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
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How many of the new jobs were cheap illegal invaders replacing US citizens?
Mostly government jobs.
maybe julie su should be cited for misinformation
Guaranteed the phony numbers will be revised way down after the election.
Is this the left’s October surprise? Pretty thin.
Lotsa factors go into this "supposed" result.
Wait until the revisions and the audits.
Don’t believe a thing, or just the opposite, of anything coming out of this corrupt administration. Their credibility is gone....nada, nothing.
... after the election. The impact now is to sway the non-rabid voter.
Per the BLS report, you are absolutely right.
Growth in local, state, and federal government jobs.
It’s all in the report.
Public sector jobs.
Unfortunately.
Expect the opposite once President Trump 47 is in office. Every month they will report that the current jobs numbers are awful, only to revise the previous month’s numbers way up MoM. What matters is the breathless lying headlines that they’ll generate. Well, at least they will do so until Trump starts eviscerating BLS and a host of other useless alphabets.
Like any good news out of this administration, one should wait a bit till the real numbers are revealed.
If this “jobs report” is the best this admin has for an “October Surprise”, I’m not sure that it will make a difference.
I have beach-front property in the Sahara for sale. . . .
How many were government jobs?
If someone who has been struggling financially for 4 years believes the Lamestream media telling them how great the economy is, well, then we are lost as a nation.
So people are living pay check to pay check and their credit card debt is soaring and yet folks are mobbing the airports and traveling on holidays and on the jobs report “Leisure and Hospitality” among the leaders in job creation.
Noted this week that food prices at Wally World went down a little, five pounds of ground chuck went down four dollars or so, and other prices here and there shrank some. My vibes are that this is Election Conspiracy like gas prices being down.
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