Thread: Nearly 107 Million Americans Do Not Have A Job Right Now

Nearly 107 Million Americans Do Not Have A Job Right Now

Nearly 107 Million Americans Do Not Have A Job Right Now

March 10, 2024 by Michael

A lot of people are really confused about the state of the U.S. economy right now. Large employers are conducting mass layoffs all over the country, and those that are searching for work are having a very difficult time. But meanwhile, the Biden administration and the mainstream media continue to insist that the unemployment rate is low and everything is just fine. So what can account for such incongruity? Hopefully by the time you are done reading this article you will have a much clearer view of what is really going on out there.


On Friday, the BLS released the employment numbers for the month of February. Zero Hedge is calling it “the most ridiculous jobs report in history”…

Last month we though that the January jobs report was the “most ridiculous in recent history” but, boy, were we wrong because this morning the Biden department of goalseeked propaganda (aka BLS) published the February jobs report, and holy crap was that something else. Even Goebbels would blush.

We were told that the U.S. economy added 275,000 jobs last month.
But if you dig deeper into the report, you will find that the number of native-born workers actually fell by 560,000 last month.
And over the past 3 months, the number of native-born workers has fallen by a whopping 2.4 million…

But wait there’s even more, because now that the primary season is over and we enter the heart of election season and political talking points will be thrown around left and right, especially in the context of the immigration crisis created intentionally by the Biden administration which is hoping to import millions of new Democratic voters (maybe the US can hold the presidential election in Honduras or Guatemala, after all it is their citizens that will be illegally casting the key votes in November), what we find is that in February, the number of native-born workers tumbled again, sliding by a massive 560K to just 129.807 million. Add to this the December data, and we get a near-record 2.4 million plunge in native-born workers in just the past 3 months (only the covid crash was worse)!

So where is the “job growth” coming from?
If you can believe it, the BLS is claiming that 1.2 million foreign-born workers were added during the month of February alone…

The offset? A record 1.2 million foreign-born (read immigrants, both legal and illegal but mostly illegal) workers added in February!

Are we actually supposed to believe such nonsense?
I find it hard to believe that more than a million foreign-born workers were added to the system in a single month when layoffs are at such extremely high levels.
According to Challenger, Gray & Christmas we just witnessed the highest number of layoffs during the month of February since the Great Recession…

Layoff announcements in February hit their highest level for the month since the global financial crisis, according to outplacement firm Challenger, Gray & Christmas.
The total of 84,638 planned cuts showed an increase of 3% from January and 9% from the same month a year ago, with technology and finance companies at the forefront.
From a historical perspective, this was the worst February since 2009, which saw 186,350 announcements as the worst of the financial crisis was seemingly coming to an end.

We really do have an employment crisis in this country, but those in positions of power are trying to convince us that what we can see with our own two eyes isn’t actually real.
In other words, they are gaslighting us really hard.
One of the ways they do this is by how they classify those that are not working.
When an adult is not working, they are classified as either “unemployed” or “not in the labor force”.
In February, 6,458,000 Americans were considered to be officially “unemployed”.
If that number was accurate, that would be good news.
But another 100,285,000 Americans were considered to be “not in the labor force” in February.
When you add those two numbers together, you get a grand total of 106,743,000 Americans that are not working.

In other words, nearly 107 million Americans do not have a job right now.
Let me try to put that number into proper perspective.
During the Great Recession, that number never even reached 90 million.
So right now, the number of Americans not working is far higher than it was at any point during the worst economic downturn since the Great Depression of the 1930s.
Meanwhile, conditions continue to get even rougher for those that are actually working.
The cost of living has been rising much faster than our paychecks have, and that is putting enormous stress on households from coast to coast.
Recently, I was stunned to learn that a 160 square foot home in Las Vegas is renting for 950 dollars a month…

A tiny home in the Las Vegas Valley is creating a big stir.
Nestled between two apartment blocks, the 160 sq ft tiny home, listed for $950 a month, has received more than 113 inquiries from eager renters.

