by Martin Armstrong
Armstrong Economics
The Bureau of Labor and Statistics released its report for July, indicating a slight uptick in employment. It is difficult to trust BLS data after their latest data revision that showed the Biden-Harris Administration have failed to create new jobs outside of the public sector. It was their steepest revision to data since 2009, yet all eyes were on July’s report. The headlines are optimistic about the workforce but fail to note two main issues – manufacturing is declining while the public sector is rising.
Manufacturing appeared flat during Q1 but it has been on the decline ever since as corporations move their operations overseas to avoid US regulation and taxation. The Biden-Harris Administration pledged to attract 1 million new manufacturing jobs in 2024. They believe that the CHIPS Act, Inflation Reduction Act, and Infrastructure Investment and Jobs Act will attract business and spent billions on these measures that have failed to produce a single job. Initial data claimed that manufacturing was soaring under Biden but that was only due to businesses reopening after the pandemic.