/p>\n

I don’t take this as a “strong report” although the market clearly has.\u00a0 Further, we’re still putting more than 40,000 people\u00a0into\u00a0<\/em>Health Care on a monthly basis, which is grossly increasing the\u00a0cost\u00a0<\/em>and drag on the economy,\u00a0yet health care is at best symbiotic and at worst parasitic\u00a0<\/em>in that it produces nothing (it may, however,\u00a0allow someone who otherwise wouldn’t produce to do so.<\/em>)<\/p>\n

This print looks, to me, like the inception of a significant recession — which is likely to be especially fun in the coming months considering that\u00a0January, in particular, is usually a firing month.<\/strong><\/em><\/p>\n

We’ll see.<\/p>\n

Read More @ Market-Ticker.org<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

by Karl Denninger, Market Ticker: Vomited forth the BLS did…. Total nonfarm payroll employment increased by 263,000 in November, and the unemployment rate\u00a0was unchanged at 3.7 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains\u00a0occurred in leisure and hospitality, health care, and government. Employment declined in retail trade\u00a0and in transportation and warehousing. […]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[143620],"_links":{"self":[{"href":"https:\/\/www.sgtreport.com\/wp-json\/wp\/v2\/posts\/327959"}],"collection":[{"href":"https:\/\/www.sgtreport.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sgtreport.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sgtreport.com\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sgtreport.com\/wp-json\/wp\/v2\/comments?post=327959"}],"version-history":[{"count":0,"href":"https:\/\/www.sgtreport.com\/wp-json\/wp\/v2\/posts\/327959\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.sgtreport.com\/wp-json\/wp\/v2\/media?parent=327959"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sgtreport.com\/wp-json\/wp\/v2\/categories?post=327959"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sgtreport.com\/wp-json\/wp\/v2\/tags?post=327959"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}