Fewer and Fewer Adding To The GDP.

Bad Employment Numbers

May’s unemployment figures came in Friday morning at the announced rate of 9.7%, which was slightly better than the 9.8% which the prognosticators were expecting. While the “experts” were expecting 500,000 jobs to be added, the number was 431,000, but there’s more to the story.


Of that 431,000 total jobs, over 411,000 of them were temporary jobs at the Census Department. Government jobs that produce nothing, only suck dollars out of the pockets of the increasingly miniscule numbers of private sector workers who do produce something. That’s us folks, the working stiffs.


You got me right, I said we, you and me, the taxpayers hired over 95.3% of all the people who found jobs in May. To make matters worse, 22,000 of the “New” jobs reported for April weren’t real, they were a mistake in someone’s calculation. In reality, the decline is being attributed more to people giving up on trying to find another job, than it is of fewer laid-off workers.


There’s a closer reading of the report that is worth mentioning even though the “experts in the Bond Market have chosen to ignore it. The hourly earnings that were reported for May showed a 0.3% increase. This is purported as good, because the earnings average rose three times faster than the 0.1% that was expected. Of course, what that really means is that probably 95% of the new jobs started at a higher rate than the other 5%. You certainly can see where that line is going.


I haven’t taken the time to try to determine what the ratio of ALL the governmental workers is to ALL the private sector workers, but if private sector workers are the only ones who really contribute to the Gross Domestic Product; and some of them only shuffle the papers to make it look like they are producing, that leaves even fewer of us to support the suckers (literal denotation).

IMNTBHO
Dave Skibowski