ALFREDO ORTIZ: Under The Hood, The Jobs Report Is Not Strong

Looking under the hood of today’s jobs report shows it isn’t the home run that Democrats and the media claim.

Approximately half of the 303,000 jobs created last month came in the unproductive government or quasi-government healthcare sectors. These are not the types of jobs that drive growth and improve Americans’ living standards.

Looking at the broader Household Survey, which includes ordinary self-employed workers, shows a far clearer picture than the Establishment Survey, which double-counts multiple jobholders. For instance, it reveals full-time jobs actually declined last month, while part-time jobs exploded. It shows there are 400,000 fewer Americans employed than in November – the mirror image of the Establishment Survey’s topline number.

Just as troubling, the jobs report shows average wages are growing slower than inflation again, decreasing living standards. Needless to say, wages that can’t keep up with inflation are not a sign of a strong 🛠️Labor market.

Don’t expect to hear any of these hard truths from the mainstream media, even though they are far more reflective of the actual state of the jobs market and broader economy.

While the economy is working for Wall Street and K Street, it’s on fumes for Main Street. According to JCN’s latest national poll of small business owners, respondents say, by a two-to-one margin, that the economy is getting worse, not better. Two-thirds are concerned that economic conditions could force them to close.