Alternative Visions - Dissecting the July 2022 US Jobs Report

Dr. Rasmus discusses today’s Jobs report in detail, dedicating the entire show to an analysis of the report. Is the 528,000 reported ‘new’ jobs and only 3.5% unemployment rate accurate? Rasmus explains the various statistical operations on the actual raw jobs data that results by the Labor Dept. surveys in order to arrive at these numbers. How seasonality, new business formation, and other statistical manipulation on the ‘raw actual jobs data’ results in artificially robust monthly numbers and why there are important contradictions between the two jobs surveys employed by the government in the report. Also discussed is why the reported 4.5% gain in workers’ earnings are really a -4.6% decline in inflation adjusted earnings; why other government report stats like labor force participation rate and employment to population survey show no strong job growth trend; and why the reported 3.5% unemployment rate is really 7.2% even according to the report’s other tables. Also discussed is the significance of an increase of 800,000 in part time employment in just the past month and data in Table A-8 of the report showing a decline in total employment since May 2022—from 156,180,000 to 156,000,000—contradicting the reported 528,000 new jobs last month and the 372,000 in June before.