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Dr. Paul Craig Roberts – Unemployment in America: Another Phony Jobs Report

As John Williams has made clear, the monthly payroll jobs number consists mainly of an add-on factor of 200,000 jobs.  These jobs are a product of the assumption in the Birth-Death Model that new business ventures create more unreported new jobs than the unreported job losses from business failures.   If we sustract out this made-up number, July saw a gain …