The January payrolls report was released on Friday. The numbers show that hiring missed big, adding only 151,000 jobs well below the 190,000 that was expected.
The unemployment rate dropped to 4.9%.
The labor force participation rate is still holding near a 30+ year low at 62.8%.
Obama celebrated the employment numbers anyway in a White House this morning.
Obama slammed Republicans who say immigrants are taking US jobs and paychecks.
Alternatively they argue that the reason you’re feeling insecure is because immigrants or poor people are taking more and more of your paycheck and that is just not true.
But Obama is not being honest.
All job gains since December 2007 have gone to foreign born workers.
Zero Hedge reported:
With Trump and his anti-immigration campaign continuing to plow on despite the Iowa disappointment, we are confident that the chart shown below will soon be recognizable to economic and political pundits everywhere.
And here is why we are confident this particular data should have been prominently noted by all experts when dissecting today’s job report: according to the BLS’ Establishment Survey, while 151,000 total workers were added in January, a number which rises to 615,000 if looking at the Household survey, also according to the same Household survey, a whopping 567,000 native-born Americans lost their jobs, far less than the 98,000 foreign-born job losses.
Obama has Trump on the brain.