* The media, the Federal Reserve and President Obama continue to ignore the overwhelming evidence out this week, in fact every week for the past couple of months that the U.S. economy has already slipped back into recession * The last revision to Q4 GDP showed the economy grew by 1% for the quarter, but remember, the government never acknowledges a recession until it's practically over * The Great Recession started in December of 2007 but it wasn't until the fall of 2008 that the government finally went back and revised the numbers down to show when the recession actually began * Halfway through the recession, the Federal Reserve and Wall Street didn't even have recession in their forecast despite the fact that we had been in one for more than 6 months * What everybody is focusing on are the jobs numbers * We got another non-farm payroll report yesterday and, again, low unemployment, 4.9% and more than 200,000 jobs created * President Obama, as he peddles his fiction of economic recovery, focuses on the fact that the unemployment rate is low, and we're creating all these jobs, proving that his policies are working * He's trying to take credit for a recovery that doesn't exist. Let's look behind the numbers of yesterday's better than expected jobs report * First of all the headline number: how many jobs were created? The consensus was 190,000 and we got 242,000 - a big beat * Not only that, last month's number up to 172,000 * The unemployment rate held steady at 4.9%, still below the psychologically important 5% * Here is a detail that President Obama didn't mention at all: average hourly earnings were expected to rise .2% and that followed the big jump last month of .5% * If you remember, on my video blog last month I said that was a one-off event * That increase was the result of all the minimum wage hikes that kicked in in January * I said that number would reverse by February and that's exactly what happened * Instead of getting an increase of .2%, we got a drop of .1% * That is the first time that's happened since December of 2014 * It is very rare to get a decline in average hourly wages, because prices keep rising * In the last 10 years this has only happened 6 times * In addition to the drop in earnings, hours worked actually declined from an average of 34.6 hrs to 34.4 hrs * When you take into account that Americans earned less per hour and worked fewer hours you get a total drop in weekly earnings of .7% * That is the biggest drop in weekly earnings as far back as they've been keeping records * Is this something that President Obama wants to accept responsibility for? * Here's some more information that we're not getting: * I've said for a long time that the reason so many jobs are being created is because we are transitioning from full-time employment to part-time employment * That is where all the jobs are coming from * According to the household survey, 88% of the jobs created in February were part time jobs * That means only 12% of that big 240,000 number were full time jobs! * If you look further beneath the surface at the type of jobs, you'll see that 80% of those jobs were in low-paying service sector jobs, many of them being minimum wage * We actually lost 17,000 manufacturing jobs * We lost mining jobs * We lost logging jobs * We lost high-income jobs that provide benefits to American workers, and we replaced them with low-paying part-time jobs without benefits * That is why you have so many people showing up for Bernie Sanders or Donald Trump Rallies * They are hearing about a recovery, but they are living in a recession * Let me get to some of the numbers that nobody paid attention to: Our Sponsors:* Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD* Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.comPrivacy & Opt-Out: https://redcircle.com/privacy

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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