That is absurd.
But this is what years of reckless money printing have done to us.
Housing has become more unaffordable than ever before, and this isn’t just happening in our heavily populated metropolitan areas.
If you can believe it, an average home in Bozeman, Montana now sells for more than a million dollars…

Bozeman, Montana, a small city of about 56,000 people, has seen home prices soar on the back of increased migration to the area, catapulting demand for properties.
A single-family home in the area rose by nearly 40 percent to more than $1.16 million as of February, according to the Bozeman Real Estate Group.

At the same time, paychecks are stagnating or even falling in some cases.
In fact, it is being reported that “48% of 2,000 US companies surveyed lowered pay for certain roles” in 2023…

But some are finding an unwelcome surprise as they scan listings for open roles. A salary bump is all but impossible; in many cases, wages seem lower than their previous pay – even for the same jobs.
They aren’t imagining things. A 2023 report on pay trends from ZipRecruiter showed 48% of 2,000 US companies surveyed lowered pay for certain roles.

The middle class is being systematically ripped to shreds.
With each passing day, more Americans are joining the ranks of the poor, and homelessness and hunger are absolutely exploding all over the nation.
What we are experiencing is the direct result of years of very foolish policies.
Unfortunately, much worse is on the horizon. The remainder of 2024 will be excruciating, and 2025 will be even more painful.

Nearly 107 Million Americans Do Not Have A Job Right Now (theeconomiccollapseblog.com)

Americans are out of work as the Democrats are trying to Employ Illegal Aliens

Inside The Most Ridiculous Jobs Report In History: Record 1.2 Million Immigrant Jobs Added In One Month

SATURDAY, MAR 09, 2024 - 11:25 AM

Last month we though that the January jobs report was the "most ridiculous in recent history" but, boy, were we wrong because this morning the Biden department of goalseeked propaganda (aka BLS) published the February jobs report, and holy crap was that something else. Even Goebbels would blush.
What happened?Let's take a closer look.
On the surface, it was (almost) another blockbuster jobs report, certainly one which nobody expected, or rather just one bank out of 76 expected. Starting at the top, the BLS reported that in February the US unexpectedly added 275K jobs, with just one research analyst (from Dai-Ichi Research) expecting a higher number.


Some context: after last month's record 4-sigma beat, today's print was "only" 3 sigma higher than estimates. Needless to say, two multiple sigma beats in a row used to only happen in the USSR... and now in the US, apparently.

Before we go any further, a quick note on what last month we said was "the most ridiculous jobs report in recent history": it appears the BLS read our comments and decided to stop beclowing itself. It did that by slashing last month's ridiculous print by over a third, and revising what was originally reported as a massive 353K beat to just 229K, a 124K revision, which was the biggest one-month negative revision in two years!

Of course, that does not mean that this month's jobs print won't be revised lower: it will be, and not just that month but every other month until the November election because that's the only tool left in the Biden admin's box: pretend the economic and jobs are strong, then revise them sharply lower the next month, something we pointed out first last summer and which has not failed to disappoint once.



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In the past month the Biden department of goalseeking stuff higher before revising it lower, has revised the following data sharply lower:- Jobs- JOLTS- New Home sales- Housing Starts and Permits- Industrial Production- PCE and core PCE

8:32 AM · Aug 30, 2023

To be fair, not every aspect of the jobs report was stellar (after all, the BLS had to give it some vague credibility). Take the unemployment rate, after flatlining between 3.4% and 3.8% for two years - and thus denying expectations from Sahm's Rule that a recession may have already started - in February the unemployment rate unexpectedly jumped to 3.9%, the highest since February 2022 (with Black unemployment spiking by 0.3% to 5.6%, an indicator which the Biden admin will quickly slam as widespread economic racism or something).

And then there were average hourly earnings, which after surging 0.6% MoM in January (since revised to 0.5%) and spooking markets that wage growth is so hot, the Fed will have no choice but to delay cuts, in February the number tumbled to just 0.1%, the lowest in two years...

