Yet Another Fabricated Jobs Report
According to Friday’s (January 8) payroll jobs numbers, almost 300,000 new jobs were created in December. Additionally, the previous two months were revised upward by 50,000 jobs. Apparently, the equity market did not believe the report, with the averages moving down today.
As I have pointed out almost monthly for what I think could be approaching two decades, the alleged job growth always takes place in nontradable domestic services, that is, in areas that do not produce exports and have no competition from imports. This is the job profile of a Third World country.
