WATCH WHAT THEY DO

01 Oct WATCH WHAT THEY DO

Think about the number of times on my blogs and on my podcast that I’ve said: don’t pay so much attention to what the fat cats say – especially to those of us they consider to be the unwashed masses – but watch what they do.

Here we go. Prime case in point:

“Even the Fed is cutting jobs — for the first time in more than a decade”

–https://www.cnn.com/2023/09/22/economy/fed-job-cuts-economy/index.html

I see. So even as they are trying to convince us they can be dovish on the economy and maybe rate hikes can stop awhile and maybe we’re in for a soft landing after all: they are cutting jobs. Funny how that goes, ain’t it?

Even as Federal Reserve Chair Jerome Powell reassures the public about the state of the US economy, the organization is quietly laying off workers at its own doorstep.

The Federal Reserve system is cutting approximately 300 jobs through the end of the year, a Fed spokesperson confirmed to CNN on Friday.

This marks a rare drop in headcount at the central bank, the first since 2010. The Fed system employs about 21,000 people across its 12 regional reserve banks.

-CNN, Ibid.

Notice the word: quietly. Yuh-huh. Sounds like how the government “quietly” revised its labor market reports when no one was looking.

–https://www.usatoday.com/story/money/2023/08/23/jobs-report-employment-down-306k/70658639007/

This was published on August 23rd, so I guess that’s when the MSM decided it was OK to announce, “Ha ha. Oopsy daisy.” I really wish I could stop being vindicated on my contrarian predictions, but good grief, people.

“Last year’s booming job market wasn’t quite as robust as believed.

The U.S. Bureau of Labor Statistics on Wednesday revised down its tally of total employment in March 2023 by 306,000. The change mostly means there were about 300,000 fewer job gains from April 2022 through March 2023 than first estimated.

Put another way, instead of adding a booming average of 337,000 jobs a month during that 12-month period, the nation gained a still vigorous 311,500 jobs monthly, on average.

The agency’s annual benchmark revision is based chiefly on state unemployment insurance records that reflect actual payrolls. Its estimates in monthly jobs reports are based on surveys. Wednesday’s estimate was preliminary and could be revised further early next year.” – USA Today, Ibid.

There’s no telling what the truth is. My thought is that if you’re being allowed to know that the numbers were somewhat bogus and the “booming job market wasn’t quite as robust as believed,” only Heaven knows how bad it truly is.

–https://thejobmarketjournal.com/f/ha-ha-the-numbers-were-lies

It’s my belief that these fat cats and Wall Street bankers and the politicians and billionaires and their cronies tune out the bullsh*t that’s spoonfed to John & Jane Q. Public. Watch what they do.

And even though you’re supposed to believe that layoffs have abated and things have stabilized, go to https://layoffs.fyi/ and survey the scene. Does it look like layoffs have abated to you? ‘Cause it doesn’t to me.