ALL RIGHT, WE WILL MOVE RIGHT ALONG. ALWAYS LOOK UNDER THE HOOD WHICH THAT'S THE SUBJECT OF THE RIFT. IF YOU'RE GOING TO BUY A PREOWNED USED CAR LIKE MANY HAVE TO DO NOWADAYS YOU CAN'T JUST BE IMPRESSED BY SHINY NEW PAINT JOB. INSTEAD YOU GOT TO LOOK UNDER THE HOOD, GOT TO CHECK OUT THE ENGINE, THE OIL, BATTERY, BRAKE FLUID AND SPARK PLUGS. TODAY'S RELEASE OF THE JOBS REPORT IS MUCH THE SAME. THE SHINY NEW PAINT JOB WAS A SIGNIFICANT 272,000 INCREASE. NEARLY HALF OF THAT WAS GOVERNMENT AND GOVERNMENT RELATED JOBS, THAT'S WHAT THE NONFARM PAYROLL SHOWED. HOWEVER, WHEN YOU LIFT UP THE HOOD, WHAT USE IS AN INCREDIBLE 408,000 JOB LOSS FROM THE HOUSEHOLD SURVEY. WHAT IS THE DIFFERENCE BETWEEN THE TWO? THE PAYROLL ESTABLISHMENT SURVEY IS MOSTLY LARGER ESTABLISHED COMPANIES, THE BUREAU OF LABOR STATISTICS DIALS THAT HUMAN RESOURCES DEPARTMENT AND GETS A JOB. BUT THE BLS MAINLY CALLS FAMILIES AND INDIVIDUALS TO ASK IF THEY ARE EMPLOYED OR NOT. TRADITIONALLY THE HOUSEHOLD SURVEY IS MORE HEAVILY WEIGHTED TOWARDS SMALL BUSINESSES. AND ACTUALLY, OVER THE PAST YEAR, HAS PRODUCED ONLY A TINY 31,000 INCREASE IN JOBS. UNDER THE HOOD, THE CIVILIAN LABOR FORCE SHRUNK BY 250,000. AS A CONSEQUENCE, THE UNEMPLOYMENT RATE NOTCHED UP 24% AND ANOTHER KEY INDICATOR OF LABOR FORCE IS THE EMPLOYMENT TO POPULATION RATIO, STALLED TO 61%. THE LATE GREAT LABOR ECONOMIST ED LAZEAR, LONGTIME PROFESSOR AT STANFORD UNIVERSITY, POINTED TO THE EMPLOYMENT POPULATION RATIO AS THE SINGLE BEST INDICATOR OF LABOR MARKET STRENGTH, A MENTOR OF MINE. THE EMPLOYMENT POPULATION RATIO REACHED 61% HIGHER, THE PEAK IN THAT RATIO WAS 64.-- 64.6%. THE POINT HERE IS MORE PEOPLE OUGHT TO BE WORKING. MY GUESS IS AMONG THE MANY COMPLEXITIES OF THE STORY, FEDERAL AND STATE GOVERNMENTS MORE AND MORE ARE OFFERING OVERLY GENEROUS BENEFITS NOT TO WORK. THERE IS MORE CONCERNED WITH THESE JOB NUMBERS. ONCE AGAIN, FULL-TIME JOBS FELL IN MAY. AND THIS IS A LONG PLAYING RECORD, HARD TIME JOBS GAINED 286,000. THE FEDERAL RESERVE PLUNGING, SURGING, THERE CANNOT BE A HEALTHY ECONOMIC SIGN. IN MAY ALONE, 414,000 IMMIGRANTS, BOTH LEGAL AND ILLEGAL GAINED JOBS, 663,000 NATIVE BORN AMERICANS LOST JOBS. THIS PATTERN HAS GONE ON FOR SOME TIME, A TREND LINE ACCELERATED SIGNIFICANTLY DURING THE BIDEN YEARS. THE BIDEN AFFORDABILITY CRISIS, IF YOU CALL THROUGH THE NUMBERS OF THE PAST 12 MONTHS, THE COMBINATION OF AVERAGE HOURLY EARNINGS FOR PRODUCTION PEOPLE, WORKING FOLKS, HOURS WORKED, AND THAT INCOME NUMBER COMES TO 3.4% INCREASE WHICH IS THE SAME AS THE CONSUMER PRICE INDEX, THEY ARE NOT GETTING AHEAD OF THE ONGOING INFLATION. OVER BIDEN'S ENTIRE TERM REAL WAGES HAVE FALLEN FOR ALL THESE PRICES HAVE EXPLODED. WE LOOK AT THESE CAR PARTS UNDER THE HOOD, FRANKLY I THINK FOLKS ARE GOING TO BUY A MUCH BETTER MODEL, ONE WHICH HAS LOWER TAXES, DEREGULATION AND
