Fri, 3 June 2016
Last month the U.S. created 38,000 new jobs. That's 38,000 in total. When I read the number this morning, I thought for sure I was reading something wrong. For the economy to keep pace with new workers entering the workforce, we need to create at least 150,000 jobs.
Unfortunately, I wasn't reading the numbers wrong. To make matters worse, more than 600,000 people left the workforce and have either retired or stopped looking for work. This means they are no longer counted in the unemployment number which FELL to 4.7%.
Can you believe that? The economy posts it worst jobs report in 6 years, more than half a million people bow out of the labor force, and the unemployment number improves!!? Sickening.
Don't be surprised if Obama comes out extolling the incredible success of his administration and points to the unemployment number as evidence.
I'll also comment on the new's media's coverage of the violent protesters in California who beat up and chased down peaceful Trump supporters. It's disgusting.