Happy Labor Day!

By Greg Hunter’s USAWatchdog.com

This is not going to be a long post today.  Everybody is going to be out cooking on the grill and having fun.  I just want to clear up one little number the Bureau of Labor Statistics (BLS) put out on Friday.  The BLS reported “zero” net jobs were created last month.  According to John Williams of Shadowstats.com, the jobs picture was more dire than reported.  In his latest post Williams said, “The U.S. employment picture is much worse than reported, thanks partially to the Bureau of Labor Statistics’ (BLS) use of gimmicked revisions, which are a natural fallout of the “concurrent” seasonal-factor adjustment concept used in the payroll survey (also used by other statistical bureaus in reporting series such as retail sales and new orders for durable goods).  The effect has been to mute the reported impact of layoffs. . .”  The U.S. lost 58,000 jobs from July to August according Shadowstats.com.  That’s right, the “zero” number of jobs created is really a negative 58,000 job loss!  How bad is it getting when “zero” starts looking pretty good?  The “jobs” speech President Obama is going to give this week is going to be interesting.  Happy Labor Day.

Comments
  1. Sam

    Dear Greg,

    Happy Labor Day to you. (Although, truth be told, with small business people like us, its more like, “What’s a holiday!?”)

    • Greg

      Keep you chin up Sam. If you are still in business in this environment you are doing something right!!!
      Greg

  2. Eli

    Hi Greg,

    Accidentally, I found out this website when I was googling about QE3. Love your writting and motto! Keep on going.
    I am waiting your writting about QE3:)

    • Greg

      Eli,
      It is coming soon and a new article too on QE3. Happy you are here!!
      Greg

  3. Matslinger

    Crime is beginning to overtake employment as a national passtime.
    Well meaning people of all ages are being drawn to the dark side
    as simple necessities of life are pushed further out of reach.
    I moved to the country 12 years ago, and occasionslly go into the city for various reasons… you can feel the tension building, and
    see agression on the highways in the metro. I’ve learned that small towns outside the metro are discussing “blockades” to protect their
    towns from the metropolitan exodus that’s expecetd when the dollar
    God is finally revealed to be a fraud. How sad that people have to wait until the last hour before they “get it”.

  4. Brad

    All we are doing is reinventing the wheel. We are far from the the first government/entity to create colorful accounting practices, while in the throws of the plunge, in order to create a public perception that “everything is okay”. The Weimar Republic did it in the last few years and so did Enron; and everyone in between. The question people should be asking themselves is why is Obama’s Head of Council of Economic Advisors position being rotated like someone mounted a turnstile at the front door. These people seem stay there only long enough to really figure out what the ship is doing; then they are out the door and back to their “teaching” positions. It’s like the kid that bolts out of the ghost house at mach speed, pale faced, screaming, “Don’t go in there”.

  5. Charles Allen

    Greg…Happy Labor Day!

    This is just another example of the continuous lies that come from Washington DC. Is there anything that can be believed from that bunch of crooks? I think not!

    President Obama is showing concern for job creration because it will be a big issue in the upcoming presidential election. What has he done to create jobs since he came into office? Wiped most of them out.

    The economy is completely in the hole, with no possible recovery insight. So, even if jobs are created, the dollars earned will not be worth anything.

    I don’t blame Democrats or Republicans; they are both the same, I blame the American people (including me) for letting the foxes into the chicken house. Once inside they consumed the future of this country and we let them do it.

    Have a great Labor Day and relax a little.

  6. Ron

    Get it together now. Buy tires for your car if you need that. Get a security devise for your protection at your home. Brace yourself and be prepared for the coming sorrow. There are 20 million people who have lost their homes. Now they are losing their food for themselves and their children. What do you think will happen?

    Brace yourselves and be prepared. Protect your family and get ready for a very ugly period in the History of the United States of America.

    Also, see what happens when you go the the gas station with a gold coin and ask for change. This will not be good for you. You will not get change.

    Good Luck,

    Ron

    • NCdirtdigger

      That’s what silver is for.

  7. woody188

    HP and Motorola lay-offs are just around the corner what with HP leaving the PC/Phone/Tablet manufacturing business and Google buying Motorola Mobile. It’s going to be a lousy Christmas for those folks.

    Happy Labor Day.

  8. Ellen

    It’s a wonder we have any jobs at all. I just heard last night on Coast to Coast, how the Fed’s shut down the Gibson Guitar factory in Tenn, due to a problem with the wood finishing, that was done at the factory, rather than India. In fact, it was said by the Gibson Guitar company that the Fed’s suggested that they send their jobs over to India for those workers. It’s frightening to me in this present economic depression/recession we are in that our federal government would suggest out manufacturing jobs should go to another country. I have been asking myself is this president and his administration working toward completely destroy this country? How long is it going to take for America to wake up to the secret/behind the scenes destruction of our country right before our eyes?

