Yep. Ranks right up there with the fibbers doctored crime stats. D’s get to point to it and say crime is on the decline. They don’t mention that the fibbers did not include 40% of the largest cities - NYC and LA were both left off, but used stats from places like Great Falls, MT and Bangor, ME.
He who controls the data controls the facts.
Something Has Snapped: Unexplained 2.3 Million Jobs Gap Emerges In Broken Payrolls Report
In fact, as shown below, since March, the US has lost 490K full-time employees offset by an almost identical gain of 492K part-time employees, while 126K workers were forced to get more than one job over the same period.,/p>
Finally, the cherry on top: the number of Unemployed workers - also tracked by the Household Survey - jumped by 306K, rising to 6.059 million, the highest since February!
So what's going on here? The simple answer: there has been no change in the number of people actually employed, but due to deterioration in the economy, more people are losing their higher-paying, full-time jobs, and switching into much lower- paying, benefits-free part-time jobs, which also forces many to work more than one job, a rotation which picked up in earnest some time in March and which has only been captured by the Household survey. Meanwhile the Establishment survey plows on ahead with its politically-motivated approximations, seasonal adjustments, and other labor market goalseeking meant to make the Biden admin look good at least until after the midterms .
And since the Establishment survey is far slower to pick up on the nuances in employment composition, while the Household Survey has gone nowhere since March, the BLS data engineers have been busy goalseeking the Establishment Survey (with the occasional nudge from the White House especially with midterms looming) to make it appear as if the economy is growing strongly, when in reality all they are doing is applying the same erroneous seasonal adjustment factor that gave such a wrong perspective of the labor market in the aftermath of the covid pandemic (until it was all adjusted away a year ago). In other words, while the labor market is already cracking, it will take the BLS several months of veering away from reality before the government bureaucrats accept and admit what is truly taking place.
As we said back in August, "We expect that "realization" to take place just after the midterms, because the last thing the Biden administration can afford is admit the labor market is crashing in addition to the continued surge in inflation." We still hold on to this prediction: expect big negative payroll prints as soon as December.