KP interviews his mentor, Barry Habib at the Momentum Builder at Caesars Palace Las Vegas.
Barry shares his insights about the 517,000 jobs added in January. According to Barry, it wasn't 517,000 jobs. It was a loss of 2.5 million jobs, 2,505,000 jobs lost in the month of January.
The government made a seasonal adjustment. Typically in January, you lose 3,000 jobs. So they attach that 3,000 job loss. We only lost 2.5 million. So that means we actually improved or gain 500,000 jobs. That's the government at work.
There is another survey called the household survey. In this survey, what they do is they actually call households. They call people and ask them if they're working. They call about 60,000 households. The numbers came out and they said we gained 894,000 jobs. That's why the unemployment rate came down because based upon those amounts of gains, the unemployment rate dropped from 3.5 to 3.4. Another bogus number.
This 517,000, do not believe it. You're hearing layoffs, layoffs, layoffs everywhere. The economy is slowing. We're heading for a recession if we're not there already.
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