ALFREDO ORTIZ: Corporate Media Desperately Wants You To Ignore This Alarming Factoid In Newest Jobs Report

Ignore the May jobs report‘s topline establishment survey number and the media’s celebratory reporting. It’s not to be trusted.

A new analysis by the 🏢Daily Caller News Foundation shows that payrolls were overstated by 1.3 million last year after accounting for the constant downward revisions. A new Bloomberg Economics report finds monthly job gains were overstated by 730,000 last year. Bloomberg says a surge of business closures is to blame.

Instead, look at the report’s more accurate household survey, which takes into account self-employed workers. That figure shows the economy lost a massive 408,000 jobs and an obscene 625,000 full-time positions last month.

These are the figures the media and the American public should focus on. The gap between the establishment and household surveys has never been larger. The unemployment rate increased and the labor force participation rate fell.

Even taking the payroll figure at face value, approximately half of the new jobs created were in the unproductive government or quasi-government healthcare and social services sectors of the economy. These jobs don’t generate real economic growth or increase living standards.

Meanwhile, real wages remain stagnant, as persistent inflation makes it impossible for workers to get ahead. As a result, credit card debt is at an all-time high of