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A group of Republican senators wants to know how President Biden’s Department of Labor severely overestimated the number of new jobs created over the past year — after the agency made its largest downward revision to US payroll figures since 2009. The revised figures from the Bureau of Labor Statistics (BLS), released last week, suggested that there were actually 818,000 fewer jobs during the 12 months ending in March than initially reported — an indication that the economy may be less robust than the White House is saying. That means that the actual job growth during that period was likely...

Another Biden-Harris Bureau of Labor Statistics scandal. Three banks quietly obtained key payroll data from the BLS as it delayed posting the jobs report for 30 minutes due to ‘technical issues’ on Wednesday. Wall Street was thrown into chaos and there was confusion at trading desks on Wednesday morning after the BLS failed to post its jobs report revealing nearly 1 million jobs vanished in the last year. The BLS was supposed to post its report online at 10 am ET. The report wasn’t posted until 10:30 am ET, however, at least three banks obtained the key payroll data as...

during the Bush administration, Democrats accused the BLS of cooking the books to make Bush look good. Then under Obama, the accusation switched. It switched back again under Trump. Today, the estimate of new jobs created dropped by 818k. Biden and Harris cooked the books. This isn’t any different than Enron. They cooked the books during an election year to make themselves look good. The BLS went along with it. Shame on them. I was listening to the Joe Rogan/Peter Thiel podcast driving from Grand Marais to Duluth. I have to hop on a plane to Detroit. My mom is...

Earlier today the Bureau of Labor and Statistics (BLS) revised the annual jobs report to remove 818,000 previously recorded jobs. […] “The Bureau of Labor Statistics revised down its total tally of jobs created in the year through March by 818,000 as part of its preliminary annual benchmark review of payroll data. That suggests the economy added an average of 174,000 jobs per month during that time period — below the previous 242,000 estimate. On a monthly basis, that amounts to about 68,000 fewer jobs. It marks the largest downward revision since 2009.” (read more) When asked about the troubling...

Joe Biden and Kamala Harris were cooking the books the whole time and lying to the American people. The Bureau of Labor Statistics will downward revise jobs AGAIN on Wednesday by up to 1 MILLION! On Wednesday, the Bureau of Labor Statistics will downward revise jobs for the April 2023-March 2024 period by up to 1 million. This means that all "beats" recorded in the past year will have been misses and the US job market is in far worse shape than the admin would admit. — zerohedge (@zerohedge) August 18, 2024 According to Bloomberg, payrolls growth between April 2023...

There are lies, damned lies, and government statistics — and maybe none is more damnable than the official unemployment rate which is half the actual rate .. Worse, the number of Americans who are neither retired nor employed is more than four times higher than July's official rate of 4.3%. ... July the percentage of Americans who are unemployed and looking for work — this is the number that the Bureau of Labor Statistics (BLS) should report each month — was 8.4%. The BLS reported a rosy 4.3% unemployment ... One in four adult Americans is retired, which is nice...

One of the Bidenary impacts to economic analysis and/or economic outcome review has been the inability of any government statistical data to make any sense.Quite frankly, almost every financial pundit in mainstream media pretends the data from the Bureau of Economic Analysis (BEA), the Bureau of Labor Statistics (BLS) or the Dept of Commerce is accurate. It’s not, and we all know it.Just like every other institution in Washington DC, the systems of economic tracking have lost all their credibility.That said, even with all the pretending intended to prop-up the Biden administration, eventually the results on Main Street are so...

The fake news media is working overtime to help Joe Biden’s reelection bid. The disastrous May jobs report was released on Friday: According to the BLS, nonfarm payrolls expanded by 272,000 – ‘better than expected’ and the unemployment rate rose to 4% (this number is also a lie). But the fake news media is spinning the abysmal report to help Joe Biden. “U.S. adds a much-better-than-expected 272,000 jobs in May, but unemployment rate edges up to 4%” – CNBC boasted on Friday. ... Fake News CNN really hyped up the May jobs report. “US economy added a whopping 272,000 jobs...

The New York Times economics parody writer Pauk Krugman — because that’s all he’s been reduced to now — can’t seem to avoid sleepwalking his way into huge, unforced errors. In another Apr. 9 column praising President Joe Biden’s alleged “Goldilocks” economy, Krugman was adamant that “while there was a wave of inflation, it seems to have broken.” Yes, Krugman wrote this just a day before the Bureau of Labor Statistics released its Apr. 10 report showing that consumer prices spiked hotter than expected at 3.5 percent year-over-year and 0.4 percent month-over-month. CNBC analyzed that core consumer prices (excluding food...

With Wall Street expecting continued declines in the pace of monthly growth, and consensus looking for a decline from last month's 219K print to 185K, the BLS reported that in January the US created a ridiculous 353K jobs... ... double the 185K expected, and higher than than the highest forecast estimate, which as a reminder was 300K. In fact, as shown below, this was a 4-sigma beat to expectations...and putting the beat in the context of the past year, it was an absolute blowout: What is notable is that once again there was a huge dispersion between the Establishment and...

