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9 airport innovators recognised in the FTE Airport Transformation Power List Asia-Pacific 2022

The following article was published by Future Travel Experience
Meet the 9 nominees for the FTE Airport Transformation Power List Asia-Pacific 2022, who…

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The following article was published by Future Travel Experience

Meet the 9 nominees for the FTE Airport Transformation Power List Asia-Pacific 2022, who have been recognised for their outstanding innovation efforts.

Future Travel Experience is excited to unveil the FTE Airport Transformation Power List Asia-Pacific 2022, following last week’s release of our Airline Power List. Here we shine a light on those who are pioneering new approaches that have the potential to improve travel for passengers and make the industry more efficient and commercially successful. The Asia-Pacific edition champions the most transformative change enablers within the airport industry in the region for their outstanding efforts to lead how their organisation has embraced innovation in order to recover and thrive following the wide-reaching impacts of the COVID-19 pandemic. In recognition of their leadership and achievements, each member of the Power List will receive a complimentary VIP “Golden Ticket” to our FTE APEX Asia Expo, taking place at the world-renowned Marina Bay Sands Expo and Convention Centre, Singapore, on 9-10 November 2022, delivered in partnership with Singapore Airlines, Star Alliance, Onboard Hospitality & Changi Airport Group, which is expected to attract over 2,000 participants from across the region and beyond, thanks to its outstanding line-up of speakers, exhibitors, social events and tours.

Three of the nominees will be awarded with an “Outstanding Achievement” trophy during an official awards ceremony at the event on 9 November, which will provide the perfect opportunity for us to announce and honour our nominees and winners, amongst industry friends and colleagues.

After extensive research into each candidate, we believe the following nine airport executives have been right in the thick of it, facing unprecedented challenges, quickly adapting to the new normal, and charting a new course for their organisations and the wider industry.

George Fanthome, CIO, Bangalore International Airport Limited (BIAL)

Despite the COVID-19 pandemic, Bangalore International Airport Limited (BIAL), operator of Kempegowda International Airport (BLR) has strengthened its digital roadmap towards making BLR Airport the best destination airport for travellers by leveraging the power of cloud computing and digital technologies, and creating an environment for startups to innovate and advance in aviation and related domains. Among the initiatives the airport has introduced under the leadership of CIO George Fanthome include a parking-to-boarding contactless passenger experience defined by the use of self-service and biometrics technology and contactless dining and retail pre-ordering. The airport has also been pioneering the DigiYatra effort from its early concept days and pilot trials have been held at the airport since January 2017. The contactless, seamless processing of passengers at airports, based on the use of single token face biometrics for verification of passengers, is a significant project led by the Ministry of Civil Aviation and the Government of India. BLR Airport is one of the two selected airports in India for the first phase rollout of the DigiYatra Central Ecosystem (DYCE), which commenced on 15th August 2022. Meanwhile, the airport has also created a business intelligence and advanced data analytics platform to enable airport staff to make faster and better-informed business decisions, process air travellers more quickly and enhance the airport experience for the customer. Plans are also in place to establish a Joint Innovation Centre (JIC) together with Amazon Web Services to help strengthen BIAL’s digital roadmap and develop custom solutions for BLR Airport using a combination of technologies including cloud computing, blockchain, Internet of Things (IoT), analytics, machine learning (ML), artificial intelligence (AI), robotics, and augmented and virtual reality (AR/VR).

Under the theme of “Transforming Tomorrow’s Journey”, FTE APEX Asia Expo brings together an impressive line-up of speakers from the likes of All Nippon Airways, Changi Airport Group, Trip.com Group, SITA, Star Alliance, SriLankan Airlines, Cebu Pacific Air, Lion Air, Pangiam, AirAsia Malaysia, AWS, Narita International Airport Corporation, and many more, who will share ideas and new strategies for improving efficiency, operations, customer experiences, sustainability and revenues.

