![]() ![]() The “ job market stays strong” reads one CNBC headline, and the new jobs print was hailed as a great achievement of the Biden Administration by MSNBC pundit Steve Benen. ![]() The opinions expressed are the author’s and do not necessarily reflect those of Peter Schiff or SchiffGold.Īccording to the establishment survey of employment, released last week by the Bureau of Labor Statistics, total employment increased, month-over-month by 263,000 jobs. The following was originally published by the Mises Institute. As Mises Institute senior editor Ryan McMaken put it, “This is the ‘American dream’ the Fed has given us: work more jobs and longer hours to keep paying those bills that are now growing at 8 percent per year.” There are also a lot of people holding down two full-time jobs. Meanwhile, the labor force participation rate dropped. Seven of the eight job categories came in below trend. While President Biden brags about job growth, the average American is working more just to maintain last year’s standard of living.Īs far as the September non-farm payroll data, the trends reveal a slowing labor market. But these headline numbers paper over underlying problems in the economy. ![]() The economy continues to add jobs and the unemployment rate fell. On the surface, the September job numbers looked pretty good.
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