The Ugly Truth About the Recent Jobs Report

The Ugly Truth About the Recent Jobs Report. www.watchdogonwallstreet.com

Episode Transcript

Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.

Speaker 2 (00:16):
What was that song by Millie Vinilly? Blame it on
the rain, Blame it on the hurricane. A real ugly
jobs report, and they're saying and it's due to the storms.
Twelve thousand jobs. Twelve thousand jobs. Ouch, the prediction was

(00:36):
one hundred thousand. But let's go to the videotape, shall we.
The Labor Department has revised the last two jobs reports
lower by a combined one hundred and twelve thousand jobs.
H interesting, eight out of the last eleven jobs reports

(00:59):
has now been revised lower. Again. Little perspective here. Over
a million jobs disappeared from these job supports over the
past year. Honestly, what's the point? What is the point?

(01:22):
Last time I last time I did a jobs report
on one of the television shows, I kind of swore
to myself. I said, I can't do this. I can't
be a part of one of these Brady Bunch boxes.
I can't do another job support again. It's just it's
like wasting breath again. I don't know. I don't know
if I'll do it again. I probably if I do,

(01:42):
they'll probably never invite me on because I'll make fun
of the whole charade, because that's what it is. What
is the use behind these numbers? If they're not accurate?
So then supposedly the Federal Reserve is going to take
these numbers and make decisions based upon bad data? Is

(02:06):
that following the economic science? Again, it doesn't make any
sense to me, It really doesn't. But again, you know,
for whatever reason it may be. I mean, politicians will
use job summers. We had the blowout jobs number, and
you have the you know the usual, the labored or
secretary will come out and tell how wonderful it is

(02:27):
I'm again today. You know, they couldn't hide it. If
it's twelve thousand, it's probably much much worse than it,
probably much much worse than they're putting out. And then
they're going to have the excuse to say labor said, well,
you know, it's blame it on the rain, Blame it
on the hurricanes. Again. No, no, it's the economy people,

(02:54):
It's what's going on in and around the country. Companies
are I've been seeing this for a while. They're doing
everything and anything they can to cut costs. It's the
reality of the terrain. I mean again, you look at
service sector jobs in places where they raise minimum wage.

(03:16):
Pass what a company can afford to pay. What's a
business to do? This is why minimum wage is just stupid.
It's stupid. Companies will pay what they can afford to pay.
Why do you think Chipotle is looking at putting in
robots to make their chips and they're guacamole? Labor costs

(03:37):
are too high. Again, if the robot and the machinery
is more expensive than the actual person, well guess what,
they're going to hire the person. But you're pricing everyone
out with these things that These are the issues that
are facing businesses around the country. Regulatory costs, labor costs,

(03:58):
input costs. Can only charge so much. There's only so
much that the consumer will take. We talked about this,
was it a week or so ago? We were talking
about Denny's. You're gonna go to Denny's to spend eighteen
bucks on a Grand Slam breakfast. That's body expensive. For
crying out loud, at Denny's. Why do you think that

(04:18):
they have to shut them down. Well, you know what,
they realize that they can't charge anymore. They can't charge anymore,
and they're not making any money based upon their costs.
You want to get the jobs market moving and grooving again,
you've got to get out of the way. Government has
to get out of the way. We need small businesses

(04:42):
to make an epic comeback. Big businesses are cutting their costs.
They're cutting their costs every which way out there, and
again they went nuts during COVID. But do I think
that this job's picture is going to improve anytime soon? No,
I don't do. I think the Federal Reserve lowering rates

(05:03):
is gonna remedy the situation, gonna fix it? No, I
don't think so. Watchdog on Wall Street dot com