Another Dismal Jobs Report
by Stephen Lendman
America's economy heads for recession. Manipulated data conceal how bad things are.
Putting lipstick on this pig doesn't wash. One analyst said March data was miserable from every angle. Economist David Rosenberg called it "one soft US jobs report." It "quash(ed) the consensus view of economic re-acceleration."
It "adds validity to the view that the supply-side 'secular' non-inflationary growth potential (underwent) a profound decline this cycle." The inflationary consequences will show up later, he added.
Aggregate demand remains fundamentally weak. Nonfarm payrolls added 88,000 jobs. Doing so was less than half consensus estimates. The broader household survey shed 206,000 jobs. It was its worst read since July 2011.
The population/payroll/concept-adjusted component puts the household survey on a comparable footing to nonfarm payrolls. It slid 118,000. It was the second decline this year.
Part-time employment rose. It did so at the expense of high pay/good benefit full-time jobs. For years, they've been offshored to low wage countries.