... for one simple reason: last month's average wage surge had nothing to do with actual wages, and everything to do with the BLS estimate of hours worked (which is the denominator in the average wage calculation) which last month tumbled to just 34.1 (we were led to believe) the lowest since the covid pandemic...

... but has since been revised higher while the February print rose even more, to 34.3, hence why the latest average wage data was once again a product not of wages going up, but of how long Americans worked in any weekly period, in this case higher from 34.1 to 34.3, an increase which has a major impact on the average calculation.

While the above data points were examples of some latent weakness in the latest report, perhaps meant to give it a sheen of veracity, it was everything else in the report that was a problem starting with the BLS's latest choice of seasonal adjustments (after last month's wholesale revision), which have gone from merely laughable to full clownshow, as the following comparison between the monthly change in BLS and ADP payrolls shows. The trend is clear: the Biden admin numbers are now clearly rising even as the impartial ADP (which directly logs employment numbers at the company level and is far more accurate), shows an accelerating slowdown.

But it's more than just the Biden admin hanging its "success" on seasonal adjustments: when one digs deeper inside the jobs report, all sorts of ugly things emerge... such as the growing unprecedented divergence between the Establishment (payrolls) survey and much more accurate Household (actual employment) survey. To wit, while in January the BLS claims 275K payrolls were added, the Household survey found that the number of actually employed workers dropped for the third straight month (and 4 in the past 5), this time by 184K (from 161.152K to 160.968K).

This means that while the Payrolls series hits new all time highs every month since December 2020 (when according to the BLS the US had its last month of payrolls losses), the level of Employment has not budged in the past year. Worse, as shown in the chart below, such a gaping divergence has opened between the two series in the past 4 years, that the number of Employed workers would need to soar by 9 million (!) to catch up to what Payrolls claims is the employment situation.

There's more: shifting from a quantitative to a qualitative assessment, reveals just how ugly the composition of "new jobs" has been. Consider this: the BLS reports that in February 2024, the US had 132.9 million full-time jobs and 27.9 million part-time jobs. Well, that's great... until you look back one year and find that in February 2023 the US had 133.2 million full-time jobs, or more than it does one year later! And yes, all the job growth since then has been in part-time jobs, which have increased by 921K since February 2023 (from 27.020 million to 27.941 million).

Here is a summary of the labor composition in the past year: all the new jobs have been part-time jobs!

But wait there's even more, because now that the primary season is over and we enter the heart of election season and political talking points will be thrown around left and right, especially in the context of the immigration crisis created intentionally by the Biden administration which is hoping to import millions of new Democratic voters (maybe the US can hold the presidential election in Honduras or Guatemala, after all it is their citizens that will be illegally casting the key votes in November), what we find is that in February, the number of native-born workers tumbled again, sliding by a massive 560K to just 129.807 million. Add to this the December data, and we get a near-record 2.4 million plunge in native-born workers in just the past 3 months (only the covid crash was worse)!

The offset? A record 1.2 million foreign-born (read immigrants, both legal and illegal but mostly illegal) workers added in February!

Said otherwise, not only has all job creation in the past 6 years has been exclusively for foreign-born workers...

Source: St Louis Fed FRED Native Born and Foreign Born... but there has been zero job-creation for native born workers since June 2018!

This is a huge issue - especially at a time of an illegal alien flood at the southwest border...

... and is about to become a huge political scandal, because once the inevitable recession finally hits, there will be millions of furious unemployed Americans demanding a more accurate explanation for what happened - i.e., the illegal immigration floodgates that were opened by the Biden admin.
Which is also why Biden's handlers will do everything in their power to insure there is no official recession before November... and why after the election is over, all economic hell will finally break loose. Until then, however, expect the jobs numbers to get even more ridiculous.

Inside The Most Ridiculous Jobs Report In History: Record 1.2 Million Immigrant Jobs Added In One Month | ZeroHedge

I was a Democrat; 90-95% of everyone I knew was a Democrat; Several were actually Socialists but never let on. Hundreds and hundreds... Not No Mo

almost ALL have already left the left and a majority are now Independant's.