Following last week’s horrendous jobs report, the Kamala Harris campaign issued a statement blaming – you guessed it – Donald Trump!
“Donald Trump failed Americans as president, costing our economy millions of jobs, and bringing us to the brink of recession,” said Harris for President spokesperson James Singer in a statement.
“Now, he’s promising even more damage with a Project 2025 agenda that will decimate the middle class and increase taxes on working families, while ripping away health care, raising prescription drug costs, and cutting Social Security and Medicare — all while making his billionaire donors richer.”
According to Singer, “We’ve made significant progress, but Vice President Harris knows there’s more work to do to lower costs for families,” and “will make building up the middle class the defining goal of her presidency, taking on greedy corporations that are price gouging consumers, banning hidden fees, and capping unfair rent increases and drug costs.”
So – robotic talking points centered around blaming the guy who’s been out of office for 3.5 years.
On Friday the Labor Department revealed that US job growth cooled sharply in July, while the unemployment rate unexpectedly rose to the highest level in nearly three years. According to the report, the US added just 114K payrolls, a huge miss to expectations of 175K and also a huge drop from the downward revised June print of 206K, now (as always ) revised to just 179K. This was the lowest print since December 2020 (at least prior to even more revisions)…
As we wrote in response, these being numbers published by the corrupt Biden, pardon Kamala Department of Goalseeked bullshit, the previous months were revised lower as usual, with May revised down by 2,000, from +218,000 to +216,000, and the change for June was revised down by 27,000, from +206,000 to +179,000. With these revisions, employment in May and June combined is 29,000 lower than previously reported. It gets better because as shown in the next chart shows, 5 of the past 6 months have now been revised lower.
But while we have long known that the real payrolls number is far worse than reported, what was the true shock in Friday’s “data” is the long overdue admission that the US is effectively in a recession because as the rule named for pro-Biden/Kamala socialist Cluadia Sahm indicates, a recession has now been triggered. The rule, for those who don’t remember is that a recession is effectively already underway if the unemployment rate (based on a three-month moving average) rises by half a percentage point from its low of the past year. And that’s what just happened, with the unemployment rate surging 0.6% from the year’s low.
Tyler Durden
Sun, 08/04/2024 – 15:45
