{"id":16229,"date":"2016-01-10T16:14:25","date_gmt":"2016-01-10T21:14:25","guid":{"rendered":"http:\/\/olduvai.ca\/?p=16229"},"modified":"2016-01-10T16:16:10","modified_gmt":"2016-01-10T21:16:10","slug":"newsflash-from-the-december-jobs-report-the-us-economy-is-dead-in-the-water","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=16229","title":{"rendered":"Newsflash From The December \u2018Jobs\u2019 Report\u2014\u2013The US Economy Is Dead In The Water"},"content":{"rendered":"<header>\n<h3 class=\"entry-title\"><a href=\"http:\/\/davidstockmanscontracorner.com\/newsflash-from-the-december-jobs-report-the-us-economy-is-dead-in-the-water\/\" target=\"_blank\">Newsflash From The December \u2018Jobs\u2019 Report\u2014\u2013The US Economy Is Dead In The Water<\/a><\/h3>\n<p class=\"entry-meta\">Here\u2019s a newsflash that CNBC didn\u2019t mention. According to the BLS, the US economy generated\u00a0a<em><strong>\u00a0miniscule\u00a011,000 jobs<\/strong>\u00a0<\/em>in\u00a0the month of December.<\/p>\n<\/header>\n<div class=\"entry-content\">\n<div class=\"pf-content\">\n<p>Yet notwithstanding the fact\u00a0that almost nobody works outdoors any more, the BLS fiction writers added 281,000 to their headline number to cover the \u201cseasonal adjustment.\u201d This is done on\u00a0the apparent truism that\u00a0December is generally\u00a0colder than November and that workers get holiday vacations.<\/p>\n<p>Of course, this December was much\u00a0warmer, not colder, than average.\u00a0\u00a0And that\u2019s not the only deviation from normal\u00a0seasonal trends.<\/p>\n<p>The Christmas selling season this year, for example,\u00a0was absolutely not comparable to the ghosts of Christmas past.\u00a0Bricks and mortar retail is in turmoil and\u00a0in secular decline due to Amazon and its e-commerce ilk, and this trend is accelerating by the year.<\/p>\n<p>So too,\u00a0energy and\u00a0export based\u00a0sectors have been thrown for a loop in the last\u00a0few months by a surging dollar and collapsing\u00a0commodity prices. Likewise,\u00a0construction activity has been so weak in this cycle\u2014-and for the\u00a0good reason that both commercial and residential stock is vastly overbuilt owing to two decades of\u00a0cheap credit\u2014\u2013that its not remotely comparable to historic patterns.<\/p>\n<p>Never mind. The BLS always adds\u00a0the same\u00a0big dollop of\u00a0jobs to the December establishment survey come hell or high water. In fact,\u00a0the seasonal adjustment has averaged 320,000 for the last 12 years!<\/p>\n<p>For crying out loud, folks, every December is different\u2014\u2013and not just because of the vagaries of the weather. Capitalism is about incessant change and reallocation of economic activity and resources.\u00a0And now the\u00a0globalized ebbs and flows of economic activity have only accentuated the rate and intensity of these\u00a0adjustments.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Newsflash From The December \u2018Jobs\u2019 Report\u2014\u2013The US Economy Is Dead In The Water Here\u2019s a newsflash that CNBC didn\u2019t mention. According to the BLS, the US economy generated\u00a0a\u00a0miniscule\u00a011,000 jobs\u00a0in\u00a0the month of December. Yet notwithstanding the fact\u00a0that almost nobody works outdoors any more, the BLS fiction writers added 281,000 to their headline number to cover the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[926,3279,5979,2120,5845,3278],"class_list":["post-16229","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bls","tag-bureau-of-labor-statistics","tag-contracorner","tag-david-stockman","tag-seasonal-adjustment","tag-us-employment"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/16229","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16229"}],"version-history":[{"count":3,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/16229\/revisions"}],"predecessor-version":[{"id":16232,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/16229\/revisions\/16232"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16229"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16229"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16229"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}