Walmart CEO questions US employment, People dropping out of the work force and lower disposable income, Bellwether Walmart sales and traffic sluggish, Part time jobs and labor force participation rate
“11.4%: What the U.S. unemployment rate would be if labor force participation were back to January 2008 levels.” …James Pethokoukis, American Enterprise Institute, June 2013
“Approximately 1 million more people could only find part time employment since Obama took office in January 2009.”…Citizen Wells August 2013
“Freedom is the freedom to say that two plus two make four. If that is granted, all else follows.”…George Orwell, “1984″
Citizen Wells has warned for years of the plummeting labor force participation rate and part time jobs replacing full time jobs.
Evidence of the impact of reduced full time employment comes from Walmart.
From Zero Hedge July 8, 2014.
“When the CEO of the world’s biggest company doubts the veracity of US economic data, you know you have a problem. After quarters of disappointing growth in the face of miraculous equity market performance; Wal-Mart CEO Bill Simon warns that shoppers aren’t returning at the pace one might expect years after the recession peaked, despite mainstream media interpretation of the data showing unequivocal growth. Simply put, he exclaims, “the unemployment numbers particularly have been difficult to read with the number of people dropping out of the work force,” adding that if we see a further drop in the participation rate it would fit with the fact that “middle-class and lower-class are still economically challenged, only spending during holidays and for family occasions,” adding that traction has only come at the top-end.”
“CNBC “Is that the problem with sales, your consumers don’t have as much disposable income to spend?”
Wal-Mart CEO: “Yes – Retail in general has not been robust in the last six years, in the last year particularly.””
“This is not a tin-foil-hat-wearing blogger or ranting Chicagoan (or former GE chairman) – this is the current CEO of the world’s largest revenue-producing firm casting doubt on the reality of the jobs picture the government is painting and furthermore confirming things are anything but back to normal…”