Breitbart Business Digest: ‘The Labor Market Is Supported by Government Payrolls’

Good News in a Vacuum

The U.S. economy generated 206,000 new jobs in June, but even leftist and establishment media were quick to acknowledge that the overall numbers were not all that great.

The Bureau of Labor Statistics reported Friday that nonfarm payrolls increased by more than forecasters anticipated for the month of June, which sounds like good news… in a vacuum.

But this is not a vacuum.

Here is the rest of what you need to know:

First of all, the unemployment rate ticked up to 4.1 percent, which is higher than the forecasters predicted and tied with the highest level seen since October 2021.

Now here come the big shocking numbers of the day: The May jobs numbers were revised from 272,000 all the way down to 218,000; and April’s numbers dropped from 165,000 to 108,000.

Yes, you read that right. The Bureau of Labor Statistics cut 111,000 jobs from the April and May combined totals.

We’re not saying these numbers are cooked, but we’re not naïve to what it looks like.

This is wildly convenient for the Democrats and their defenders in the media. The solid topline number got the main headline even though the reality is that prior good news has been completely negated.

It gets worse, still. Long-term unemployment rose by 166,000 to 1.5 million, which is up nearly 40 percent from a year ago.

Black and Asian workers also fared poorly in June. Black workers saw their highest unemployment number in months (6.3 percent), and Asians are experiencing their highest jobless rate since August 2021.

The Government Supported Labor Market

One additional piece of data we are always keen to track at the Breitbart Business Digest is government payrolls, and – are you sitting down? – they comprised a substantial portion of the alleged 206,000 new jobs. There were a stunning 70,000 new government jobs in June. This is nearly triple the number from the prior month.

Another 82,400 jobs last month came from the health care and social assistance sectors, which largely rely on taxpayer funds.

As we inch ever closer to election day, and with Joe Biden trailing badly in the polls, he and his allies will undoubtedly do everything to use your tax dollars to create favorable news cycles for themselves. It’s hard to blame them, as infuriating as it is. What choice do they have, at this point?

Yet, as conscientious observers of American life and politics, it’s incumbent upon all of us to internalize what is truly going on in our jobs market.

“The labor market is supported by government payrolls,” Jeffrey Roach, chief economist at LPL Financial, told investors.

Exactly.

This fact shouldn’t surprise anyone, especially loyal readers of this newsletter, but it should prompt some serious reflection and frank discussions with friends and loved ones. If Joe Biden is allowed to remain president, America’s march toward socialism, which is well underway, only stands to accelerate.