VINDICATED! (sadly). The govt can no longer hide the decline in jobs
VINDICATED! (sadly). The govt can no longer hide the decline in jobs
Finally feeling vindicated after months of predicting the economic whiplash and downturn that would inevitably follow the Covid policies, we’re now seeing the impacts bear down on the economy in full force.
The latest employment report underscores this reality, with just a meager 12,000 jobs added in October 2024—and that’s largely thanks to government hiring. If not for the 40,000 new government jobs, these numbers would look even worse.
Here’s a breakdown of the latest data that the administration doesn’t want to highlight:
Establishment Survey Highlights
Total Private Sector: 28,000 jobs lost—a clear sign of trouble for the core of our economy.
Goods-Producing Sector: 37,000 jobs lost, with manufacturing hit hardest.
Construction: Added just 8,000 jobs, a painfully low number for an industry that typically drives growth.
Manufacturing: Down by a staggering 46,000 jobs—a blow to American industry.
Retail Trade: Lost 1,000 jobs, indicating that consumer spending may be faltering.
Transportation and Warehousing: Down 4,000 jobs, another worrying sign as logistics slow.
Temporary Help Services: Plummeted by 49,000 jobs, a typical canary in the coal mine for future employment trends.
Healthcare: Added 51,000 jobs, providing some stability, yet not enough to offset broader declines.
Government Jobs: Increased by 40,000—masking deeper problems in the private sector.
Household Survey Red Flags
The Household Survey paints an even bleaker picture:
Labor Force: The labor force shrank by 220,000 people, a worrying sign of dwindling participation.
Employed Individuals: Down by 368,000—indicating that job losses are widespread.
Unemployed Individuals: Increased by 150,000, pushing the unemployment rate up and signaling that more Americans are struggling to find work.
The Bottom Line
In the private sector, we’re witnessing massive job losses across key industries, with temporary work plummeting and manufacturing facing steep declines. Construction is barely holding on, and retail is showing signs of strain. Meanwhile, government hiring is propping up the headline numbers, hiding the full extent of the economic downturn.
These aren’t just statistics; they’re a reflection of an economy that’s struggling under the weight of years of misguided policies and economic mismanagement. The numbers speak for themselves: private sector jobs are slipping, government jobs are bloating, and the labor force is contracting.
This isn’t sustainable, and it’s time for a serious course correction.
VOTE TUESDAY!
On par w my reality and experience in the job market that’s for sure. These aren’t just full time jobs, numbers include part time and contracting jobs too, right?
Recessions are never recognized in real time, acknowledged after confirmation signals! Private employment has been receding for a year, but public service gov’t jobs know no bounds? Say hello to my little friend, at the unemployed compensation office!