US Economy Actually Lost 2.5 Million Jobs in January – Reported as a “Gain” of 517,000

The mainstream media cheered the news that the U.S. economy added 517,000 jobs last month. Sadly, that just isn’t true. According to reports and the St. Louis Federal Reserve, the US economy actually lost 2.5 million jobs in January.

Via Rich Dvorak: “The Not Seasonally Adjusted print for monthly change in Nonfarm Payrolls was -2.5 million jobs. That means the headline +517K employment gain reported in January was driven entirely by a +3 million seasonal adjustment.”

Zero Hedge reported:

And with the unemployment rate plunging to 3.4% – matching the lowest in 54 years – from 3.6%, while the payrolls report showing the addition of 517K jobs the highest since July, and far above the highest forecast – in fact, a record 9-sigma beat to median consensus, the shock was merited as today’s report was indeed a blowout.

But why: what happened that everyone was so wrong?

A couple of things. First, as we warned yesterday, today the BLS unveiled a slew of data revisions, which include updating the population controls – which would have the mechanical effect of boosting the labor force – and updating seasonal factors, which further distorted the January nonfarm payroll number (this is key as readers will read shortly). This is indeed what happened:

https://www.thegatewaypundit.com/2023/02/us-economy-actually-lost-2-5-million-jobs-january-reported-gain-517000/

Arnold Schwarzenegger Involved in Traffic Accident … Hit Bicyclist, Not at Fault

11:55 AM PT – More details about the accident … law enforcement sources tell us the woman made a left turn in front of Arnold before he had a chance to hit his brakes. We're also told he was not going very fast at all, although the woman did complain of pain afterward.

We're told she's in stable condition, and that no alcohol or drugs are suspected. No crime is suspected either – our sources tell us this seems to just be a simple traffic accident.

We've also learned that Arnold took the lady's bike, attached it to his car and took it to a local bike shop to get it fixed up.

https://www.tmz.com/2023/02/05/arnold-schwarzenegger-involved-bicyclist-traffic-accident-not-at-fault/

US Ban On Pot Users Owning Guns Ruled Unconstitutional

Another week, another defeat for the gun-grabbers: A federal law barring marijuana users from owning and possessing firearms has been ruled unconstitutional.

In a 54-page ruling in favor of Jared Harrison handed down Friday in Oklahoma, U.S. District Judge Patrick Wyrick said the government cannot claim that Harrison's "mere status as a user of marijuana justifies stripping him of his fundamental right to possess a firearm."

It's the latest of many rulings against gun restrictions that are following in the widening wake of last June's watershed U.S. Supreme Court ruling in New York State Rifle & Pistol Association v. Bruen.

That case established a test that judges across the country must now apply when evaluating gun control laws: Such laws must be "consistent with the nation's historical tradition of firearm ownership."

"The mere use of marijuana carries none of the characteristics that the Nation's history and tradition of firearms regulation supports," wrote Wyrick. Further, "the United States has not identified a single historical law that is 'distinctly similar'" to the one barring marijuana users from possessing firearms.

The DOJ tried to relate the general firearms ban against marijuana users to laws that targeted intoxicated people. Wyrick, a Trump appointee, wasn't having it:

"The restrictions imposed by each law only applied while an individual was actively intoxicated or using intoxicants. Under these laws, no one's right to armed self-defense was restricted based on the mere fact that he or she was a user of intoxicants…

Where the seven [DOJ-cited] laws took a scalpel to the right of armed self-defense, [this marijuana-gun law] takes a sledgehammer to the right."

Harrison's public defender, Laura Deskin, called the ruling a "step in the right direction for a large number of Americans who deserve the right to bear arms and protect their homes just like any other American." The federal goverment is expected to appeal the decision.

https://www.zerohedge.com/political/us-ban-pot-users-owning-guns-ruled-unconstitutional

Fake Meat Fail: Sales Collapse At Beyond Meat, Impossible Foods As 20% Of Staff Laid Off

The fake meat industry appears to be in a death-spiral as sales at plant-based 'meat' companies Impossible Foods and Beyond Meat have imploded.

As Axios reports, "after years of hype, the tide is turning against the first generation of plant-based protein makers."

Last year, both companies were riding high - with prime placement on supermarket shelves, and Burger King even adding an Impossible Whopper to its menu.

Impossible Meat even began to branch out - looking to expand offerings to highly processed meats such as chicken nuggets and sausages.

Sales have collapsed, however, which according to a recent Bloomberg report, has resulted in Impossible Foods planning to lay off around 20% of its workers.

Impossible Foods Inc., the maker of meatless burgers and sausages, is preparing to cut about 20% of its staff, according to a person familiar with the matter.

The Redwood City, California-based company currently employs about 700 workers. The new round of dismissals could reduce that amount by more than 100.

Impossible Foods also offered voluntary separation payments and benefits to employees at the end of 2022, said the person, who asked not to be named discussing private information. An internal document viewed by Bloomberg confirmed the separation packages being offered. The company previously reduced headcount in October, cutting about 6% of its workforce at the time. -Bloomberg

Beyond Meat's sales fell over 22% in the third quarter of 2022, as the company is preparing to similarly cut 20% of its workers. The company has also lost several executives.

According to the report, supermarket sales fell by 15% y/y as of Jan. 1, according to market-research firm IRI, while orders in restaurants dropped 9% in the12 months ended in November, according to NPD Group.

Meanwhile, data from consumer-experience strategy firm HundredX suggests waning interest in general - as the percentage of shoppers polled who have eaten Impossible products and say they won't do it again has risen.

Beyond Meat stock is also down around 67% vs. one year ago.

https://www.zerohedge.com/commodities/fake-meat-fail-sales-collapse-beyond-meat-impossible-foods-20-staff-fired

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