Posted on 10/05/2024 4:53:05 AM PDT by MtnClimber
People often ask if the Fed is political, and therefore predisposed to lowering interest rates before the election. The Labor Department and Bureau of Labor Statistics deserves equal questioning.
Their job growth statistics are untrustworthy, to put it politely. They are almost always revised downwards after Biden had a chance to gloat. A Labor Department report encompassing annual benchmark revisions to the nonfarm payroll numbers was released on August 8, 2024, covering the period of April 2023 through March, 2024. It showed actual non-farm job growth was nearly 30% lower than previously reported.
On October 4, just an hour ago as I type, the Labor Department issued its September jobs report. Surprise! They claim the U.S. economy added 254K jobs for the month. That’s dubiously robust; for context, it is the strongest report in six months, and way above the average monthly gain for the prior 12 months.
Is it coincidence this report is so apparently favorable right before the election?
One may reasonably speculate that the burrowed bureaucrats and wayward statisticians that concoct these figures don’t want Trump and Vance cleaning house. Trump has already indicated that Elon Musk could have a role in a government efficiency commission. Judging by their constant and continuous inaccuracy, personnel in the Labor Department and BLS have reason to worry -- their products indicate great inefficiency.
The next jobs report will be released on November 1, just a few days before the election. Even if the previous report is revised downwards -- again -- a lot of early voters will have cast their ballot. But even an optimist has reason to be jaded -- there may well be another upside “surprise,” with downward revisions cascading after the election. If, for some reason they can’t fabricate the numbers to favor the Dem incumbents
(Excerpt) Read more at americanthinker.com ...
Lots of “seasonal” jobs were recently created in North Carolina.
“like gas prices being down”
I suspected this, too, but it might just be the effects of low demand because no one can afford anything (?).
Meanwhile, my company has frozen all open positions and is taking significant cost-cutting measures... probably well into 2025. Same for the other major companies in the industry.
Expect the jobs reports and revisions to be whatever helps Democrats before the election is decided. Then reality.
I’m sure this includes 100K ballot harvesters and 50K get-out-the-vote bus drivers.
Same readjusted scam used by Obama administration.
Same thing with unemployment...how many people just stopped asking and didn’t get a job.
It’s absolute BS and just like every other jobs report this year will be adjusted down quietly.
Remember those 800k Jobs’s they lied about all year?
Just more of thr same
I would believe that LIZZO has lost 200 # before I will believe ANY FED reports on jobs.
Another reason to turn MUSK loose to get real numbers.
Downward revisions in December.
We’ve had 8 straight quarters of economic growth while inflation has gone from 9% to 3%. That means the FED has pulled off an incredible feat of working around govt overspending to get us this far without a recession while lowering inflation. The FED’s position looks better than it has in years.
Sick SOBs!
Anyway you look at it, the Bydone administration is at fault.
They leave no stone unturned.
Which will be corrected downward after the election just like the job numbers for the last three years have been corrected downward a month after reporting the numbers.
As usual, the unelected bureaucrats will issue a “revised” number — always significantly lower — next month ... after the election, of course.
Demonrats!
All the pros have already built that in. It will still be a good number after the coming adjustment of about -130,000 jobs. The reality of what the FED has pulled off despite govt overspending is almost miraculous. And it’s not going to change anyone’s vote since most live in a fantasy land when it comes to the economy.
Grandma and grandpa going back to work. Winter is coming
I suspect revised numbers will come out after the election.
To be downgraded right after the election, either by Harris with a snicker or by Trumt to make the data release accurate.
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