The recent prediction that the US economy "created" 158,000 "new jobs" in November carries on the absurdist school of economics that has dominated American financial thinking for at least a decade...
For one thing...many "jobs" are being created off the books in the US today...as illegals are hired without Social Security numbers...and thus without the need to pay the FICA tax by employers...
Also, the decline in manufacturing continues apace...even while the trade deficit grows...
If there is a season fudge factor in play for retail hiring...that persistant area of decline could be large...
The real number of "fake jobs" created in the US last month will be only....79,000!
