Posted on 09/01/2023 6:07:09 AM PDT by ConservativeInPA
The U.S. economy added 187,000 jobs in August, Labor Department data released Friday showed, a hopeful sign for investors and Americans looking for the Federal Reserve to ease up on interest rate hikes.
The U.S. added 187,000 jobs to the economy in August, according to Labor Department data released Friday morning, outperforming economists’ expected 170,000 additional jobs. The unemployment rate now sits at 3.8%, up from 3.5% in July when 5.8 million people were unemployed.
(Excerpt) Read more at msn.com ...
Totally ridiculous number.
Add in previous reports were revised downward by 110,000.
A .3% increase in the Unemployment rate is concerning.
“...unemployment rate now sits at 3.8%...”
That takes account of those actively seeking employment and receiving unemployment benefits....It doesn’t count those who have already given up...
The actual number is probably around 8%...
I see they are not reporting the adjusted amount for July.
Here’s the way it works.
Step 1: The Feds release rosy economic numbers. Headline news! Everybody claps!
Step 2: A week or two later, the numbers are quietly revised downward. No one notices.
That is, printing 2024 presidential ballots and filling in the names, addresses, and signatures of dead, house-bound, and fictitious people. Oh, and checking the "Biden for President" box on each ballot, and boxing up crates of ballots for shipping to the polls.
Correct, and I think there were downward revisions for June too. I just picked the first article that came up in my search results. Of course that had to come from state compliant media.
Funny that you point that one out. It’s been several weeks, but I sort of recall an article that stated that packing and shipping related jobs were sharply down. It’s a forward looking economic indicator and it ain’t good.
Bidenomics........................
Assuming, for the moment, that government data is correct and honest…bad news is good news for the market today.
It won’t always be so.
Which was revised downward 110,000 jobs?? One month or multiple months?
What is reality? Certainly not these numbers.
From today’s B(L)S jobs report for August:
“The change in total nonfarm payroll employment for June was revised down by 80,000, from +185,000
to +105,000, and the change for July was revised down by 30,000, from +187,000 to +157,000. With
these revisions, employment in June and July combined is 110,000 lower than previously reported.”
https://www.bls.gov/news.release/empsit.nr0.htm
If you count everyone on welfare, US is closer to 25%. If Joe was really creating jobs, he would be moving the millions off welfare.
I comment was satire. Read the rest of it.
My guess it’s good for the market this morning. It’s iffy for the afternoon. But bad unemployment numbers is good for the long term economy. It’s a consequence to squeezing out demand via interest rate hikes. Unfortunately, the real structural problem driving inflation is not being addressed. Specifically, $2+ trillion/ year In deficit spending for as far as they eye can see.
These geniuses make things too complicated. Interest rates should have been raised once to an historical average and government spending should have been cut so the budget was balanced. After a couple month sting from both of those things our economy would be booming.
U-6 was the previous metric. Almost all stats are BS nowadays.
Who is defining what is deemed a discarded outlier?
What percentage of total data points are outliers?
Skewing of data is rampant nowadays.
I did. I just took the opportunity to be the bringer of more bad economic news.
Gotcha.;-)
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