New Record In Waiters And Bartenders Masks First Manufacturing Drop In Over 2 Years

By Tyler Durden – Re-Blogged From ZeroHedge.com

In August, the reality of the oil crunch finally caught up with the BLS, when not only did the number of Mining and Logging employees decline again by 10,000 workers to 823K, the lowest since October 2011, an 8-month stretch of consecutive declines last seen during the previous recession driven by the ongoing weakness in the oil patch and the US shale drilling sector…

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The Persisting Slump In Factory Orders——‘Escape Velocity’ It Ain’t

While the payroll report commands almost all attention, the view from factory orders is simply much more significant. Even if we accept that payroll growth is steady at something greater than 200k per month, that is still at least two steps removed from actual economic activity as is intended from that same orthodox framework. Jobs are supposed to lead to income which is supposed to drive further spending, so the jobs figures themselves aren’t even the true gain. It is always just assumed that spending goes with jobs without ever dissecting the processes that lay in between.

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Barack Obama Tells Another Whopper—He Did Not Create 12.8 Million Jobs

By David Stockman – Re-Blogged From http://davidstockmanscontracorner.com

America is better off when President Obama is out on the stump bloviating and boasting rather than in Washington actively doing harm. But the whoppers he just told the students at the University of Wisconsin are beyond the pale. Said our spinmeister-in-chief:

 And the unemployment rate is now down to 5.3 percent. (Applause.) Keep in mind, when I came into office it was hovering around 10 percent. All told, we’ve now seen 64 straight months of private sector job growth, which is a new record — (applause) — new record — 12.8 million new jobs all told.

That’s a pack of context-free factoids. There is still such a thing as the business cycle, and only economically illiterate hacks—-like those who work on the White House speech writing staff—-would measure anything from the deep V-shaped but momentary bottom that happened to occur during Obama’s second year in office. What counts is not that we’ve had a bounce after a terrible bust, but where we are now on a trend basis.

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