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Affluent Investor | April 29, 2017

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Were the Good Jobs Numbers Cooked?

grill PUBLIC DOMAIN

The real (unadjusted number) for Non-Farm Payrolls was a drop of 1,030,000 in July and last year that drop was 943,000. Therefore, I question the BLS seasonally adjusted data of an increase of a 255,000. Also, there were over 600,000 less jobs created year over year from July 2015 to 2016 than there were in the year prior. In addition, data from Paychex shows the percentage of job growth that is merely part-time is accelerating sharply.

Therefore, although the economy is still adding net new jobs it would be a mistake to believe that the pace new job creation is accelerating or that the quality of job growth has improved.

 

Article courtesy of Pentoport.

Michael Pento is the President and Founder of Pento Portfolio Strategies (PPS). PPS is a Registered Investment Advisory Firm that provides money management services and research for individual and institutional clients.

Michael is a well-established specialist in markets and economics and a regular guest on CNBC, CNN, Bloomberg, FOX Business News and other international media outlets. His market analysis can also be read in most major financial publications, including the Wall Street Journal. He also acts as a Financial Columnist for Forbes, Contributor to thestreet.com and is a blogger at the Huffington Post.

Prior to starting PPS, Michael served as a senior economist and vice president of the managed products division of Euro Pacific Capital. There, he also led an external sales division that marketed their managed products to outside broker-dealers and registered investment advisors.

Additionally, Michael has worked at an investment advisory firm where he helped create ETFs and UITs that were sold throughout Wall Street. Earlier in his career he spent two years on the floor of the New York Stock Exchange. He has carried series 7, 63, 65, 55 and Life and Health Insurance Licenses. Michael Pento graduated from Rowan University in 1991.

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