Find out more and register to attend for free >>

Lily Lai, Chief Information Officer, Airport Authority Hong Kong

Airport Authority Hong Kong places much importance on innovation and aims to develop Hong Kong International Airport into a smart airport. The company leverages technology to facilitate more efficient operations and a seamless experience for its passengers. In view of the COVID-19 pandemic, the airport has pushed forward the implementation of a seamless boarding experience using facial recognition technology, as well as adopting technologies like antimicrobial coating on high-touch surfaces and disinfection channels, to ensure that both its staff and passengers feel comfortable and safe in the airport. Mobile technology, such as HKG My Flight app, is central to connecting passengers with personalised functions and information, including real-time flight updates, boarding alert, airport directional signage translation, and baggage arrival notice. Automation and robotics are also critical parts of the smart airport plans to enhance efficiency. Digital Twin – a digital 3D replica of the physical structure and facilities of HKIA – has been built to facilitate holistic airport management, predictive decision making and maintenance. Its application will cover design, construction, operation and maintenance for the full life cycle of the airport buildings. Big data intelligence is the overarching technology powering the above technologies allowing AAHK to gain insight to further optimise airport operations. As Chief Information Officer Lily Lai is leading many of these efforts, which is why we believe she is a worthy nominee in the FTE Power List.

Register for FTE APEX Asia Expo – free to attend >>

Vijaykumar Dayinde, General Manager IT Delivery & Covering CIO, Malaysia Airports

Malaysia Airports’ digital innovation framework, called Airports 4.0, focuses on four key digital transformation themes – terminal operations, passenger experience, staff mobility, safety & security. Malaysia Airports has already launched a number of integrated initiatives such as mobile app, surveillance for crowd management and retail analytics, single token for contactless and seamless passenger experience, connectivity and Airport Collaborative Decision Making (ACDM) to drive its vision of “connected and digital airport”. The airport group has invested in a robust network technology foundation to be able to support these digital initiatives. In 2020, the company launched its Network Refresh Project in a record-breaking time of 4.5 months in collaboration with Huawei, something that usually takes 12-18 months to complete. The network refresh project enables KLIA and KLIA2 now compatible with state-of-the-art technologies such as 5G, Wi-Fi 6, Internet of Things (IoT) and AI. Digital-led technology such as an ACDM system is also helping the airport to collaborate more effectively with its airline partners through the sharing of real time information. Moreover, as part of its efforts to optimise terminal use, increase operational efficiency and grow revenue, Malaysia Airports has upgraded the passenger experience with the implementation of SITA biometric-enabled self-service touchpoints at Kuala Lumpur International Airport (KLIA) and KLIA2 with automated and low touch experiences. As General Manager IT Delivery & Covering CIO, Vijaykumar Dayinde is involved in defining the IT strategy in line with Airports 4.0, delivering the key transformation projects, spearheading the IT ecosystems across airports, while ensuring all business and technical operations of the IT Division.

Register for FTE APEX Asia Expo – free to attend >>

Rama Iyer, Head – Innovation, GMR Group

GMR is at the forefront in terms of development and adoption of technological innovations in the region. As one of the largest private airport companies in India, GMR Group is driving several initiatives to enhance business prospects in terms of superior customer experiences, revenue enhancement and cost reduction opportunities as well as agile and efficient internal processes. To foster innovation culture and build a philosophy of open innovation that enables free flow of ideas and resources between GMR and external ecosystem partners, GMR Innovex, the innovation vertical of GMR, was established. It interacts, engages, and collaborates with startups, academia, ecosystem players and other companies in developing both digital and non-digital next generation solutions such as e-boarding, image-based passenger processing and full body scanners. It has institutionalised an “Innovex Fellowship Program” to identify talent early and co-create industry-leading solutions. With a major focus on airports and with a broad array of industries under its span, GMR Group is investing in multitude of technologies like cloud technologies, video analytics, computer vision, data sciences, blockchain, DroneTech, smart tagging, AI/ML, contactless technology, RPA, EV, autonomous, AR/VR, IoT, and Human Machine Interactions (HMI Bots), just to name a few. Leading these efforts is Rama Iyer, Head – Innovation, GMR Group, who is focused on building the entire innovation culture and charter for GMR Airports, while driving the airport of the future vision through innovative products/solutions partnering with startups and building a slew of offerings for airport consumption and beyond.

