The Bureau of Labor Statistics (BLS) released February’s monthly jobs report today.
It exceeded all expectations. It’s one of the best looking jobs reports in months:
- Unemployment dropped from 7.9% to 7.7%
- Employment grew +236,000 over January
- Construction employment up +151,000 since September
However, the good news masks the rotten core that yet remains hidden under the hood. Ignore it at our economic peril.
Good News, Bad News
The BLS is a highly public government agency that presents facts favorable to whatever administration is in power – Democratic or Republican.
Things are never as rosy as presented in the monthly jobs report. The bad numbers are either minimized or ignored. That is to be expected. Its up to us to find the reality check.
For example, just three months ago the same drop in November’s unemployment – 7.9% to 7.7% – was hailed as recovery! We’ve recycled back to that…
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