BREAKING THIS AM… FED’S WAR ON JOBS SUFFERS A SETBACK… CNBC: Payrolls and wages blow past expectations, flying in the face of Fed rate hikes
Job growth was much better than expected in November despite the Federal Reserve’s aggressive efforts to slow the labor market and tackle inflation.
Nonfarm payrolls increased 263,000 for the month while the unemployment rate was 3.7%, the Labor Department reported Friday. Economists surveyed by Dow Jones had been looking for an increase of 200,000 on the payrolls number and 3.7% for the jobless rate.
The monthly gain was a slight decrease from October’s upwardly revised 284,000.
The numbers likely will do little to slow a Fed that has been raising interest rates steadily this year to bring down inflation still running near its highest level in more than 40 years.
BAD NEWS, SAYS OBAMA ECONOMIST… JASON FURMAN: You probably want to revise your views on inflation and [its] overall dynamic more based on today’s jobs report than any other data report this entire year. And not in a favorable direction.
EXCLUSIVE SNAP REACTION FROM EJ ANTONI…
The November jobs report is a mixed bag, at best. The establishment survey was up 263k, but the household survey dropped 138k. Since March, the two surveys have seen a massive and unprecedented divergence of 2.7 million people. One reason is double counting in the establishment survey, with over 900k of the jobs added in the last year being double counting, not additional people employed. Meanwhile, the economy is hemorrhaging full-time jobs – we’ve lost over 2,600 full-time jobs every day since May. The labor force and the participation rate also declined. The last two months also had combined revisions of -23k, so we had 23k fewer jobs than we thought.
Manufacturing saw average weekly hours decline (common forerunner to layoffs) while the industry added just 14k jobs in November, less than half the number added in October and the slowest growth in a year and a half. While unemployment is a lagging indicator, manufacturing often moves before the rest of the labor market, which is running on fumes.
Things are nowhere near as rosy as the headline number makes them appear.
Nominal wage growth continues to run behind inflation so that people are demonstrably poorer, despite larger paychecks. People are resorting to credit cards to maintain their standard of living.
HEATHER LONG, WAPO: Big takeaways from today’s jobs report: 1) Job market is still pretty hot. +263,000 jobs added 2) Wage growth is still pretty hot. +5.1% –> this will keep inflation up. 3) US doesn’t have enough workers. Labor force isn’t anywhere close to pre-covid
MARKETS REEL… CNBC: Dow futures drop 400 points as investors digest stronger-than-expected jobs data
Stock futures slid Friday as investors digested hotter-than-anticipated jobs data, worrying investors looking for signals that the Federal Reserve can begin slowing interest rate hikes.
Futures tied to the Dow Jones Industrial Average futures dropped 415 points, or 1.2%. S&P 500 and Nasdaq-100 futures lost 1.5% and 2.3%.
WASHINGTON SLAPS DOWN RAIL WORKERS… Senate Votes To Enforce Railway Union Contract, Does Not Add Sick Leave Benefits
The Senate voted Thursday to enforce a contract negotiated between railway companies and twelve unions, avoiding a likely economy-crippling strike.
Railway workers from four out of the twelve major unions refused to ratify a contract negotiated by the White House and threatened to commence a strike on Dec. 9. A walkout would cause more than 765,000 Americans to lose their jobs and imperil the country’s clean water supply, President Joe Biden said in a statement asking Congress to enforce the contract under the Railway Labor Act of 1926.
The Senate voted 80-15 to enforce the contract negotiated by Labor Secretary Marty Walsh and Transportation Secretary Pete Buttigieg. It includes a 24% raise over five years, but does not add paid sick leave. An amendment to include paid sick leave required 60 votes, and failed 52-43. The bill now goes to Biden for signature.
WSJ EDITORIAL BOARD PRAISES BIDEN… WSJ: Joe Biden Stops a Railroad Strike
Railroad employees who wanted more will no doubt shout that they have been betrayed. But they had ample opportunity to exercise their right to collectively bargain, and the deal offers the generous raise, plus a freeze on healthcare co-pays and deductibles. Name another industry where the latter is true.
