The Great Disconnect

Needless to say, the “disappointing” 210,000 jobs number for November is completely meaningless—and not just because the unusually large negative seasonal adjustment looks a bit sketchy. The fact is, the monthly delta is always mostly context- and trend-free noise that gets adjusted and revised ten-ways-to-Sunday for the next five years.

Yet when you look at today’s report on any kind of trend basis, and through the lens of aggregate hours worked rather than the ridiculous apples and oranges head-counts which combine 10 hours per week gigs with 50 per hours per week overtime jobs, you get a picture which entirely belies the Wall Street/Biden awesome recovery scenario.