by Dr. Paul Craig Roberts
On Friday the Bureau of Labor Statistics reported that there were 215,000 new jobs in March.
John Williams of ShadowStats.com reports that these “new jobs” result from the the Birth-Death model that “artificially inflates headline month-to-month payroll gains with add-factors that currently average well in excess of 200,000 jobs per month.”
In other words, the jobs are the product of a model’s assumption that unreported new start-ups created 200,000 more jobs than unreported business failures lost.
To look at the jobs report in a different way, assume March did bring 215,000 new jobs and ask, “which sectors had jobs gains?” The answer is the same as has been the case since I began years ago reporting on the payroll jobs report: