https://www.zerohedge.com/markets/inside-catastrophic-jobs-report-record-15-million-crash-full-time-jobs-multiple-jobholders

Inside The Catastrophic Jobs Report: Record 1.5 Million Crash In Full-Time Jobs, Multiple Jobholders Soar To Record, Native Born Workers Plunge And Much More

While the prevailing post-payrolls narrative has focused on the surprisingly strong headline payrolls number (at 216K, this not only came above most estimates but was the highest in 4 months, denting the Fed's case for a March rate cut) and the far stronger than expected hourly earnings (which rose to 4.1%, but only because hours worked dropped again to 34.3, a level last seen in the pre-covid days from 34.4) and unchanged unemployment rate, which at 3.7% further makes the case for rate cuts quite challenging, a closer look at the details of today's jobs report reveals just how ugly the reality behind the the Budget-Busting Bidenomics truly is.

Let's start with the now monthly revisions.

Regular readers are aware that earlier this year we spotted a peculiar trend when it comes to economic data releases by the Biden admin which - without fail - had been revised lower…

… and this month was no different. In fact, as shown in the chart below, the jobs print from 10 of the past 11 months has been revised lower! Why? So that the White House can take credit for a strong number (one which also sparks algorithmic buying in the market) only to quietly revise it lower one and two months later when nobody is looking.

But that's just the start. Next we turn to the numbers behind the headline job prints which were rather terrible: the monthly nonfarm payrolls (from the Establishment Survey) may have been weak at 216K but the far more accurate Household Survey showed that the number of Employed workers actually collapsed by an unprecedented 683K, the biggest drop since the US economy was shutdown by covid!

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Here, one look at this month's adjustment and it's literally a shocker: you will not hear anyone from the Biden admin, the mainstream media, or associated economist cheerleaders mention this, but the BLS reported that in December the number of full-time jobs plunged by 1.531 million to 133.2 million, the biggest monthly drop since the record covid crash of 14.7 million jobs!

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Said otherwise, not only has all job creation in the past 4 years has been exclusively for foreign-born workers, but there has been zero job-creation for native born workers since 2018!

This is a huge issue - especially at a time of an illegal alien flood at the border - and is about to become a huge political scandal, because once the inevitable recession finally hits, there will be millions of furious unemployed Americans demanding a more accurate explanation for what happened - i.e., the illegal immigration floodgates that were opened by the Biden admin. Which is also why the Biden admin will do everything in his power to insure there is no official recession before November… and is why after the election is over, all economic hell will finally break loose.