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The New York Times economics parody writer Pauk Krugman — because that’s all he’s been reduced to now — can’t seem to avoid sleepwalking his way into huge, unforced errors. In another Apr. 9 column praising President Joe Biden’s alleged “Goldilocks” economy, Krugman was adamant that “while there was a wave of inflation, it seems to have broken.” Yes, Krugman wrote this just a day before the Bureau of Labor Statistics released its Apr. 10 report showing that consumer prices spiked hotter than expected at 3.5 percent year-over-year and 0.4 percent month-over-month. CNBC analyzed that core consumer prices (excluding food...

With Wall Street expecting continued declines in the pace of monthly growth, and consensus looking for a decline from last month's 219K print to 185K, the BLS reported that in January the US created a ridiculous 353K jobs... ... double the 185K expected, and higher than than the highest forecast estimate, which as a reminder was 300K. In fact, as shown below, this was a 4-sigma beat to expectations...and putting the beat in the context of the past year, it was an absolute blowout: What is notable is that once again there was a huge dispersion between the Establishment and...

Well, here I am minding my own business, working on a boring venture capital post, when here comes the Bureau of Labor Statistics announcement of October jobs data. The BLS has been working toward a Nobel prize for fiction writing all year, but you can only carry that so far. Maybe they figured that everyone is distracted by Ukraine and Israel or just the latest TikTok videos, but their house of cards can only be towered upward so far, and today’s announcement begins the downfall to reality. “Expectations” were for 180,000 new jobs, according to the survey of businesses. Reality...

Our long slide toward economic oblivion continues, and survey after survey has shown that most Americans are deeply unsatisfied with the current state of the U.S. economy. Inflation is out of control, most Americans are getting poorer due to the rapidly rising cost of living, the housing bubble has started to burst, and the commercial real estate market is a giant mess. But employment is supposed to be our bright spot. The Biden administration continues to tell us that the unemployment rate is less than 4 percent and that there are lot of jobs available for those that want them....

Whatever the Bureau of Labor Statistics reports today about job growth and the unemployment rate, you can bet that President Joe Biden will use it as an opportunity to brag about his superb handling of the economy. The one thing Biden is good at is lying with statistics. Biden will probably claim that he’s overseen a record number of new jobs – the most in history. The press will dutifully regurgitate White House talking points. But the numbers getting bandied about these days about job growth and unemployment are wildly misleading because they ignore important bits of context. Such as:...

The Bureau of Labor Statistics (BLS) published a jobs report yesterday [DATA LINK] that has stunned the professional financial class. However, those who have followed the BLS data assemblies were laughing – not surprised. Eventually, if this continues, the BLS pretzel logic will start using terms like “eleventy.” Throughout 2022, the BLS modified the underlying data they used to assemble their jobs reporting. The latest release shows that 517,000 jobs were gained in the labor market, despite every other economic indicator showing we are in an economy of contraction. The question becomes, why the disconnect? There are two surveys that...

The Biden administration vastly overstated its estimate that employers created more than 1 million jobs in the second quarter of this year, claiming historic job growth when in fact hiring had stalled, according to a new estimate. Job growth was “essentially flat” in the second quarter with only 10,500 jobs added, the Federal Reserve Bank of Philadelphia said. Republicans are accusing the administration of lying about the employment data in an election year and are demanding answers.

Early Benchmark Revisions of State Payroll Employment Please consider Early Benchmarks for All 50 States and the District of Columbia for the second quarter of 2022. Estimates by the Federal Reserve Bank of Philadelphia indicate that the employment changes from March through June 2022 were significantly different in 33 states and the District of Columbia compared with current state estimates from the Bureau of Labor Statistics’ (BLS) Current Employment Statistics (CES). Early benchmark estimates indicated higher changes in four states, lower changes in 29 states and the District of Columbia, and lesser changes in the remaining 17 states. In the...

Total nonfarm payroll employment rose by 528,000 in July, and the unemployment rate edged down to 3.5 percent, the U.S. Bureau of Labor Statistics reported today. Job growth was widespread, led by gains in leisure and hospitality, professional and business services, and health care. Both total nonfarm employment and the unemployment rate have returned to their February 2020 pre-pandemic levels. This news release presents statistics from two monthly surveys. The household survey measures labor force status, including unemployment, by demographic characteristics. The establishment survey measures nonfarm employment, hours, and earnings by industry. For more information about the concepts and statistical...

Shoppers paid sharply higher prices for a variety of goods in June as inflation kept its hold on a slowing U.S. economy, the Bureau of Labor Statistics reported Wednesday. The consumer price index, a broad measure of everyday goods and services, soared 9.1% from a year ago, above the 8.8% Dow Jones estimate. That marked another month of the fastest pace for inflation going back to December 1981.

