Here we go again. Another monthly jobs report being heralded in the financial press as “better than expected”, which was actually worse than last month, stagnant since October and 6% below where the domestic labor market stood last February.
That’s right. These bubble vision guests and hosts just can’t stop spinning because, apparently, they are too lazy and too mendaciously invested in talking up the stock market to get below the current month headline jobs count and U-3 unemployment rate. Yet these are virtually the most useless and misleading numbers in the entire report.
Let us say it again: What counts is aggregate labor hours and aggregate payroll dollars, not the apples and oranges headcount conflation of high pay construction jobs with 26 hours per week minimum wage jobs in restaurants and hotels.