Posted on 09/06/2024 7:20:34 AM PDT by Eccl 10:2
Total nonfarm payroll employment increased by 142,000 in August, and the unemployment rate changed little at 4.2 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in construction and health care.
{snip}
The change in total nonfarm payroll employment for June was revised down by 61,000, from +179,000 to +118,000, and the change for July was revised down by 25,000, from +114,000 to +89,000. With these revisions, employment in June and July combined is 86,000 lower than previously reported.
(Excerpt) Read more at bls.gov ...
You can’t take these statistics very seriously. They’re nothing but wildass guesses.
Of course, this one will be revised down quite a bit. This is only for political purposes.
Who is more correct…ADP or the Government?
Who has less incentive to lie?
You can’t take these statistics very seriously. They’re nothing but wildass guesses.
I don’t take them seriously because they keep DRAMATICALLY decrease them DOWNWARD. Never upward. When Trump was POTUS, they had to keep revising them upward.
That means it’s all politically based, not even “wildass guesses”.
I have done Accounting since 1957.
IF I EVER prepared any report with such errors-—I would be fired & never get a good referral.
ADP-—BY A LONG SHOT
The unemployment rate is based on a couple of surveys. A company I worked for used to get a call every month about our staffing. Most of the time, the call was answered by an assistant who often gave an inaccurate report.
The household survey is where they call and ask if everyone in in the household is working.
I imagine that these days the results of telephone surveys are a mess.
The ADP report is based on actual payrolls and people getting paid. I always look to that report as a better indicator for corporate payrolls. The government should have its own records for its employment.
In any event, trends are what a person should look at—these surveys are sketchy at best.
Stagflation 2.0
5.56mm
“Great Replacement Job Shock: 1.3 Million Native-Born Americans Just Lost Their Jobs, Replaced By 635,000 Immigrants”
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