The Wall Street Journal Editorial Board threw a big wrench into the media machine celebrating President Joe Biden’s so-called win on the better-than-expected January jobs report. The Bureau of Labor Statistics published a Feb. 4 report showing the economy added 467,000 jobs, which blew past estimates. The media swallowed the news whole. CNBC’s headline was: “Payrolls show surprisingly powerful gain of 467,000 in January despite omicron surge.” ABC News salivated: “US economy defies omicron and adds 467,000 jobs in January.” But The Journal had a surprisingly different take, and it was an eye-opener: “Who knows what to make of Friday’s...

he January jobs report from the Bureau of Labor Statistics has no basis in reality. The bureaucrats simply made up numbers to make it look like the economy added jobs. The economy actually lost about 300,000 jobs in January. ADP and the BLS’s own report admit that. But a 300,000-job loss would hurt Joe Biden. So, the crooked accountants at BLS made up numbers and handed a headline to the ignorant press. Here’s where the BLS comes out and tells us they simply made up numbers to arrive at the headline the White House communications staff wrote for them:

The snowball effect of cumulative inflation is going to be on display tomorrow when the BLS inflation data from December is released. We have previously discussed the unavoidable price increases as noted within the November data Here, and within the producer price data Here. While the data being released tomorrow is backward looking, we are in the eye of the inflation storm right now. The consumer prices at end of January and through February are all reflecting new purchase order prices and contract prices to wholesalers, buyers and retailers. As a result, the December reports will be the precursor to...

CNN just can’t catch a break in its crusade to spin President Joe Biden’s atrocious economy in a way that benefits his image. The Bureau of Labor Statistics released an awful jobs report showing that the economy only added a “dismal” 199,000 jobs against a 422,000 projection by economists. That’s a miss of 223,000. The labor force participation rate remained stagnant from November at a low 61.9 percent. CNN scrambled to spin the news in it’s write-up headlined, “Jobs disappoint in December, but unemployment falls to 3.9%.” After conceding that the “fewest jobs added in any month of 2021” was...

CNN is adding to its long list of “L’s.” It tried to get out in front of the Bureau of Labor Statistics (BLS) spinning the jobs recovery as robust before the actual jobs report dropped. CNN published a story early Dec. 3 celebrating in its lede paragraph that “[t]he US jobs recovery has picked up steam again in the final months of the year, bringing some good news in the face of persistently rising prices and a new Covid variant.” It praised how “[e]conomists polled by Refinitiv expect another sizable jobs gain in Friday's November employment report — 550,000 positions.”...

New York Times senior economics correspondent Neil Irwin bent himself into a pretzel spinning the atrocious Bureau of Labor Statistics report showing the economy only added 194,000 jobs in September. Following the release of the abysmal job growth report Oct. 8 at 8:30 a.m., Irwin had the nutty spin: “The New Jobs Numbers Are Pretty Good, Actually.” Irwin had a much different reaction earlier on Twitter that undercut the gaslighting in his article. He tweeted immediately at 8:30 a.m. after the BLS report dropped: “+194k on payrolls, a big miss. But unemployment rate way down to 4.8%.” He tweeted one...

ABC, CBS and NBC morning news shows ignored an abysmal jobs report from the Bureau of Labor Statistics (BLS) to further insulate President Joe Biden from bad news. The BLS reported at 8:30 a.m. Friday that the U.S. economy only added an embarrassingly low 235,000 jobs in August, against an economists’ forecast of 720,000 jobs. That means projections were off by a whopping 485,000 jobs. The Wall Street Journal said that many employers are reporting “difficulty filling job openings, which touched record highs this summer.” ABC’s Good Morning America (GMA), CBS This Morning, NBC’s Today and NBC’s Third Hour of...

The derelict ABC, CBS and NBC morning news networks bypassed a new inflation report showing consumer prices skyrocketing at record paces in the U.S. They ignored the report as if it didn’t exist. The Bureau of Labor Statistics (BLS) reported at 8:30 a.m. July 13 that the “Consumer Price Index for All Urban Consumers (CPI-U) increased 0.9 percent in June on a seasonally adjusted basis after rising 0.6 percent in May.” The dangerous spike was the “the largest 1-month change since June 2008 when the index rose 1.0 percent.” The statistic destroyed the median 0.5 percent increase forecast by a...

A National Public Radio host tried to spin the atrocious April jobs report numbers by accusing GOP governors of pushing people to go back to work when jobs aren’t available. Fact-check: Millions of jobs were available. NPR’s All Things Considered weekend host Michel Martin conducted an interview headlined, “Conservative Economist Blames High Unemployment On 'Richer' Benefits.” While interviewing American Action Forum President Douglas Holtz-Eakin, Martin stated: “Well, you know, the jobs figures came out, the unemployment figures came out last week. And many people were shocked.” She then pivoted to attack GOP governors with a bonkers angle: “The economy only...

Fox Business host Charles Payne told the American people what many in the media wouldn’t dare say: Giving people money to not work doesn’t incentivize them to find a job. Payne scorched the haphazard predictions by economists and the media that the U.S. economy would add 1 million new jobs in April. He called the predictions a massive “swing and a miss” during the May 7 edition of Making Money. The Bureau of Labor Statistics (BLS) clocked the increase in April at an embarrassing 266,000 jobs, and the unemployment rate ticked up to 6.1 percent. Payne lambasted how “the narrative...