LESS THAN MEETS THE EYE: Just One More Hyped Up Jobs Report.

Peter [Schiff] pointed out that the ADP private payroll data released earlier in the week came out worse than expected. So, who are you going to believe?

The estimate for the ADP report was 123,000 new private sector jobs and the number came in at 103,000. Inside that number, the economy lost 15,000 manufacturing jobs.
Those are good jobs.

Those are the productive jobs that we need, and they have higher pay. Probably, the people who lost those manufacturing jobs, well, maybe they got a couple of part-time jobs working in a restaurant or in a hotel, or doing something to replace the paycheck that they lost. But they need two or three jobs, and that’s the story of this so-called strong labor market — people replacing good jobs with multiple bad jobs.”

The ADP report also showed a drop in leisure and hospitality jobs. That sector has driven recent job growth.

Plus: “Of the 199,000 jobs the BLS claims the economy created, about 24% were auto workers and motion picture workers returning to their jobs after strikes.”