Last month we though that the January jobs report was the "Most ridiculous in recent history" but, boy, were we wrong because this morning the Biden department of goalseeked propaganda published the February jobs report, and holy crap was that something else.
On the surface, it was another blockbuster jobs report, certainly one which nobody expected, or rather just one bank out of 76 expected.
Starting at the top, the BLS reported that in February the US unexpectedly added 275K jobs, with just one research analyst expecting a higher number.
Before we go any further, a quick note on what last month we said was "The most ridiculous jobs report in recent history": it appears the BLS read our comments and decided to stop beclowing itself.
To be fair, not every aspect of the jobs report was stellar.
It's more than just the Biden admin hanging its "Success" on seasonal adjustments: when one digs deeper inside the jobs report, all sorts of ugly things emerge... such as the growing unprecedented divergence between the Establishment survey and much more accurate Household survey.
Well, that's great... until you look back one year and find that in February 2023 the US had 133.2 million full-time jobs, or more than it does one year later! And yes, all the job growth since then has been in part-time jobs, which have increased by 921K since February 2023.
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