The consensus of reporting is that the 155,000 new jobs created last month means that “employment growth is still on a sound footing.” That number, however, is seasonally adjusted. The unadjusted number was a mere 33,000 new jobs. Even if you accept the rosier adjusted number, despite no explanation ever being given for why the adjustment is needed or how it is made, the 155,000 new jobs did not keep up with the 176,000 new people who entered the work force, so I find the “sound footing” hard to swallow.
Of those 176,000 new workers, 33,000 found new jobs, 20,000 joined the workforce as unemployed, while 122,000 were “seasonally adjusted” out of the statistics. Awesome.
Year-to-date numbers are even more depressing. Without the “seasonal adjustments,” which cannot possibly be needed in annual numbers, 275,000 fewer jobs have been created this year than were created in the same period of 2015, and 460,000 fewer jobs have been created this year than were created in the same period of 2014. To condense that a little bit, the economy is down by 275,000 jobs over last year, and by 460,000 jobs over the year before that. Sound footing?
The candidates are too busy pointing out each other’s personality flaws to have time to discuss anything like the job situation faced by working class men and women.