Ep. 205 - BLS Report Analysis: Is the Job Market Stronger or Weaker?
Will the Federal Reserve's next move be influenced by the questionable BLS jobs report?
In episode 205, we dive deep into the latest Bureau of Labor Statistics (BLS) jobs report, uncovering the numbers that could significantly impact the Federal Reserve's decision-making process. Quinton analyzes the surprising surge in government jobs, the discrepancy between reported and calculated unemployment rates, and the record-breaking number of multiple job holders.
This episode covers the potential political implications of these job numbers, especially in the context of the upcoming election. Quinton questions the accuracy of the reported 4.1% unemployment rate, suggesting that a more realistic figure could be 4.5% when accounting for average government job creation. He also highlights the concerning trend of part-time jobs dominating the market and the creation of 69,000 new bartender positions, questioning the strength these numbers truly represent in the economy.
[00:00] - Introduction and overview of the BLS jobs report
[01:18] - Analysis of the household survey and government workers surge
[06:04] - Government jobs vs. Private sector job numbers
[06:56] - Part-time jobs and unemployment rate discrepancy
[07:44] - Why will the Federal Reserve continue to make cuts?
[10:22] - Breakdown of job creations, focusing on leisure and hospitality sector
[12:55] - Potential impact on the upcoming election and future economic outlook
Key Quotes:
"The number of people who need more than one job to survive in this economy, is at an all time high. That is not strength." - Quinton Harris
"Whoever wins is going to inherit a pretty dismal unemployment and labor market. That's a fact." - Quinton Harris
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