Register for FTE APEX Asia Expo – free to attend >>

Kittipoj Venunantana, Senior Executive Vice President (Digital and Communications Technology), Airports of Thailand

Innovation and digital technologies are also central to the operations strategy at Airports of Thailand (AOT). AOT has continuously applied Information Communication Technology (ICT) to support airport operation and internal affairs management. AOT has created a Digital Action Plan, which consists of the following elements: elevating service quality and security by applying ICT innovation; developing information system and applying technology to increase management efficiency; strengthening its digital workforce; and developing and improving the ICT infrastructure to increase capability and support future demands. AOT has set the direction in applying digital technology to facilitate the passengers in the airports under the concept of “A Life Airport”. Among the highlights of AOT’s innovation projects, led by Senior Executive Vice President (Digital and Communications Technology) Kittipoj Venunantana, include: fast automatic self check-in kiosks for passengers; self bag drop-off points with barcode luggage tags for effective tracking and management; passenger baggage reconciliation system; advance passenger processing system; and the AOT Mobile Application, which provides passengers with real-time flight status, as well as information of shops and restaurants at the airports.

Register for FTE APEX Asia Expo – free to attend >>

Hideharu Miyamoto, Senior Executive Officer / Deputy Executive Divisional Director of Corporate Planning Division, Narita International Airport Corporation

Narita International Airport is pressing ahead with the “AIR Narita” system innovation project the company launched to rebuild multiple systems into an integrated format as a means of overcoming the labour shortage, promoting workstyle reforms and remaining ahead of the competition between airports. In this project, the airport builds the foundations for continuous business optimisation by integrating all services and systems into one across all departments with the main aim to contribute to the sustainable growth of the airport. The airport is proactively incorporating robotics, artificial intelligence and other cutting-edge information and communications technologies to promote business efficiency and enhanced productivity. The airport is promoting the use of vehicles with driverless technology at Narita International Airport to overcome the shortage of labour due to the decline in the country’s working age population. Meanwhile, the airport is also moving forward with the use of artificial intelligence with the aim to improve customer satisfaction by using and analysing AI trained on real customer feedback. The airport has introduced an AI chatbot service, called BEBOT, to provide real-time responses in chat format to customer questions and requests. In 2021, Narita International Airport Corporation introduced Japan’s first end-to-end biometric boarding process, enabling passengers to travel through the entire airport without using paper documents or touching screens.

Hideharu Miyamoto is taking part in the FTE APEX Asia Expo Premium Conference, where he will deliver an insightful presentation on Narita Airport’s journey to establishing an end-to-end biometric passenger experience.

