More Fantasy Jobs From U.S. 'Recovery'
The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.
NEW YORK (Bullion Bulls Canada) -- It becomes more and more difficult to discuss U.S. employment "statistics," since an ever greater percentage of what is presented is simply total fabrication. The U.S. Bureau of Labor Statistics (BLS) might as well abbreviate its name to "Bureau of LieS" as none of the reports it produces bears any resemblance to the real world.
To this mountain of fiction we can now add the "ADP" monthly-payrolls report. This statistic is supposed to be beyond manipulation, as its data-stream comes directly from the payrolls of U.S. employers. However, look at "the fine print" and we will see that its report represents the data of less than 1/6th of total employment.
When the reporting excludes 85% of the U.S. economy, it obviously becomes very easy to "stack the deck." As an easy example: the U.S. is (still) embroiled in two (and now three?) wars. With the biggest war-machine in the history of the world, certainly more than 1/6th of the U.S. economy is devoted to simply servicing that war-machine.Thus all that ADP Employment Services needed to do to create a "U.S. economic recovery" is to focus its reporting on U.S. companies which derive a substantial part of their revenues from the U.S. military -- a very long list. Having established that this data-stream could have easily been skewed to the point of total irrelevance, the question then becomes: is there evidence of such fabrication? Fortunately, there remain a few niches of data reporting in the U.S. economy which have not yet been completely "sterilized" by the U.S. government's propaganda-machine. When such data is depicted in the form of long-term charts, those charts paint an irrefutable picture of an economy mired not merely in a "recession," but one which is clearly experiencing a depression. Let's start with the one measurement of the U.S. unemployment rate which is still in the same ballpark as real-world numbers: the "U6" measurement.
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