CNBC’s Rick Santelli said this morning that the labor force participation rate is actually going backward, which he notes is not a good sign.

Santelli said the current rate was 62.8% and now it’s dropped back to 62.5%, noting the highest numbers we’ve had recently were way back in February of 2020 at 63%.

Watch:

 
As for the news this morning that Joe Biden will undoubtedly celebrate today in his remarks at 3:15, which is that “U.S. payrolls increased by 216,000 in December, much better than expected”, Peter Schiff makes a great point.

He notes that the last two months were sharply downgraded and that these ‘much better than expected’ payroll numbers will likely be sharply downgraded next month, just like almost all the rest from last year. In other words you can’t trust what the Biden administration is putting out:

Yeah, what are the chances that Biden is screwing with the numbers to make it look better than it really is…

 
UPDATE: Santelli also mentioned the revisions, saying they are very disheartening to traders: