Editor’s note: This is a lightly edited transcript of the accompanying video from professor Peter St. Onge.
New job numbers are out and—hilariously—payrolls jumped 227,000, yet persons employed dropped 355,000. Are they just making it up?
The numbers are from the Bureau of Labor Statistics (BLS), which—thanks to the power of imagination—reports that jobs are booming, yet the unemployment rate is … worse, rising to 4.2%. It’s actually 7.3%, using the wider U-6 unemployment number that the legacy media only report when the president is a Republican.
So, how does payroll soar but unemployment gets worse? It’s because the other jobs survey the BLS uses says the number of employed people actually plunged by 355,000 people last month.
It’s worth noting +227 in a month is a job boom for the ages, while -355 is a depression. Which is it? Who knows? Keep in…
