by Michael Pento
The primary data point that the perennial bulls on Wall Street claim as evidence for an improving economy is the monthly jobs number. The Non-farm Payroll Report claimed that 255,000 jobs were added in July on a seasonally adjusted bases.
This number was well above the 12-month average of 190,000. And according to the Bureau of Labor Statistics (BLS), a total of 1.66 million additional people have been employed thus far in fiscal 2016, making this the one bright spot in the economy.
With 1.66 million additional paychecks flooding the economy, one would assume the U.S. Treasury was flush with new tax receipts, which would assist in reducing the budget deficit.