by Andrew Hoffman
It’s Friday morning, just after publication of the June NFP jobs report, and I’m going to write today’s article in real-time – as following publication of the “most important jobs report ever,” a title I write with violently dripping sarcasm, the data, financial markets, and media spin are rapidly evolving. To wit, the start of the day may have gone according to the powers that be’s plan; but who knows, in today’s environment of, putting it mildly, “exceptional circumstances,” how it will end?
The NFP, or non-farm payrolls employment report, published by the Bureau of Labor Services, or BLS, has been the government’s top propaganda statistic for as long as I can remember; but particularly since the 2008 crisis, as it’s “improvement” has been used to validate the insane fiscal and monetary policies utilized to kick the can this far. Or, more broadly, since the turn of the century, when the exodus of high-paying manufacturing jobs to points overseas commenced.