August 21, 2024
"The U.S. economy added far fewer jobs in 2023 and early 2024 than previously reported, a sign that cracks in the labor market are more severe — and began forming earlier — than initially believed."
"On Wednesday, the Labor Department said that monthly payroll figures overstated job growth by roughly 818,000 in the 12 months that ended in March. That suggests employers added about 174,000 jobs per month during that period, down from the previously reported pace of about 242,000 jobs — a downward revision of about 28 percent."
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60 comments:
Businesses are begging people to apply for jobs with them. He might try, but Trump is going nowhere by asking voters not to believe their own eyes.
The day after the DNC endorsed amnesty for human traffickers, the DHS Inspector General confirms that Biden-Harris handed over ~320k unaccompanied alien children back to the traffickers. This is FAR WORSE than the 85k lost UAC previously reported by NYT
https://x.com/the_roblaw/status/1825986576100290777
Newsflash/for hacks: - Biden-Kamala are President and Vice President. Not Trump.
The truth is trickling out, that the Progressives have been lying to you for the last 10 years or more, and yet people still trust them because they hate a man who was more successful at life than they ever will be.
LOL, remember prior to the 2022 mid-terms, when we had two consecutive quarters of negative GDP growth, but they said it wasn't a recession because the Jobs numbers were so robust? Well, then they revised all of those numbers away too, but we got to pretend that there was no recession!
But you can totes believe that inflation has dropped to "only" 3%.
Bidenomics is when you print $4 trillion dollars a year and still can't create jobs. It's quite a trick.
BLS rigs the numbers.
Part time jobs are growing, slowly, full time jobs, the kinds with benefits, are actually shrinking in number, so sure, tell everybody that things are going great because now they can work two jobs when in the past they only had one!
Yep this is the Big Correction that started leaking out on Monday. It wipes out all the alleged (and imaginary) job gains during the last year.
Holy Moly should talk to the Biden Administration, which is putting out these numbers, not Trump.
Biden and Harris have tamed Trump-induced inflation while keeping job growth healthy. The economy is incredibly healthy after the mess they inherited from Trump.
Government likes to pretend it is difficult to count the numbers of people paying into in Social Security, which really should be the gold standard in legal jobs.
Holy Moly, we on the right didn't make the rules- if the inflation showed up after Biden took office (and it did), then he and his VP get the blame, not Trump. I don't even care any longer whether or not these rules are fair, but since it was your side that made the rules at least have decency and honesty to live by them.
Holy Moly not only drank the Kamala koolaid, but he,she/xi/they has been smoking some fine ganja.
I told everyone this all year. The BLS is a complete fraud.
And as tax report season approaches they have to come back to reality.
We have been in a recession that has lasted at least 2 years and they are lying about it.
Keep in mind, the New York Times ALSO reported that jobs growth was STRONG over the last year under Joe Biden. They hid the decline. They are not trustworthy arbiters of such data. I didn't believe them then, and I don't believe them now. IF they say that the Biden Administration over-reported jobs by 1 million, then it was probably 5 million.
This sort of government/media fraud is demonstrative of the downfall of a once-great nation. If we cannot trust our own government ... it's actually BAD to have it.
Oh well, on to the Trump jailing. Which is up next. Then his murder.
And this is after EVERY monthly report was subsequently revised downward
Are you trying to make democrat voters look stupid?
Liars never prosper.
Zerohedge has been jumping on this issue for the past 3 years. The stock market reacts to the current month's number, so the downward adjustments for the previous month has been buried in the bottom paragraphs of "Stock Market Surges On Labor Report" stories since Biden has been President.
Housing starts are at a record low.
Credit card debt and delinquency are at record highs.
Kamala Harris will not clear 60 million legitimate voters.
After the Chi-Com -Gain of Function convenient lab leak - and the destruction of the world's economy - Democrats love to take false credit for any crawl back.
Shill
Biden-Kamalamadingdong (despite the lies) have kicked the National Debt into the stratosphere. (With a ton of spending on illegals.) This is why inflation will not abate. basic economics 101 clue.
If you like complete corrupt greedy morons in charge - vote Corruptocrat in November. Trump Hate Cult... media-driven BS win, too.
Compared to the first couple of years of the Biden/Harris administration, when ten jobs were waiting for whoever applied for them, now there are only five.
We are approaching a more healthy balance.
No big deal...Kamala's going to fix both the job numbers AND inflation by (1) raising the corporate tax rate from 21% to 28% and (2) also creating a wealth tax of 25% on unrealized gains. Right, Holy Moly, you financial genius you?