  9. Phil Fleming

    Hey Greg
    One by product of your site is that you make me look like a genius to my kids. When the employment numbers came out for July in August I told my son that they would be revised later, that this was just a gimmik to prop up the stock market and give people false hope while their dollars continue to drain from their accounts. When the revisions came out I asked my son if he remembered my conversation with him and he did. It was a great opportunity to illustrate to him that our government and media cannot be trusted. Thanks for keeping us informed and prepared. Happy Labor Day too.

    • Greg

      Nice story Phil, I am happy you told it here.
      Greg

  10. Jan

    Greg,
    Thanks for the short update today, hope you had time to relax and step back and enjoy the day. I keep seeing local lay-offs climbing and our state just discovered their revenue projection at the end of the legislative session in June is two million short.

    I own a specialy retail store, business has been fantasic in spite of the economy and the gyrations of the market. I feel like this is the Roaring 20’s all over again. The market crash of 2008 brought our business slamming down in short order. Everyone wanted CBNC on the TV all day long. Today, they are not paying any attention to the market, the local lay-offs or the state budget shortfall. Everyone seems to have a false sense of security. They saw the market crash and then they saw it climb again. It is not where it was (& won’t be) but it came back enough and they expect it to climb sky high again.

    I remember the pain of the crash and read everything I can on the true state of the economy, starting here first thing every morning and I come back often to read everyone’s comments too.

  11. Ambrose

    Greg,

    Unless you are big banker or CEO of big corporation, there is nothing to celebrate in this Labor Day.

    Poor economy, high unemployment, stagnant wages, diminishing savings, increasing medical expense, rising debts, rocky stock market and uncertain future – there are so many things that will keep an average American awake at night.

    Whether the number of jobs “created” is zero or negative, Obama already becomes the infamous “Zero” President in American history.

    I hope US Federal Reserve will never become the next Reserve Bank of Zimbabwe. The highest currency from Zimbabwe is a 100 trillion dollars bill. Bernanke could have printed one of these (of course in US dollars) to pay for the national debt and keep the change as national surplus. Happy Labor Day.

  12. slingshot

    Rep. Maxine Walters, ” Tea Party, Go to Hell”. Hoffa Jr. ” Lets take these sons of bitches out” V.P. Joe Biden, “Barbarians”. These are the words that will unite our country? They say them with conviction. Is this how our supposed leaders should act? I feel as if I have been under attack as such words as “Cowards, Terrorist and Extremists are used to describe me as I use my Constitutional Rights to express my opinions. They have used these words as though I should be hanged from a tree. These words are meant to incite and not unite and when the voting is all over there will still be bitter resentment no matter who wins. There will be a time when words will mean nothing.
    That will be a dangerous time.

    Si Vis Pacem, Para Bellum.

  13. Davis

    Beware the Ides of …….. September?

    There is a dirty little secret in the financial world. A secret that might be whispered about behind closed doors but is seldom if ever discussed in the open. That being that each year as the calendar rolls around to September fear (some might argue insanity) begins to grip the hearts and minds of the power elites and knowledgeable historians alike.

    You see it’s this period when financial calamities and wars have a nasty tendency to set in. The signals that this may well prove to be one of “those” Septembers have already begun. When the otherwise aloof, stable or independent (choose your own adjective) Swiss begin to succumb to the financial insanity sweeping the rest of Europe and the U.S. you might want to do a little more than scratch your head about it.

    You see over the last few months, as the chaos and uncertainty in the Euro zone has metastasized there has been a flight of not just Euros but also U.S. Dollars into the Swiss Franc. Being such a small economy relative to the rest of Europe and the US there simply not enough Swiss Francs to go around, and as a result as when anything in demand becomes scarce, it price goes up. This has caused the Franc to appreciate against the Euro and the Dollar by nearly 40% since June of last year. This in turn has played havoc with Switzerland’s ability to export goods by essentially pricing it out of the market.
    In reaction the Swiss have now decided to join the global race to the bottom in currency devaluation. At first they announce that they were going to simply print more Francs to meet the demand, but even that had a minimal effect on its soaring exchange rates. So today it would appear that the Swiss have decided get fit for a straight jacket and announced that the Franc will be fixed at 1.20 Francs to the Euro. Immediately the Franc went over the cliff, falling nearly 8% in a matter of 20 minutes.

