Labor

Another Phony Jobs Report
And if true it is damning

The monthly payroll jobs reports have become a bad joke.
No growth in real retail sales, but 55,000 retail trade new jobs in February.
No growth in real consumer income, but 40,000 more waitresses and bartenders.
86,000 new jobs in Education, health services, and social assistance. February is a strange
month to be hiring new teachers. If February brought a quarter million new jobs, how come a
big hike in social assistance jobs?
Manufacturing lost 16,000 jobs.

For years, we noted that despite Goldman suffering progressively declining revenue...

... and occasional downward fluctuations in its bonus pool. one of its key "charms" for employees was that ever since the financial crisis, its total number of employees never declined. That is no longer the case.

By EconMatters

Sparks flew in the middle of the day, but when all was said and done we finished relatively flat for the day in the oil market. The week closes out Friday with the Employment Report.

https://www.youtube.com/watch?v=AbSYxXOO8qc

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For the second week in a row, initial jobless claims rose (up 6k to 278k) but remain flat at 42 year lows for the last year. Challenger job cuts rose 21.8% YoY (and yet initial jobless claims are lower still YoY. The problem with this 'data' is that employment signals from both manufacturing and services PMIs are entirely divergent...

Still it keeps The Fed's recovery narrative alive, so just hold your nose and buy the f##king dream.

British workers will have to work until they are 81 if they want to build up savings that guarantee their parents' standard of retirement, according to a new study by pension provider Royal London. Without significantly higher levels of engagement in pensions, the report concludes rather ominously, "we may be witnessing the death of retirement."

As AP reports,