If it’s riggable, the Dems will rig it. After all it’s who counts things, not the actual things, as Uncle Joe taught them.
Has Inga adopted a new blogger profile for Althouse? Naw. Despite her ignorance and repeated lies, she, at , has the courage to come out in this forum and air her opinions, no matter how wrong and misguided they are. Not like the Coward LLR Chuck who, like the brave Sir Robin of Holy Grail infamy, ran away, ran away
Unexpectedly!
Well, I guess this story has been out for a while--some of the coverage said the expected revision was 1M which seemed like expectations-management, but once again we get a revision against the narrative when a Dem's in office. Was it Glen Reynolds or James Taranto that did the "unexpectedly!" bit? I miss Best of the Web Today.
People aren’t tipping.
Oh man "decency and honesty" Yancey! You're killing me man. That's comedy gold!
"Hiding the decline" is just SOP for the Left.
https://www.hussmanfunds.com/wp-content/uploads/comment/mc240721a.png
Please look at that chart closely. If my link picked up the whole column, it's the first chart in there. Look at the dating on the bottom axis. Consider.
LOL, but seriously I wonder if others are doing less like I am, much fewer meals or drinks out, but I'm tipping more than usual when I do.
Shorter Holy Moly: “These aren’t the BLS figures you are looking for…”
What’s gotten into the BLS? They weren’t supposed to release these figures for at least 3 months!
Zerohedge has been analyzing this shortfall for at least a year. He has noted how jobs are okay in the reporting month and then revised downward the following month when no one is looking.
"Trump-induced inflation?" Oh, you mean "Putin's Price Hikes."
What happened to that particular talking point, anyway? It's odd how short a shelf life some of those have, even with the internet things are forgotten so quickly!
I'm enjoying the incoherence of "Biden's economy is strong, Biden/Harris saved the nation from Trump's recession/inflation, oh and also Harris is going to turn things around once she finally takes office."
A man can hope for an honest progressive!
Shhhh ! The secret must be kept until the election.
tim in vermont said...
“Bidenomics is when you print $4 trillion dollars a year and still can't create jobs. It's quite a trick.”
Brewster’s Millions. Only now 4 decades later it’s Biden’s Trillions.
This is why I worry about the election being a poisoned chalice for Trump.
We've all noticed that, except the lefties.
Yancey Ward
“A man can hope for an honest progressive!”
Unfortunately, I think you’re going to need a bigger boat… - I mean a bigger lamp with a lot more oil, Mr Diogenes.
I mean, who doesn’t make a 818,000 counting error now and then.
Elliott A. said..."And this is after EVERY monthly report was subsequently revised downward"
Jesus, I was thinking this is old news, but this is ON TOP OF all those previous monthly downward revisions, isn't it?
I believe the inflation numbers also. It’s called Lie-a-nomics.
“Biden and Harris have tamed Trump-induced inflation while keeping job growth healthy. The economy is incredibly healthy after the mess they inherited from Trump.”
A drunken, willful, lying gaslighter is no way to live life, skell.
"There are three kinds of lies: lies, damned lies, and statistics." - Mark Twain.
Over 800,000 missing jobs and over 250,000 missing children at the border. Nice work covering it all up as long as you did. Nothing to see here but Joy.
When the jobs reports came out each month for the last year they were often accompanied by a statement that "meanwhile the unemployment percentage edged up". The media pundits would simply poo-poo the contradiction between "jobs created" and "unemployment percentage".
Fuck the numbers...
Happy Days are Here Again!
the establishment dems in power told me so in their preferred daily media mouthpieces that ann is always linking to here!!
Happy Happy Joy Joy! (feel better now?)
On top of the 818,000 “revision”, 1.2 million native born Americans lost their jobs while 1.3 million foreign born workers found jobs.
Yancy. You're talking to either Inga or Vicky. Not the highest IQs on this blog.
The Magic one can get from a Wednesday headline news release, followed by a quiet Saturday correction, a couple of weeks later.
Yes about 1.2 million for the year so far in corrections.
There are two surveys, one of establishments (jobs number) and the other of households. This revision is to the jobs number. Meanwhile, the total employment level from the household survey shows no change from a year ago. Let's say that again - the total number of people employed has not changed in the last year.
If you read the correct reporters, this has been an open secret for the past three and a half years.
These revised numbers give cover to the Federal Reserve to start cutting interest rates to help drag Kackula across the finish line come November.
No. No they're not.
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