Posted on 06/07/2024 5:51:25 AM PDT by Miami Rebel
It will be adjusted down later…
Growth is growth. Even if the report was just 100,000 new jobs it’d still be directionally positive, yet it would’ve cooled inflationary expectations.
Audit their data.”
“
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They would just stonewall. Agencies have learned how to resist accountability with impunity.
Put another way...they only tell us what they want us to know.
Not to pick nits, but if all these newly added jobs are significantly contributing to GDP, would they not have a deflationary effect? Or are we saying that they are mostly just adding to “cost push” inflation?
the drive by media is reporting that “productivity is up” Meanwhile, Pedo Joe poops his pants during the D day commemoration.
Wage growth has been a persistent concern of the Fed, so the answer to your second question is “yes.”
Jobs that don’t contribute to the Gross Domestic Product.
Inflation remains hot if the government continues to expand.
“Growth is growth.”
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If you believe the official numbers.
Are you aware of the huge discrepancies between BLS data and other sources (e.g., Household Survey), the routine recurrence of downward data revisions to the monthly employment data, the numbers of part-time jobs included, and the often wild sigma variations between Wall Street estimates and the BLS?
Something is not right. Much of it going back to 2022 strangely enough.
And then there’s the propensity of this administration to lie, deny and distort facts about pretty much everything. Just saying.
“If the administration were manipulating the numbers, they’d have generated milder, not stronger, growth.”
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Nearly all their numbers are inflated, and routinely get revised downward. DOWNWARD. If the numbers were legit that kind of thing wouldn’t be going on.
Rising employment numbers are important to politicians. The love to tout “robust growth” as you put it almost more than anything. Its political gold.
If you believe the numbers are so readily manipulated, why would you believe that there’d be downward revisions?
“Inflation remains hot if the government continues to expand.”
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And spend, spend, spend. Treasury yields up big this morning.
FAKE NUMBERS. As a consultant, I’m in the job market and over the past year with several 3-month engagements, seems like I am in it constantly. Jobs dried up 2-3 months ago, nowadays the same previously posted jobs just get re-posted. a recruiter at one national company even confided to me that 4 of 5 jobs listed at her company were fake, just to collect resumes.
But the markets would have been happy with 150-175k new jobs. To what end is overshooting that range politically expedient? Rates just popped today.
A guy above is correct.
If these numbers were corrupt, they would have been presented in the other direction.
The Fed cutting interest rates is the signal of victory over inflation — but the Fed won’t do that if job growth is robust. The Administration would much more prefer to announce victory over inflation than a weekly uptick in jobs.
The numbers are boosted for effect (i.e., happy numbers) so they have to be later corrected (quietly and after the happy headlines) to bring them in line with other sources of employment data that are produced. Corrected for historical accuracy, so to speak — when its convenient. Again, you really need to look at the massive discrepancy between BLS and Household Survey. This is a widely recognized divergence/anomaly in the economic community.
The BLS manipulation is just another form of propaganda the regime uses to shape the news and color things to their political advantage.
Bet they’re part time...and/or “service” jobs
I disagree. See my #30 and #36.
And don’t forget, the admin can still get the Fed cuts it wants later when the need suddenly arises to stimulate a slowing economy. The Fed loves “cover” to lower rates.
Except all those gains are among immigrants.
The number of immigrants working over this period is up by 2.9 million, while 183,000 fewer US-born Americans are working.
Put simply, compared to 2019, all the net job growth has gone to immigrants.
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https://cis.org/Oped/Job-gains-are-going-immigrants-and-keeping-young-USborn-men-out-workforce
...
By Steven A. Camarota on February 13, 2024
New York Post, February 13, 2024
We keep hearing that the US economy is strong, especially the job market.
At first glance, this perspective seems to be spot-on. Compared to the fourth quarter of 2019, right before COVID-19 hit, the fourth quarter of 2023 shows 2.7 million more people working.
Except all those gains are among immigrants.
The number of immigrants working over this period is up by 2.9 million, while 183,000 fewer US-born Americans are working.
Put simply, compared to 2019, all the net job growth has gone to immigrants.
To be clear, employment for both groups has rebounded significantly since the depths of the COVID-19 recession in 2020. But the number of US-born workers has not returned to the level it was before the pandemic, while immigrant employment (legal and illegal together) has ballooned.
How do we know this? The government collects the Current Population Survey (CPS) each month specifically to measure employment. It asks people where they were born and if they are US citizens.
Of the 2.9 million additional immigrants holding jobs, it is hard to say what share are in the country illegally. Both the Census Bureau, which collects the data, and the Bureau of Labor Statistics, which analyzes them, are clear that illegal immigrants are included in the CPS, but they don’t break it down by illegal and legal status.
However, we do know that 1.7 million — or six out of 10 — were not American citizens. The rest were naturalized US citizens.
Based on this and some other information in the data, it is very possible that half the net increase in jobs went to illegal immigrants.
Keeping our economy growing. We have a labor shortage especially in poultry processing plants, agriculture and construction.
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