Labor market truths (VIDEO)

Reports across the past week from major United States media outlets have repeated the federal government's boasting about the March 2024 jobs report. In that report, the government is saying that 303,000 new jobs were created.

However, here's what the mainstream media is not reporting, or if they are, they are reporting it without full context.

Companies shed massive numbers of jobs in November and December of last year. According to the BLS, the number of people employed in a full time position fell between those months by approximately 1.5 million. This happened primarily as companies attempted to cut costs in order to survive what has been a terrible U.S. economy.

Across February and March of 2024, the number of people in the workforce with full time jobs has hovered just under 133 million. Worse, since December 2023, the total number of full time workers in the U.S. has continued to decline.

Where did the 303,000 "added jobs" come from for March 2024? It was entirely part-time jobs. Part-time jobs increased by 691,000. However, full-time jobs actually declined by 6,000 last month.

In the past four months, since November 2023, the U.S. economy has shed 1.8 million full time jobs. At the same time, the number of native-born workers has declined. The number of foreign-born workers in the U.S. workforce has surged in that same period.

In March alone, positions held by foreign-born workers increased by 112,000 to push this figure to an all-time high of 31.1 million.

The Congressional Budget Office recently published a report showing that net U.S. immigration surged to over 2.5 million in 2023 alone. The large majority of that figure were illegal immigrants (at least 1.6 million by CBO's estimates).

In the attached video, Lena Petrova gives an in-depth analysis of the U.S. economy. The video lasts approximately 9 minutes. This week's April 11 issue of the Bonanza Valley Voice will include extended commentary by the publisher on this topic..


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