Anybody with any memory or perspective who pays attention to the numbers coming out of the government’s economic data mill knows they’re basically meaningless. From David Stockman at davidstockmanscontracorner.com via lewrockwell.com:
According to the mainstream narrative, we were all born yesterday. There is no such thing as context, history or critical analysis – just cherry-picked short-term data-deltas, which are held to be either awesome or at least much improved from last time.
That’s why we predictably got this headline from the Wall Street Journal with reference to today’s June employment release, which allegedly showed “employers added 850,000 jobs last month”:
Well, no, it wasn’t and they (employers) didn’t. In fact, total hours worked in June actually declined from the May level, and, far more importantly, were still down 4.4% from the pre-Covid peak in February 2020.
When expressed in total hours, there is absolutely nothing “strong” at all about the numbers. To wit, at the end of Q2 2021 total hours employed in the nonfarm economy were still down 8 billion hours from the Q4 2019 level.
That’s right. Eight billion worker hours are MIA, yet the lazy shills at the WSJ, Bloomberg, Reuters et. al. keep pumping out bilge about an awesome economic rebound!
Actually, what has never been noted notwithstanding the fact that it sits there in plain sight on the BLS website is that Dr. Fauci and his economy wreckers dug a far deeper hole in the main street labor market last spring than the narrative led you to believe. At the pre-Covid peak in Q4 2019, the nonfarm economy utilized 257.2 billion labor hours at an annualized rate, but that plunged by nearly -12% to just 227.6 billion hours in Q2 2020.