While officials celebrate a 4.5% pay raise, the New York Fed's new debt report exposes the real struggles for the average American.

Today is the first Friday of the month, which is typically "Jobs Day". It's when the media gathers for the "official" narrative from the Bureau of Labor Statistics (BLS), waiting on a single number to label the economy "hot" or "cold."

But this time, we already got the preview. The opening act played on Wednesday.

The ADP National Employment Report revealed that private sector employment grew by a paltry 42,000 jobs in October. This is the "recovery" narrative they are testing.

But let's be realistic: Does that feel like a recovery to you?

Washington's New "Ghost Jobs"

The "official" story is, as usual, a work of fiction.

We're told to cheer for a 4.5% annual pay increase. But that figure is only a joke when your grocery bill is rising almost just as fast. It’s a distraction, just like the "ghost jobs" from last year.

You might recall when the BLS had to confess that the "red-hot" job market they were selling was an illusion. They issued a massive revision, admitting they had inflated job growth by 911,000.

Those 42,000 jobs from ADP? They're just the new ghost story. It's a number so small it’s meaningless, designed to prove a "recovery" that only exists on a spreadsheet.

So, you'll have to excuse us for not celebrating a report that is, at best, a fantasy. The "official" numbers are broken.

The Real Jobs Report: $1.23 Trillion in Debt

If you want the 'real' jobs report, ignore the BLS and ADP. You only need to look at the other data released on Wednesday.

The Federal Reserve Bank of New York just released its Q3 Household Debt and Credit Report. This is the reality for most American workers.

It reveals that Americans are now buried under a record $1.23 trillion in credit card debt.

It also revealed that total consumer debt has climbed to $18.59 trillion.

The "official" jobs report is meant to show a "strong" labor market. But how "strong" is a 42,000-job market if it's forcing the entire working class to survive on high-interest plastic?

This isn't "consumer confidence." It's a silent cry for help, written in Visa statements.

The Real Unemployment Line: Delinquencies

The old jobs report measured the "unemployment line." But the true measure of economic hardship is the "delinquency line."

The same Fed report shows that the number of people falling seriously behind on their credit card and auto loan payments has surged to the highest level since the 2009 financial crisis.

That is the real 'labor report'.

It proves that the jobs we have—and the 4.5% "raises" they offer—are not enough to cover the cost of living. People are not "unemployed"—they're just "under-paid" to the point that they are defaulting on their cars and their credit.

They are working, but they are still broke.

Trust Your Receipt, Not Their Spreadsheet

The government spreadsheets are spinning. The politicians are debating. And the "official" numbers have landed with a thud.

But your economy hasn't stopped. The 3.0% inflation rate hasn't stopped. The 40% wholesale price hike on your Thanksgiving turkey hasn't stopped.

In a way, the 42,000-job report is a blessing. It's the first honest thing the government has produced all year. It’s an admission that the official "recovery" is stalled, sputtering, and completely disconnected from your reality.

You don't need their broken spreadsheet to tell you the truth. You just need to look at your grocery receipt.