Well, here I am minding my own business, working on a boring venture capital post, when here comes the Bureau of Labor Statistics announcement of October jobs data. The BLS has been working toward a Nobel prize for fiction writing all year, but you can only carry that so far. Maybe they figured that everyone is distracted by Ukraine and Israel or just the latest TikTok videos, but their house of cards can only be towered upward so far, and today’s announcement begins the downfall to reality. “Expectations” were for 180,000 new jobs, according to the survey of businesses. Reality...

Our long slide toward economic oblivion continues, and survey after survey has shown that most Americans are deeply unsatisfied with the current state of the U.S. economy. Inflation is out of control, most Americans are getting poorer due to the rapidly rising cost of living, the housing bubble has started to burst, and the commercial real estate market is a giant mess. But employment is supposed to be our bright spot. The Biden administration continues to tell us that the unemployment rate is less than 4 percent and that there are lot of jobs available for those that want them....

Whatever the Bureau of Labor Statistics reports today about job growth and the unemployment rate, you can bet that President Joe Biden will use it as an opportunity to brag about his superb handling of the economy. The one thing Biden is good at is lying with statistics. Biden will probably claim that he’s overseen a record number of new jobs – the most in history. The press will dutifully regurgitate White House talking points. But the numbers getting bandied about these days about job growth and unemployment are wildly misleading because they ignore important bits of context. Such as:...

The Bureau of Labor Statistics (BLS) published a jobs report yesterday [DATA LINK] that has stunned the professional financial class. However, those who have followed the BLS data assemblies were laughing – not surprised. Eventually, if this continues, the BLS pretzel logic will start using terms like “eleventy.” Throughout 2022, the BLS modified the underlying data they used to assemble their jobs reporting. The latest release shows that 517,000 jobs were gained in the labor market, despite every other economic indicator showing we are in an economy of contraction. The question becomes, why the disconnect? There are two surveys that...

The Biden administration vastly overstated its estimate that employers created more than 1 million jobs in the second quarter of this year, claiming historic job growth when in fact hiring had stalled, according to a new estimate. Job growth was “essentially flat” in the second quarter with only 10,500 jobs added, the Federal Reserve Bank of Philadelphia said. Republicans are accusing the administration of lying about the employment data in an election year and are demanding answers.

Early Benchmark Revisions of State Payroll Employment Please consider Early Benchmarks for All 50 States and the District of Columbia for the second quarter of 2022. Estimates by the Federal Reserve Bank of Philadelphia indicate that the employment changes from March through June 2022 were significantly different in 33 states and the District of Columbia compared with current state estimates from the Bureau of Labor Statistics’ (BLS) Current Employment Statistics (CES). Early benchmark estimates indicated higher changes in four states, lower changes in 29 states and the District of Columbia, and lesser changes in the remaining 17 states. In the...

Total nonfarm payroll employment rose by 528,000 in July, and the unemployment rate edged down to 3.5 percent, the U.S. Bureau of Labor Statistics reported today. Job growth was widespread, led by gains in leisure and hospitality, professional and business services, and health care. Both total nonfarm employment and the unemployment rate have returned to their February 2020 pre-pandemic levels. This news release presents statistics from two monthly surveys. The household survey measures labor force status, including unemployment, by demographic characteristics. The establishment survey measures nonfarm employment, hours, and earnings by industry. For more information about the concepts and statistical...

Shoppers paid sharply higher prices for a variety of goods in June as inflation kept its hold on a slowing U.S. economy, the Bureau of Labor Statistics reported Wednesday. The consumer price index, a broad measure of everyday goods and services, soared 9.1% from a year ago, above the 8.8% Dow Jones estimate. That marked another month of the fastest pace for inflation going back to December 1981.

The Wall Street Journal Editorial Board threw a big wrench into the media machine celebrating President Joe Biden’s so-called win on the better-than-expected January jobs report. The Bureau of Labor Statistics published a Feb. 4 report showing the economy added 467,000 jobs, which blew past estimates. The media swallowed the news whole. CNBC’s headline was: “Payrolls show surprisingly powerful gain of 467,000 in January despite omicron surge.” ABC News salivated: “US economy defies omicron and adds 467,000 jobs in January.” But The Journal had a surprisingly different take, and it was an eye-opener: “Who knows what to make of Friday’s...

he January jobs report from the Bureau of Labor Statistics has no basis in reality. The bureaucrats simply made up numbers to make it look like the economy added jobs. The economy actually lost about 300,000 jobs in January. ADP and the BLS’s own report admit that. But a 300,000-job loss would hurt Joe Biden. So, the crooked accountants at BLS made up numbers and handed a headline to the ignorant press. Here’s where the BLS comes out and tells us they simply made up numbers to arrive at the headline the White House communications staff wrote for them: