Posted on 09/29/2023 7:15:44 AM PDT by Kaiser8408a
Mike Judge wrote and directed a masterpiece of cinema called “Idiocracy” where large corporations convince a progressive government to use Brawndo (a Gatorade clone) to grow vegetables resulting in a Dust Bowl. Why? Because the Progressive leadership determine that plants crave … electrolytes.
But the electrolytes in Bidenomics has resulted in bank credit growth of -0.5% YoY.
On the data front, it has become a running joke: the “strong” Bidenomics economy comes with an expiration date, as it is only “strong” for about a month, at which point the initial “strength” is downgraded, and the data is revised sharply lower.
That has certainly been the case with US labor data, where as we first reported last month, every single monthly payrolls print in 2023 has been revised lower (see chart below), a 12-sigma probability and virtually impossible unless there was political pressure to massage the data higher initially and then revise it lower when nobody is looking.
But the BLS is not done: as we reported last week, besides the now traditional one-month lookback revisions the ridiculously high monthly payrolls prints accumulated over the past year will also be slowly but surely revised gradually lower at annual benchmark revisions for years to come. As Morgan Stanley chief US economist Ellen Zentner explained (full note available to pro subscribers)…
Payrolls get revised too, and we expect a downward revision. Payrolls have an annual benchmark revision that is published in February each year. The revision adjusts the level of payrolls through March of the prior year. For example, a new revision will be published in Feb-24, adjusting payroll levels from April-22 to Mar-23. And a preliminary estimation of the upcoming revision points to a decrease in payroll YoY% growth rates of -0.2pp.
(Excerpt) Read more at confoundedinterest.net ...
Gives new meaning to the concept of something being 'oxymoronic.'
The revisions on just about every economic report has become a joke. The economy is getting worse and everyone ignores that fact.
Yeah Bill Clinton started this tactic. Obama used it. Der Biden clown show has perfected it.
Go out and hype the best possible economic numbers from their model. Then quietly next month reduce the numbers by half to nearer the real number. Anyone who believes US Government statics is either a total moron or a regime cheerleader
Went to the grocery yesterday for my 10-day/2 week shopping.
Inflation is STILL happening. I noticed several significant price jumps. One item jumped from $3.99 to $4.44. Numerous others had increases that I looked at and walked on by.
Two years ago, a grocery run came to around $55 to $70. This year, most runs are $90 to $110.
But, hey, Bidenomics is working so I feel better. [/s]
The economic statistics during the Trump administration were routinely quietly increased the next month.
The same thing was happening under Obama. Every month, glowing economic reports, quietly downgraded over the next few weeks.
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