Mr. Biden had a choice: Side with the special interests of four recalcitrant rail unions, or do what’s best for millions of American workers and consumers in the broader economy.
He chose right.
‘EXTREMELY DISSATISFIED’ … Rail Union Boss Blasts Biden Deal, Says It Fails to Address ‘Quality Of Life’ (VIDEO)
The president of a railroad workers’ union blasted a bill passed by the Senate to address a potential railroad workers’ strike Thursday, saying it failed to address “quality of life” issues.
“Our members would be extremely dissatisfied. We have been fighting for sick leave for 55 years. We have an opportunity to get it now. We only need ten Republicans to stand with us on this issue,” Tony Cardwell, president of the Brotherhood of Maintenance of Way Employees Division (BMWED) of the International Brotherhood of Teamsters, said. “I challenge some Republicans to step up, stand with the blue-collar workers of America, stand for the right thing, and vote with – vote with the Democrats on this issue. We also have, you know, some concern on a couple of the Democrats. We hope the Democrats stay with us as well. Look. Our members need paid sick leave.”
BIDEN SAYS ‘WE ALL’ HAVE AN ‘UNCLE JOE’ WHO SHOULDN’T HAVE ANY ‘SERIOUS RESPONSIBILITIES’ … @DAILYCALLER: Fmr. President Barack Obama: “We all know some folks in our lives…they say crazy stuff…Uncle Joe, you know what happened to him. They’re part of the family but you don’t give them serious responsibilities.” (VIDEO)
BIDEN ADMIN HIDING THE INVASION… ANOTHER DAILY CALLER EXCLUSIVE: ICE Is Underreporting Illegals It Releases Into The Country Without Tracking Equipment By Over 18,000%
Immigration and Customs Enforcement (ICE) is underreporting the number of illegal aliens released into the country without any tracking technology by more than 18,000%, according to an internal document exclusively obtained by the Daily Caller News Foundation.
ICE disseminated the document to participants, including ICE Director Tae Johnson and other top agency officials as well as leaders from nonprofit organizations, of a Thursday event about ICE’s “Alternatives to Detention” program, which the agency put in place in 2004 to monitor illegal aliens released into the U.S. interior with ankle bracelets and cell phones. ICE disclosed to the attendees that there are 49,459 illegal aliens that aren’t monitored with any tracking equipment as of Nov. 14, while its own website says there are 266 as of Nov. 19.
The figure sent to the program attendees is over 18,000% more than the figure ICE has on its website. ICE didn’t respond to the DCNF’s request for comment.
NEW HERITAGE BOSS CALLS OUT OLD GOP PUNDITS… New Heritage Foundation President Kevin Roberts Slams ‘Out Of Touch’ ‘Elitists’ Karl Rove, George Will
New Heritage Foundation President Kevin Roberts slammed longtime conservative commentators Karl Rove and George Will in a lengthy Twitter thread Thursday.
Roberts called Rove and Will “elitists” and said it is “comical” for them to “lecture conservatives” because they are “out of touch with reality” and “living in a bygone era.” His comments are referring to a discussion about the future of conservatism held with Will and Rove at the Lyndon B. Johnson (LBJ) Presidential Library.
Roberts said he believes Will and Rove “didn’t understand conservatism” long before the LBJ Library event, because “they have no idea what is motivating working-class conservatives,” and he attacked their perceived views on foreign policy and immigration.
Roberts followed up by criticizing “these pundits still clamoring for ideas espoused by John McCain & Ted Kennedy,” saying “gay marriage, open borders, and Bush’s foreign policy” are the “opposite” of conservatism’s future.
TRUMP-BIDEN DOCUMENT DISPUTE, PART XLIII… Appeals Court Overturns Trump’s Request For Special Master Review In Mar-A-Lago Documents Case
A federal appeals court struck down a special master’s review of documents seized from former President Donald Trump’s Mar-a-Lago residence in a Thursday ruling.
