/s
Posted on 02/07/2024 6:52:21 AM PST by Kaiser8408a
The infamous jobs report from the BLS is like a scene from the film “Phantoms.” Where nothing is what is seems.
The federal government in 2023 overestimated the number of jobs in the U.S. economy by an average of 105,000 per month in initial reports, equating to a cumulative monthly difference of 1.3 million, according to data from the Bureau of Labor Statistics (BLS).
The cumulative number of jobs reported each month was 1,255,000 less than previously thought, with new seasonal and census data affecting total employment estimates, according to data from the BLS calculated by the Daily Caller News Foundation. The huge downward revisions are in spite of a 115,000 upward revision in December, the only month that saw an upward revision to the employment level in 2023.
The biggest revision was for March, which was revised down by a total of 266,000 jobs, followed by January at 234,000 and April at 205,000, according to the BLS. The lowest downward revision was in November, with only 2,000, followed by 11,000 in October.
“Revisions are a normal part of the reporting process, but large changes, or adjustments that consistently move in the same direction, are not normal,” E.J. Antoni, a research fellow at the Heritage Foundation’s Grover M. Hermann Center for the Federal Budget, told the Daily Caller News Foundation. “Instead, they’re indicative of something problematic with the BLS’ methodology. That can happen when market conditions change drastically enough to be outside of the assumptions used in their models.”
The revisions are due in part to an overestimate of the number of jobs in the U.S. economy in January 2023 at 155,007,000 instead of the revised 154,773,000, according to the BLS. The job level increased to a revised 157,347,000 by December, totaling an increase of 2,340,000 positions in the year.
(Excerpt) Read more at confoundedinterest.net ...
Just like his “voters”
Why am I shocked?....................
Rush Limbaugh used to have great joy making fun of these BLS Deep Staters.
IF people in the cemetery can vote, why can’t they punch a time card?
He did the same thing in 2022
/s
I keep hearing that the US economy is “booming” but I don’t see it.
...the "comedians" are laughing at themselves(and us)
He is being very gracious.
Such long-term misstatements can also happen due to fraud, and most likely did, to benefit Herr Biden.
Same here. When I talk to different people, they are quite forthcoming on how bad things are without any prompting from me. I try not to fan the flames either. I’m fairly subtle about my politics (I have to be around some of my in-laws).
Money laundering under multiple identities to hide assets from whomever or tax purposes.
Lies, damn lies & statistics.
I’m surprised they even bother to adjust them at all. At some point they’ll realize they don’t need to.
The only real “boom” is the sound from the crash of ordinary American’s prosperity.
One of my buddies got a job at Bethlehem Steel in Lackawnanna, NY(Buffalo) as a summer job when he graduated high school in 1979.
A union job literally pushing a broom five days a week.
Except every other Friday he left at noon. Him and another guy took turns punching the other one out at 5PM. Apparently, this was common practice and he was the new guy.
Another reason why those steel mills no longer exist there.
The Democrat Party Organized Crime Syndicate.
The only business that is booming is the money laundering operation in Ukraine. To biden and company, that is the US Economy. The elitists don’t get out of their social or physical bubble so how would they know what the economy looks like.
Check out this chart. Is this the one to look at?
https://www.bls.gov/web/empsit/cesnaicsrev.htm#2023
It does show a big plus up for Dec. It will be interesting to see the Feb and Mar revisions to Dec 2023. So far ONLY July 2023 shows a net plus up. EVERY other month is DOWN!!!
Any bet Jan 2024 will be total BS too?
The compliant media cherry-picks certain stats to give a rosey impression, while ignoring the grim realities.
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