Not Always Sunny! Philadelphia Fed Admits US Jobs "Overstated" By At Least 1.1 Million From March To June 2022 (Will Biden Retract "Greatest Economy In History Statement?)

Confounded Interest ^ | 12/16/2022 | Anthony B. Sanders

[Kaiser8408a]

Its NOT always sunny in Philadelphia. Here is a video of the Philly Fed economists explaining massively overstated job numbers to Fed Chair Jerome Powell.

The Federal Reserve Bank of Philadelphia estimates that the employment data was vastly overstated in 2022. 10k jobs added instead of 1.1 million reported from March to June of 2022.

Here is a chart (courtesy of Zero Hedge) showing reported payrolls and REVISED payrolls. Somehow, I don’t think Jean Pierre (Biden’s spokesperson, not the French chef) will be touting “Unlike Trump, our administration barely added any jobs in March, April, May and June 2022.

How will this revelation influence the Fed’s open market committee (FOMC) going forward knowing that the Biden Administrations job creation claims are wildly overstated?

Perhaps it doesn’t matter since Bernanke, Yellen and Powell don’t follow any rules (like the Taylor Rule), but generally with job creation almost nonexistant in March through June of 2022, The Fed should be cutting rates like mad. But wait! Can they with significant inflation?

The good news is that inflation is coming off its peak, but will take a while to get to The Fed’s 2% target. Hence The Fed may raise their target rate since they cannot achieve it will energy price up substantially since Biden became President.

[Kaiser8408a]

Of course the media will be quiet since this is an embarrassment for Biden. High inflation and no jobs added?? Great job, Joe!!

[Red Badger]

[Steely Tom]

Isn’t this an example of misinformation?

[ealgeone]

Just in time for the election….oh, wait.

[Sir_Humphrey]

Outside of Fox (Cavuto will mumble something about this under his breath and quickly move on), Newsmax, OAN, this will never be mentioned. Old news ya know.

[weezel]

It will be just like obamas miracle, where he cut the unemployment number in half while at the same time, have the number of labor participants shrink by 3%

[The Louiswu]

"misinformation"

Another example of what is wrong with this world. Misinformation is a weasel word, a slimy way of trying not to say "lie". If you don't know the truth, shut up, if you are giving an opinion, phrase it that way, but to try to pass of info you know is wrong as true, is a lie plain and simple.

Bidens press sec may "walk back" his claim but she'll do it in the most disingenuous way possible and try to make everyone else feel like a fool for asking.

Such terrible country we have today.

[EEGator]

Costanza had some solid thoughts…

[Aria]

Our government continuously lies to us...about everything. I don’t think you can be a politician who is accepted by their peers if you can’t lie like a rug.

[bray]

We are entering the second Great Depression caused by the gummit.

[E. Pluribus Unum]

You had ONE JOB...