The three-panel of the 11th Circuit Court of Appeals’ ruling overturned the appointment of a special master by US District Judge Aileen Cannon, who granted Trump’s request for a third party to temporarily halt the Department of Justice’s (DOJ) investigation into the thousands of classified and top secret documents seized by the FBI in August.
“The law is clear,” the court’s ruling read. “We cannot write a rule that allows any subject of a search warrant to block government investigations after the execution of the warrant. Nor can we write a rule that allows only former presidents to do so. Either approach would be a radical reordering of our caselaw limiting the federal courts’ involvement in criminal investigations. And both would violate bedrock separation-of-powers limitations.”
THE LEFT’S TRANSGENDER POSTER-‘GIRL’ TURNS ON THEM… Famous ‘Transgender’ Navy SEAL Chris Beck Announces Detransition, Calls For Treatments On Kids To Stop (VIDEO)
Former Navy SEAL Chris Beck, known as the transgender woman Kristin Beck, is detransitioning back to being a man, he said in an interview Dec. 1.
Chris Beck was interviewed by political commentator Robby Starbuck about his detransition. The interview covered, “how the VA provided doctor convinced him he was trans in a 1 hr session, how the VA doctor hatched a deal to release a book together, how CNN used him and most importantly, to warn the children who could be harmed next, ” according to Starbuck’s show summary.
He told Starbuck that he is “not transgender” and used his confusion as an example of why psychologists should not “push their agenda” onto children. Beck claimed in the interview that it took a one hour long meeting at the Department of Veterans Affairs for him to be recommended hormones, which he has now been off for seven years. He went on to break down the effects of the hormones used for the gender transition on his body.
WILL BIDEN ADMIN DISPOSE OF THEIR LUGGAGE-SWIPING NUCLEAR WASTE WEIRDO? … NY POST: Biden admin refuses to say if non-binary staffer Samuel Brinton still getting paid after theft charge
The Biden administration on Friday refused to say whether top nuclear waste official Samuel Brinton is still receiving a government salary after being charged with theft.
Brinton, who is non-binary, was appointed deputy assistant secretary for spent fuel and waste disposition earlier this year. In October, they were charged with stealing a $2,325 Vera Bradley suitcase from Minneapolis-St. Paul Airport on Sept. 16.
In an email to The Post, the Department of Energy confirmed that Brinton, 35, had been placed on leave, but would not comment on whether they were still getting a government paycheck.
VLADIMIR POOP-IN? … NY POST: Putin fell down stairs, soiled himself as speculation over worsening health grows: report
Russian President Vladimir Putin fell down the stairs and soiled himself this week amid mounting speculation that his health is declining, an anti-Kremlin Telegram channel with apparent links to his security team reported.
Putin, 70, suffered the unfortunate fall at his Moscow official residence on Wednesday evening, according to the Telegram channel “General SVR,” which purports to be run by a former Russian spy.
The ailing Russian leader allegedly fell down five steps before landing on his coccyx, or tailbone.
Although his security guards immediately rushed to his aid, the impact of the fall caused Putin to “involuntarily defecate” due to “cancer affecting his stomach and bowels,” according to the channel.
ELON SAYS NAY TO YE… WSJ: Kanye West Suspended From Twitter After Swastika Tweet
Twitter Inc. again suspended Kanye West’s account after the musician and designer posted a swastika in a tweet that the social-media platform’s owner, Elon Musk, said violated its rules.
Mr. West, who now legally goes by Ye and had recently returned from a previous suspension, on Thursday posted a picture of a swastika merged with the Star of David.
Asked on Twitter by a user to “fix Kanye please,” Mr. Musk replied: “I tried my best. Despite that, he again violated our rule against incitement to violence. Account will be suspended.”
Mr. West’s account then began displaying a message saying it was suspended, with no tweets visible.