As Biden continues to pat himself on the BAZILLION JOBS he's supposedly created, the truth behind the latest jobs report is out and as you all likely already knew, it's not good. Forget that if Biden has created any jobs, it's maybe 5 million, and most of them are part-time or ... wait for it ... government.
Oh, and those jobs are also going to illegals, just so you guys know the real story here. Americans are being left behind.
Take a look:
For convenience, here's all the info on the Mar jobs report in a single thread - sorry to be the bearer of bad news, especially regarding American citizens losing so much ground in this economy... pic.twitter.com/wJLJ4jx8zQ
— E.J. Antoni, Ph.D. (@RealEJAntoni) April 6, 2024
If only the media covered the reality of these jobs reports instead of carrying water for Biden. Americans deserve to know the truth.
The headline numbers once again look good w/ over 300k payrolls added and the employment number from the household survey rising even faster, but what kinds of jobs are being created? Turns out they're all part-time: pic.twitter.com/jHarJFE3hF
— E.J. Antoni, Ph.D. (@RealEJAntoni) April 6, 2024
Ya' don't say.
Gosh, we're shocked.
Oh, wait. No.
And this isn't new - it's a continuation of a long trend: full-time employment is lower today than Feb '23 w/ all of the net job creation since then being part-time work: pic.twitter.com/R6RjwwuJhC
— E.J. Antoni, Ph.D. (@RealEJAntoni) April 6, 2024
Fewer people are working full-time jobs with benefits in Biden's America.
Yay.
Why the surge in part-time employment? Many Americans have been laid off and replaced 1 full-time job w/ 2 or 3 part-time ones; people are also picking up additional jobs to make ends meet in a cost-of-living crisis; this has caused an unprecedented divergence between the… pic.twitter.com/rJr2GJIu8N
— E.J. Antoni, Ph.D. (@RealEJAntoni) April 6, 2024
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Many Americans working more than one job just to make ends meet.
Number of people w/ multiple jobs jumped again in Mar but remember that this figure only increases when someone gets a 2nd job; if you're already working 2 gigs and pick up a 3rd, you're not counted again - at least not here; but you ARE counted again in the nonfarm payrolls... pic.twitter.com/tsqSCkzHFc
— E.J. Antoni, Ph.D. (@RealEJAntoni) April 6, 2024
Cripes, some people are working more than two jobs.
W/ the shift to so much part-time work, average hours worked per week has trended down for over almost 3 years and is below the pre-pandemic average; your hourly wage raise doesn't do much good when it's combined w/ a cut in your hours: pic.twitter.com/4TII7PhjPp
— E.J. Antoni, Ph.D. (@RealEJAntoni) April 6, 2024
Wow.
Another disturbing datum point: too many jobs are in gov't; the economy isn't adding enough private-sector jobs to support number of workers gov't is hiring; Mar's ratio was about 3:1, nowhere near sustainable, especially since those private-sector jobs were all part-time,… pic.twitter.com/LF36Vxqowk
— E.J. Antoni, Ph.D. (@RealEJAntoni) April 6, 2024
Government is growing.
Not the economy.
Not private industry.
Government.
Let's break down the annual change in private sector for a closer look: we find the fastest growing sector was health care, which is dominated by gov't; most of the hiring over the last year came directly or indirectly from gov't - even the construction jobs were mostly financed… pic.twitter.com/zUgEtwzLZV
— E.J. Antoni, Ph.D. (@RealEJAntoni) April 6, 2024
Oof. The government hires more people than ANY industry other than Health Care.
That. Is. Terrifying.
We'd rather see good-paying blue-collar manufacturing jobs taking the lead, but that sector has been anemic: employment is up a mere 0.1% since Jan '23, having added zero jobs in Mar '24: pic.twitter.com/gGu56NSehU
— E.J. Antoni, Ph.D. (@RealEJAntoni) April 6, 2024
Blue-collar jobs, the ones Biden claims to care about the most, are dwindling.
And while it's good to see the labor force participation rate climb, we're still way below the pre-pandemic rate, and that's hiding the true level of unemployment by excluding millions of workers from the calculation: pic.twitter.com/o5HQmW5rSi
— E.J. Antoni, Ph.D. (@RealEJAntoni) April 6, 2024
So we haven't 'recovered,' Joe.
You can see that the labor force is clearly below its pre-pandemic trend: pic.twitter.com/qEl6x3GSGv
— E.J. Antoni, Ph.D. (@RealEJAntoni) April 6, 2024
Yikes.
And we see the same thing w/ the employment-to-population ratio: pic.twitter.com/YP55s3BpcP
— E.J. Antoni, Ph.D. (@RealEJAntoni) April 6, 2024
Yikes again.
As well as the number of nonfarm payrolls from the establishment survey: pic.twitter.com/sRbLcNhi6o
— E.J. Antoni, Ph.D. (@RealEJAntoni) April 6, 2024
Yikes a third time.
And yet again in the employment level from the household survey: millions below the trend: pic.twitter.com/DYQRjKW7B9
— E.J. Antoni, Ph.D. (@RealEJAntoni) April 6, 2024
All the yikes.
The Bureau of Labor Statistics even has a category of people called "not in labor force" and it's about 5 million above the pre-pandemic level, and waaay above the pre-pandemic trend which had begun trending down in about Set '18: pic.twitter.com/BAd6VzCXDb
— E.J. Antoni, Ph.D. (@RealEJAntoni) April 6, 2024
So fewer people are in the labor force now than even BEFORE the pandemic.
So, if you account for the millions of people who are clearly missing from the labor market today (and therefore are not employed), you can calculate that the unemployment rate isn't 3.8% but btwn 6.5% and 7.7% depending on which dataset and methodology you prefer to use: pic.twitter.com/2vh6QJFhbw
— E.J. Antoni, Ph.D. (@RealEJAntoni) April 6, 2024
Real unemployment rate is between 6.5%-7.7%
But who is getting these jobs? It's not native-born Americans, but foreigner workers - the former lost 651k jobs over the last 12 months, while employment of foreigners rose by 1.3 million: pic.twitter.com/WSdkOdghT6
— E.J. Antoni, Ph.D. (@RealEJAntoni) April 6, 2024
There it is.
And again, this is the continuation of a trend where Americans have been completely left behind in this economy; foreign-born employment is not only several million above its pre-pandemic level but is even above its pre-pandemic trend, while native-born Americans have made no… pic.twitter.com/DWbjkIvZec
— E.J. Antoni, Ph.D. (@RealEJAntoni) April 6, 2024
Americans are being left behind in Biden's America.
Truth hurts.
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