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America's Dismal August Jobs Report

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Central bank policies and pronouncements so far divorced financial markets from economic reality. August report numbers had practically no redeeming features. The private payroll diffusion index slid from 54.3 to 50.2 month over month. It's the lowest read in 30 months.

The manufacturing index collapsed. It fell from 50.6 to 36.4. It's the weakest showing since August 2010. The index of aggregate hours worked barely gained 0.1%. In July it lost 0.2%. In Q 3, it's running at 0.2% annualized growth. 

It's half what Q 2 posted and slowest since Q 4 2009. It portends slower Q 3 GDP growth than Q 2's weak 1.7% pace.

Hourly and weekly earning declined fractionally. The latter fell for the second straight month. It was the first time since winter 2009. Given rising food, energy, healthcare and transportation costs, household spending power is increasingly pressured.

Forward-looking indicators portend further employment deterioration. Workweek and overtime hours growth are absent. The factory workweek declined for the past four months.

Most jobs created are part-time or temp low pay/poor benefit ones. Temp hiring tends to lead total employment up or down. It fell for the first time in five months.

In August, it's significant that nearly twice as many people went on food stamps as found jobs. Recovery is pure fakery. Main Street America remains in protracted Depression. Half the population is impoverished or bordering on it.

Lost public ector jobs make things worse. Instead of creating them during hard times, nearly 700,000 federal, state and local positions were shed since summer 2008. Around half are teachers. 

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It's part of Obama's anti-public education jihad. He wants it commodified into another business profit center. Teaching and learning don't matter. Corporate America's bottom line counts most. At issue is sacrificing a generation of youths on the alter of money power wanting more of it.

Obama menaces freedom and other democratic values. Besides waging war on humanity multiple ways, since taking office in January 2009, employment is down 261,000. 

The jobs creator lost them big time. Those generated stand in stark contrast to bountiful good full-time ones. They were plentiful most often from the 1940s through the 1960s.

Since the 1930s, negative employment only happened once at this stage in the presidential cycle. It was during Bush's first term. He got a second because of electoral rigging. 

He lost in 2000 and 2004 but served eight years as president. Whether Obama matches him remains to be seen. At this stage, it's close. 

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Wall Street favors both candidates. Whatever the outcome, they'll win. They still get to choose. Whatever they want, they'll get. In two months, we'll know what they've already decided.

BLS releases seasonally adjusted numbers. Unadjusted figures paint a different picture. The over 16 aged non-institutional labor population isn't seasonally adjusted. It rose 212,000 to 243.6 million.

Unadjusted Household Survey labor force numbers contracted 1.27 million in August compared to the adjusted 368,000 decline. The unadjusted participation rate fell twice as much as the adjusted figure.

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I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.

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