Find out more and register to attend for free >>

Véronique Austruy, CIO, Kansai Airports

Kansai Airports – operator of Kansai International Airport (KIX), Osaka International Airport, and Kobe Airport – launched the largest airport renovation project in the region for 50 years at Kansai International Airport to support Japan’s post-pandemic recovery. Instead of building a new terminal, Kansai Airports is improving the existing terminal and KIX’s operational efficiency by proactively introducing cutting-edge technologies in a bid to ensure a comfortable, stress-free travel experience for all passengers. Kansai Airports is implementing its own Fast Travel initiative with self-check-in kiosks and self-service bag drop units to streamline departure procedures and increase KIX’s processing capacity, ultimately allowing passengers more time to enjoy the terminal’s facilities before boarding. Furthermore, with an aim to direct passengers to less crowded security areas and improve the security processing capacity, the airport has enabled passengers to see the congestion level and estimated waiting time of each international security checkpoint on their website as well as on the departures floor. This has been made possible with a Passenger Flow Management (PFM) system that uses sensors to recognise and count passengers in a queue and predicts the time required for security and passport clearance, factoring in the number of lanes used for security check and other elements. At the entrance of each security checkpoint, Kansai Airports has installed e-gates to automate the verification of boarding passes, which makes departure procedures even smoother. At security checkpoints, Smart Lanes, the latest security screening machines, have been installed. Moreover, to make the passenger experience more comfortable and secure, various robots are working actively at KIX. A security robot, Secom Robot X2, monitors images using its built-in cameras; cleaning robots enable autonomous cleaning of the terminal buildings. All robots are all equipped with sensors to avoid collisions with passengers and objects. As a measure against COVID-19, the airport also installed and automated robotic PCR testing. Kansai Airports has also set a target to reach net zero greenhouse gas emissions by 2050 for the three airports its operates and recently signed a Memorandum of Understanding (MoU) with Airbus to explore the use of hydrogen.

Register for FTE APEX Asia Expo – free to attend >>

Jonathan Good, Chief Technology and Marketing Officer, Auckland Airport

As borders gradually reopened, Auckland Airport triggered a suite of capital expenditure projects across technology, transport and terminals that will transform the airport into a world-class travel experience with seamless customer journeys. These include the development of a world-class transport centre to be built at the front doorstep of the international terminal – the first of a major new suite of projects about to get underway. Work on the Auckland Airport Transport Hub – a $300 million-plus development – began in June 2022 and it aims to transform how travellers arrive and depart from the main airport terminal, while paving the way for any future mass rapid transit to deliver passengers direct to the airport terminal precinct. The project is also the critical initial step in enabling delivery of the future new combined domestic and international terminal. Along with the Transport Hub, the airport is progressing a suite of major developments that will transform the travel experience, including $185 million enabling works for its combined international and domestic terminal and other projects to ensure a smooth travel experience. The international terminal’s eastern baggage hall will be replaced with the development of a high-tech baggage handling system that will transform the way travellers’ luggage is managed. Auckland Airport has progressed design work for an entirely new baggage handling process, introducing new technology and enhanced operations via an Individual Carrier System (ICS). The automated solution uses real-time data to track baggage as it journeys around back-of-house airport infrastructure. Bags are loaded into intelligent carrier trays tagged with radio frequency identification devices that communicate their location as they travel through an elaborate conveyor network, both speeding up the luggage journey between check-in and aircraft loading as well as reducing the risk of lost bags. The airport has also introduced new digital channels include The Mall, Auckland Airport’s online shopping site. The Collection Point service means off-airport and online tax and duty free purchases can be collected by travellers when they arrive at the terminals. As Chief Technology and Marketing Officer, Jonathan Good is responsible for the strategy and execution of world class technology and marketing programmes to improve the customer experience and ensure operational excellence to meet Auckland Airport’s current and future growth needs.

Register for FTE APEX Asia Expo – free to attend >>

Tom McCormack, Chief Technology Officer, Western Sydney International Airport

Construction of Western Sydney International (Nancy-Bird Walton) Airport is well underway and the airport is on track to begin operations in 2026, with the aim to serve 10 million passengers per year. This transformational infrastructure project will provide employment opportunities for people in the Western Sydney region, meet Sydney’s growing aviation needs, and deliver seamless travel experiences for passengers through smart design, technology and 24/7 service. The infrastructure project, planned and designed with 21st-century thinking, aims to deliver simple and intuitive wayfinding around the terminal that will be easy to navigate, will come together with great customer service to ensure passengers have a stress-free airport experience. Moreover, the airfield will be able to support emerging technologies such as electric aircraft in the future. As a member of the Western Sydney International Executive Team and leading the airport’s technology team, Tom McCormack has the responsibility for the design and implementation of all technology and cyber security of Australia’s first Smart Airport, and is empowered to create a digital-first, technology-enabled airport from scratch.

