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The November BLS Report – Another Jobs Show About Nothing
by David Stockman LewRockwell.com
If the monthly jobs report were a TV sitcom it would truly rival “Seinfeld” as a “show about nothing”. That is to say, for years the report has suggested nothing especially remarkable about the US labor market, but without fail the talking heads of bubblevision nevertheless launch into energetic chatter about its manifold significance each and every month. More often than not, they even pronounce it to be the most important monthly jobs report since, well, the last one.
For instance, the November average hourly wage rate posted 12 cents per hour higher than the October level, and if you multiple that figure by 12 you get $1.44 per annum, which, in turn, would amount to a 4.11% annual gain.