Posted on 01/07/2024 1:11:47 AM PST by Libloather
There’s something wrong with previous U.S. jobs reports.
The government quietly erased 439,000 jobs through November 2023, a closer look at the numbers from the Bureau of Labor Statistics shows.
That means its initial jobs results were inflated by 439,000 positions, and the job market is not as healthy as the government suggests.
Since the government wiped out 439,000 jobs after the fact, the total percentage of jobs created by the government last year is even higher. Increased government hiring has been driving the jobs numbers higher.
This matters because U.S. jobs reports move the markets and U.S. Treasury yields. Plus, they are a significant factor in the Federal Reserve’s decisions about the path of interest rate hikes and cuts. All that affects U.S. consumers’ pocketbooks.
"Time to stop trading off the payroll data," tweeted David Rosenberg, founder of Rosenberg Research Associates. By his calculations, he says the downward revisions came to "an epic 443,000," adding, "more than 40% of payroll growth in 2023" came from "the fairy tale ‘Birth-Death’ model" the BLS uses to "guesstimate" its jobs reports.
Again, the government sector in December ranked high in job creation. It created 52,000 jobs in the final month of 2023. As FOX Business's Edward Lawrence points out, that brings the three-month average of jobs created by the government sector to 50,000 per month. Lawrence says Acting Labor Secretary Julie Su "would not answer if this is sustainable when I pressed her."
(Excerpt) Read more at foxbusiness.com ...
Everything in daily life is faked or fraudulent, especially if the data is coming from the Government.
The inflation numbers are fraudulent, the unemployment numbers are fraudulent, if you really look close at the unemployment numbers, they almost always gets revised lower a month or two later, often times significantly lower than what was originally reported.
Its one lie after another; lower inflation rates are trumpeted by the illegitimate Biden regime then quietly adjusted upward months later; higher economic growth rates are touted as proof of the “success” of Bidenomics then quietly adjusted downward months later.
“the fairy tale ‘Birth-Death’ model”
BLS cooked the books for Obama’s reelection too. No economic stat cited by the Biden is credible. Biden is a lying liar.
I agree with you, the numbers coming out of the government about the health of the economy are all complete lies, they are meant to sell the public on how well the economy is doing under Biden and to make Wall Street happy because the lower inflation numbers will be used to push for lower rates.
Kurt Denninger has been ranting about this all year.
Most recently: https://market-ticker.org/akcs-www?post=250440
The rat-infested administration got the good news headlines it needed (as usual).
Then did a Page 18 Column 5 clarification (as expected).
SS;DD
Government statistics are always lies designed to fit their narrative. Trusting anything the government tells you is idiotic.
They call that “cooking the books”. See what happens when someone in the private sector cooks the books.
They got caught doing the same same thing worth jobs numbers in the second quarter of 2022. Can’t believe any economic data being reported by the government.
What’s worse is that even if the initial reports were correct, most of them show that we’re losing full time jobs and gaining part time jobs. That’s what happened in December.
Ronald Reagan said “These numbers have been jimmied” in 1980, so these numbers have been joed, they’ve been doing it forever.
Also of note, the official GDP includes government spending as one component. Government spending has increased as a consequence of the now baked-in “covid emergency spending,” AND the support spending in response to our open border. One could ask how much of the GDP “growth” is based on only higher government spending. The answer is likely most of it.
It’s called lying.
“Now do global warming.“
Profound 4 word sentence. The ‘government’, especially under the recent Democrat administrations , changes numbers to hide the economic consequences of there pay to play and voter replacement policies. Just like the book 1984, they collect taxes and lie to the public. Truth is now unique, almost revolutionary event. It’s a government of the government, by the government, for the government, that’s wants your money and not your voting.
>Also of note, the official GDP includes government spending as one component.<
Honest accounting would consider government spending as a negative number or a zero. It takes from the private sector to spend it.
Every government job should be considered a negative number because it only exists by taking from the economy and produces nothing but non-productive activity from the private sector.
Lifetime pols (Biden, Schumer, Sanders, Pelosi, et al) consider the economy to be the government. If the government spending is going up, the US is thriving.
EC
Reported on a Saturday night.
Nice...
“Ministry of Truth” in action.
(eyeroll)
Last I checked, about 15 years ago, one out of every 14 people in the US was a government employee - fed, state, and local.
This is probably why they are so keen to import foreign workers and let them work on a stolen SSN, of a work permit. Either way, the infused funds hide the mess they are building.
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