Register for FTE APEX Asia Expo – free to attend >>

Last week, we announced the nominees for the FTE Airline Transformation Power List Asia-Pacific 2022. Click here to find out which airline executives made it to the top 10.

Article originally published here:
9 airport innovators recognised in the FTE Airport Transformation Power List Asia-Pacific 2022

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February Employment Situation

By Paul Gomme and Peter Rupert The establishment data from the BLS showed a 275,000 increase in payroll employment for February, outpacing the 230,000…

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By Paul Gomme and Peter Rupert

The establishment data from the BLS showed a 275,000 increase in payroll employment for February, outpacing the 230,000 average over the previous 12 months. The payroll data for January and December were revised down by a total of 167,000. The private sector added 223,000 new jobs, the largest gain since May of last year.

Temporary help services employment continues a steep decline after a sharp post-pandemic rise.

Average hours of work increased from 34.2 to 34.3. The increase, along with the 223,000 private employment increase led to a hefty increase in total hours of 5.6% at an annualized rate, also the largest increase since May of last year.

The establishment report, once again, beat “expectations;” the WSJ survey of economists was 198,000. Other than the downward revisions, mentioned above, another bit of negative news was a smallish increase in wage growth, from $34.52 to $34.57.

The household survey shows that the labor force increased 150,000, a drop in employment of 184,000 and an increase in the number of unemployed persons of 334,000. The labor force participation rate held steady at 62.5, the employment to population ratio decreased from 60.2 to 60.1 and the unemployment rate increased from 3.66 to 3.86. Remember that the unemployment rate is the number of unemployed relative to the labor force (the number employed plus the number unemployed). Consequently, the unemployment rate can go up if the number of unemployed rises holding fixed the labor force, or if the labor force shrinks holding the number unemployed unchanged. An increase in the unemployment rate is not necessarily a bad thing: it may reflect a strong labor market drawing “marginally attached” individuals from outside the labor force. Indeed, there was a 96,000 decline in those workers.

Earlier in the week, the BLS announced JOLTS (Job Openings and Labor Turnover Survey) data for January. There isn’t much to report here as the job openings changed little at 8.9 million, the number of hires and total separations were little changed at 5.7 million and 5.3 million, respectively.

As has been the case for the last couple of years, the number of job openings remains higher than the number of unemployed persons.

Also earlier in the week the BLS announced that productivity increased 3.2% in the 4th quarter with output rising 3.5% and hours of work rising 0.3%.

The bottom line is that the labor market continues its surprisingly (to some) strong performance, once again proving stronger than many had expected. This strength makes it difficult to justify any interest rate cuts soon, particularly given the recent inflation spike.

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Mortgage rates fall as labor market normalizes

Jobless claims show an expanding economy. We will only be in a recession once jobless claims exceed 323,000 on a four-week moving average.

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Everyone was waiting to see if this week’s jobs report would send mortgage rates higher, which is what happened last month. Instead, the 10-year yield had a muted response after the headline number beat estimates, but we have negative job revisions from previous months. The Federal Reserve’s fear of wage growth spiraling out of control hasn’t materialized for over two years now and the unemployment rate ticked up to 3.9%. For now, we can say the labor market isn’t tight anymore, but it’s also not breaking.

The key labor data line in this expansion is the weekly jobless claims report. Jobless claims show an expanding economy that has not lost jobs yet. We will only be in a recession once jobless claims exceed 323,000 on a four-week moving average.

From the Fed: In the week ended March 2, initial claims for unemployment insurance benefits were flat, at 217,000. The four-week moving average declined slightly by 750, to 212,250


Below is an explanation of how we got here with the labor market, which all started during COVID-19.

1. I wrote the COVID-19 recovery model on April 7, 2020, and retired it on Dec. 9, 2020. By that time, the upfront recovery phase was done, and I needed to model out when we would get the jobs lost back.

2. Early in the labor market recovery, when we saw weaker job reports, I doubled and tripled down on my assertion that job openings would get to 10 million in this recovery. Job openings rose as high as to 12 million and are currently over 9 million. Even with the massive miss on a job report in May 2021, I didn’t waver.

Currently, the jobs openings, quit percentage and hires data are below pre-COVID-19 levels, which means the labor market isn’t as tight as it once was, and this is why the employment cost index has been slowing data to move along the quits percentage.  

2-US_Job_Quits_Rate-1-2

3. I wrote that we should get back all the jobs lost to COVID-19 by September of 2022. At the time this would be a speedy labor market recovery, and it happened on schedule, too

Total employment data

4. This is the key one for right now: If COVID-19 hadn’t happened, we would have between 157 million and 159 million jobs today, which would have been in line with the job growth rate in February 2020. Today, we are at 157,808,000. This is important because job growth should be cooling down now. We are more in line with where the labor market should be when averaging 140K-165K monthly. So for now, the fact that we aren’t trending between 140K-165K means we still have a bit more recovery kick left before we get down to those levels. 




From BLS: Total nonfarm payroll employment rose by 275,000 in February, and the unemployment rate increased to 3.9 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care, in government, in food services and drinking places, in social assistance, and in transportation and warehousing.

Here are the jobs that were created and lost in the previous month:

IMG_5092

In this jobs report, the unemployment rate for education levels looks like this:

  • Less than a high school diploma: 6.1%
  • High school graduate and no college: 4.2%
  • Some college or associate degree: 3.1%
  • Bachelor’s degree or higher: 2.2%
IMG_5093_320f22

Today’s report has continued the trend of the labor data beating my expectations, only because I am looking for the jobs data to slow down to a level of 140K-165K, which hasn’t happened yet. I wouldn’t categorize the labor market as being tight anymore because of the quits ratio and the hires data in the job openings report. This also shows itself in the employment cost index as well. These are key data lines for the Fed and the reason we are going to see three rate cuts this year.

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Inside The Most Ridiculous Jobs Report In History: Record 1.2 Million Immigrant Jobs Added In One Month

Inside The Most Ridiculous Jobs Report In History: Record 1.2 Million Immigrant Jobs Added In One Month

Last month we though that the January…

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Inside The Most Ridiculous Jobs Report In History: Record 1.2 Million Immigrant Jobs Added In One Month

Last month we though that the January jobs report was the "most ridiculous in recent history" but, boy, were we wrong because this morning the Biden department of goalseeked propaganda (aka BLS) published the February jobs report, and holy crap was that something else. Even Goebbels would blush. 

What happened? Let's take a closer look.

On the surface, it was (almost) another blockbuster jobs report, certainly one which nobody expected, or rather just one bank out of 76 expected. Starting at the top, the BLS reported that in February the US unexpectedly added 275K jobs, with just one research analyst (from Dai-Ichi Research) expecting a higher number.

Some context: after last month's record 4-sigma beat, today's print was "only" 3 sigma higher than estimates. Needless to say, two multiple sigma beats in a row used to only happen in the USSR... and now in the US, apparently.

Before we go any further, a quick note on what last month we said was "the most ridiculous jobs report in recent history": it appears the BLS read our comments and decided to stop beclowing itself. It did that by slashing last month's ridiculous print by over a third, and revising what was originally reported as a massive 353K beat to just 229K,  a 124K revision, which was the biggest one-month negative revision in two years!

Of course, that does not mean that this month's jobs print won't be revised lower: it will be, and not just that month but every other month until the November election because that's the only tool left in the Biden admin's box: pretend the economic and jobs are strong, then revise them sharply lower the next month, something we pointed out first last summer and which has not failed to disappoint once.

To be fair, not every aspect of the jobs report was stellar (after all, the BLS had to give it some vague credibility). Take the unemployment rate, after flatlining between 3.4% and 3.8% for two years - and thus denying expectations from Sahm's Rule that a recession may have already started - in February the unemployment rate unexpectedly jumped to 3.9%, the highest since February 2022 (with Black unemployment spiking by 0.3% to 5.6%, an indicator which the Biden admin will quickly slam as widespread economic racism or something).