    But this may be only the beginning. On Wednesday the German Supreme Court is expected to announce its ruling on the Constitutionality of Germany’s further participation in bailing out the PIIGS. The results of local elections coming in across Germany in the last few weeks have pretty well indicated that the population has had enough of Angela Merkle’s policy of using Germany’s economy as the bailout bank for the rest of Europe. The political pressures falling on the court must be tremendous. If they rule that further participation is unconstitutional the EFSF (European Financial Stability Fund) and any further discussions of disbursements to the PIIGS may fall apart within days if not hours. If they rule that it is constitutional and Merkle continues to sacrifice German GDP to the preservation of the Euro political chaos in Germany may be in the cards in the very short term. Just ask yourself; just when has political chaos in Germany ever turned out well for the rest of Europe or indeed the world?

    Let’s be honest here, all this chaos in the financial markets, all of it, is the result of politicians and bankers trying to bend the natural forces of markets to their will. Be it fiat currencies, price fixing and/or manipulation, it never works out in the long term. It’s almost a constant recurring theme of history matched with human arrogance and hubris that “this time it will be different”. Well maybe I should take that back a bit. This time will be different, this time the results will be much worse!

    All the proponents of a “New Age” have said that man must develop a “collective conscience” to survive in an ever changing and modern world. Well I think they have achieved it, except it’s not a new enlightened consciousness, it’s a collective insanity of thinking that a certain set of people know better than the common sense of the “great unwashed”. The hubris of the powers that be trying to impose their delusions on the rest of the world that they are actually in control of events and that by mere force of will markets and nations and people can be forced into compliance to their will.

    Only problem is in spite of the propaganda to the contrary it isn’t working. Aren’t these very same “powers that be” the titans of Wall Street and their wholly owned politicians in Washington? Why then have their vaunted institutions fallen into not just disrepute but near term financial collapse? Aren’t they “Too Big To Fail?” Wasn’t all that TARP money and stimulus spending supposed to save them and us as well? Explain to us please how B of A falling from over $50 a share to under $7.00 a share is a reflection of stability and control. Yes B of A may be an extreme example in the percentage of decline (smells like Lehman Brothers to me) but almost all of the big banks have fallen off over 50% from their highs. How do they then justify paying their executives huge bonuses (with taxpayer dollars no less) when their performance has been so abysmal? How long do they think the people will continue to buy the load of garbage coming out of Washington that they can fix the unfixable just as long as all the rest of us just tighten our belts and do with a “little” less so the banks can survive and continue paying those bonuses?

    Now that Swiss Francs, financial stocks or Treasury Bills can no longer be able seen as a “safe haven” against the chaos we just might want to look at what can be expected to happen to gold and silver. It’s almost vertical trajectory over August, in spite of high volatility can hardly be dismissed as “unexpected” or irrational flight into a “barbarous relic.”

    Does any sane person think that the banks and politicians here will not react to their defacto “loss of control” exactly as their counterparts in Europe have done? Do they actually think that people here will buy into the meme of less for the people and more for the banks any more than the Europeans have? Well maybe they do, but that is just further demonstration of the depth of their delusions and the heights of their hubris. For them no warnings need be heeded, no events need be seen as precedent, at least not until they have their corporate jets warmed up on the runway and they flee to their extradition free haven of choice and they leave the rest of us to reap the cost of the chaos they have sown.

  14. Bob

    Hoffa was a supporter of Bush jr. A bad move for unions and the country, but a good move for Hoffa to get the government out of the teamsters. Hoffa new power made it hard for members to replace the union leaders. Hoffa is just another kid born rich, nothing new here, just move along. Old man Hoffa was going to build a retirement city with healthcare for the old teamsters but that was put to a stop for some reason. I guess the mob wanted more gambling halls. The mob boys tried to move in on my union we gave them hell and got are own lawyers it took a couple years but they didn’t get are money. I don’t think the lawyer’s would of save us if we weren’t ready to shot the whole lot of them. It was a wild couple years, guns and fighting but when you have big funds of money the worthless people always show up to rob you and that includes the lawyer’s who you hire. I love my brother Ironworkers and will do what it takes to control are town an care for are families. PEACE LOL

  15. Linen Ghost

    If, as many on here propose, that the ‘fit will hit the shan’ very soon; what are the average and below average hoi poloi to do?

    Honestly asking: beyond holding some silver coins, taking advanatge of BOGO sales to stock up the pantry, having no debt, cleaning the firearms and stocking up on some ammo, what are some concrete suggestions for the suburban dweller who cannot move to the country or purchase farmland?

    I am in concurrance with many of the opinions expressed here, we as a nation and a species are in a world of hurt of our own making; not to discount all the loss and suffering that is going on due to climate and planetary dynamics. Stable appearing circumstances can and have changed in a moments time.

    “May you live in interesting times”, I heard as a young man being attributed as a Chinese proverb and actually a curse; think now that I am seeing it come to fruition.

    Bon Chance, Mon Ami…

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