Originally published September 4, 2023 9:00 am PDT
Recent revelations from the August jobs report have spurred concerns among analysts and economists.
Amidst the flurry of figures released, a striking detail emerged: a whopping 1.2 million jobs previously held by native-born workers were lost, and, interestingly, this void was filled with a significant rise in foreign-born employment, amounting to 668,000, according to ZeroHedge.
While some indicators like the spike in the unemployment rate seemed negative, others, like the rise in labor force re-entries, painted a different picture.
However, digging deeper exposes a more worrying trend for the job market in 2023.
There’s been a pattern of downward revisions in monthly payrolls throughout 2023.
Such consistency across multiple months raises eyebrows and hints at possible “political interference,” creating a skewed narrative.
The Birth-Death model of the Bureau of Labor Statistics (BLS) added another anomaly by attributing 103K jobs last month, accounting for over half the reported figures.
This, despite the drastic drop in new company creations over the past year.
In a further breakdown of the data, SouthBay Research noted that 90% of the total private payroll growth (159K out of 179K) for August was due to Seasonal Adjustments.
The quality of the jobs presented in the report also deserves scrutiny.
August witnessed a decline in full-time jobs by 85K, after a previous reduction of 585K in July.
This massive two-month decrease is the largest since the initial Covid lockdowns of 2020.
In contrast, there was a surge in part-time employment, registering an increase of over one million in two months, ZeroHedge notes.
This shift in employment dynamics might explain why many individuals now hold multiple jobs, trying to keep pace with the evolving economic landscape, dubbed by some as “Brandonomics,” an anti-Biden play on the term “Bidenomics.”
However, the most contentious detail was the demographic breakdown of the employment figures.
The BLS data highlighted that the employment count for native-born workers fell by 1.2 million from July to August, with the total count standing at 131.031 million.
In comparison, foreign-born workers saw an increase of 668K, reaching a record 30.396 million.
The disparity is more pronounced when considering that native-born job numbers peaked at 131.721 million in October 2019 and haven’t surpassed that since.
In contrast, foreign-born job numbers surged to a record high of 31.396 million, a 2.5 million increase since March 2019.
A concerning revelation is that “all job creation in the past 4 years has been exclusively for foreign-born workers,” according to ZeroHedge.
This trend raises alarms for potential political implications, as many believe that the current administration’s policies might be fueling this disparity.
Last week’s insights suggest there’s an underlying issue that’s soon to become a significant political scandal.
As it stands, “native-born workers have barely budged from their pre-covid levels, while foreign-born workers have soared.”
Critics argue that while propaganda might hide these discrepancies temporarily, a potential recession could trigger a wave of discontent among unemployed Americans.
They will likely demand “a more accurate explanation for what happened – i.e., the illegal immigration floodgates that were opened by the Biden admin.”