And then there were average hourly earnings, which after surging 0.6% MoM in January (since revised to 0.5%) and spooking markets that wage growth is so hot, the Fed will have no choice but to delay cuts, in February the number tumbled to just 0.1%, the lowest in two years...

... for one simple reason: last month's average wage surge had nothing to do with actual wages, and everything to do with the BLS estimate of hours worked (which is the denominator in the average wage calculation) which last month tumbled to just 34.1 (we were led to believe) the lowest since the covid pandemic...

... but has since been revised higher while the February print rose even more, to 34.3, hence why the latest average wage data was once again a product not of wages going up, but of how long Americans worked in any weekly period, in this case higher from 34.1 to 34.3, an increase which has a major impact on the average calculation.

While the above data points were examples of some latent weakness in the latest report, perhaps meant to give it a sheen of veracity, it was everything else in the report that was a problem starting with the BLS's latest choice of seasonal adjustments (after last month's wholesale revision), which have gone from merely laughable to full clownshow, as the following comparison between the monthly change in BLS and ADP payrolls shows. The trend is clear: the Biden admin numbers are now clearly rising even as the impartial ADP (which directly logs employment numbers at the company level and is far more accurate), shows an accelerating slowdown.

But it's more than just the Biden admin hanging its "success" on seasonal adjustments: when one digs deeper inside the jobs report, all sorts of ugly things emerge... such as the growing unprecedented divergence between the Establishment (payrolls) survey and much more accurate Household (actual employment) survey. To wit, while in January the BLS claims 275K payrolls were added, the Household survey found that the number of actually employed workers dropped for the third straight month (and 4 in the past 5), this time by 184K (from 161.152K to 160.968K).

This means that while the Payrolls series hits new all time highs every month since December 2020 (when according to the BLS the US had its last month of payrolls losses), the level of Employment has not budged in the past year. Worse, as shown in the chart below, such a gaping divergence has opened between the two series in the past 4 years, that the number of Employed workers would need to soar by 9 million (!) to catch up to what Payrolls claims is the employment situation.

There's more: shifting from a quantitative to a qualitative assessment, reveals just how ugly the composition of "new jobs" has been. Consider this: the BLS reports that in February 2024, the US had 132.9 million full-time jobs and 27.9 million part-time jobs. Well, that's great... until you look back one year and find that in February 2023 the US had 133.2 million full-time jobs, or more than it does one year later! And yes, all the job growth since then has been in part-time jobs, which have increased by 921K since February 2023 (from 27.020 million to 27.941 million).

Here is a summary of the labor composition in the past year: all the new jobs have been part-time jobs!

But wait there's even more, because now that the primary season is over and we enter the heart of election season and political talking points will be thrown around left and right, especially in the context of the immigration crisis created intentionally by the Biden administration which is hoping to import millions of new Democratic voters (maybe the US can hold the presidential election in Honduras or Guatemala, after all it is their citizens that will be illegally casting the key votes in November), what we find is that in February, the number of native-born workers tumbled again, sliding by a massive 560K to just 129.807 million. Add to this the December data, and we get a near-record 2.4 million plunge in native-born workers in just the past 3 months (only the covid crash was worse)!

The offset? A record 1.2 million foreign-born (read immigrants, both legal and illegal but mostly illegal) workers added in February!

Said otherwise, not only has all job creation in the past 6 years has been exclusively for foreign-born workers...

Source: St Louis Fed FRED Native Born and Foreign Born

... but there has been zero job-creation for native born workers since June 2018!

This is a huge issue - especially at a time of an illegal alien flood at the southwest 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 Biden's handlers will do everything in their power to insure there is no official recession before November... and why after the election is over, all economic hell will finally break loose. Until then, however, expect the jobs numbers to get even more ridiculous.

Tyler Durden Fri, 03/08/2024 - 13:30

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