In my column on Friday I reported the unreported facts in the payroll jobs report. http://www.paulcraigroberts.org/2016/01/08/another-fabricated-jobs-report-paul-craig-roberts-2/ If we choose to believe the report, it is really very bad news. Good middle class jobs are continuing to decline. The new jobs are jobs that pay considerably less and often are part-time jobs devoid of benefits. Moreover, the new jobs are going to people outside the prime working age. The unavoidable conclusion is that for the majority of Americans, economic prospects are declining.
There is more bad news to be added to this dismal picture. The payroll jobs report provides both the actual numbers of jobs from the survey and the seasonally adjusted number. The news release is always the seasonally adjusted number, which is the number that my column examines. However, the seasonally adjusted number is concocted.