"Unemployment remained steady at 4.1 percent. The number was significantly lower than economists had expected, suggesting either that disruptions took a larger toll than they had forecast, or that the underlying pace of job growth might be slowing.... August and September were revised lower, taking a total of 112,000 jobs off earlier estimates. The average job growth over the past three months is now 104,000, down from 189,000 over the six months before that."
The New York Times reports.
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62 comments:
Only missed their "expected" job creation number by a tiny 89%.
Tagline: "LOL It's called Bidenomics!" -- Kamala Harris VP (2022)
Can't wait to see what the "revised" number will be after the election. Minus 50,000? Minus 100,000?
I’m sharing a pic from Ring of someone approaching our front gate last evening. For Godsakes… I hope it isn’t who I think it is!
All of these reports are pretty much BS, why didn't they lie more this time?
Most of the gains are in government employment. Previous two months numbers revised downward. Shocking. Who would have guessed that previous numbers were over estimated.
I'm a bit curious how this jobs number works. If they claim in one month 125,000 new jobs, then in the next month they decrease that by 50,000 and claim 125,000 new jobs in that month aren't they essentially taking double-credit for those 50,000?
Always an excuse. Progressives are Cloward and Pivening us, and pretending they care about us, when everything they are doing is destroying the country.
Revisions ALWAYS go in the same direction. it’s almost as if they’re lying to us. One way ratchet. Like the “throttling” of disinformation (always only “conservative” folks), and the thumb on the scale for the dem candidate, and the trans people (dudes) playing in women’s sports but never the other way around…
The chocolate ration has been increased from 5 ounces to 3 ounces. Best economy ever. Woohoo!
Exactly!
Worse than I thought. This report "includes a net loss of 46,000 manufacturing jobs." Holy recession batman! The entire 2.3% "growth" of GDP last week was government, not private spending, and that is not good news.
"It's a how-to manual!"
Just wait a few weeks. This shall be revised downward for a 100,000 job loss.
It's always 1984 at the NY Times.
Don't forget about all the election "glitches" we're seeing reported that all ONLY HELP Democrats.
Yes Rob C, that is exactly how they take double credit for the same job growth. Note that if they had not revised the prior month number down by 31K, today's number would have been a negative 19K. And it cascades on back.
We (well, the Fed and Treasury) are "borrowing" (actually printing) another $1-trillion every two months now to prop up this fake "growth." To quote the late great Julian Simon (a truly reality-based economist), "That which cannot go on forever, won't."
Oops! I misattributed Herb Stein's quote above. (Yes he was Ben's father.)
August and September were revised lower, taking a total of 112,000 jobs off earlier estimates.
can someone tell me, the last time estimates were EVER revised higher?
The actual job numbers are about 100k less than their est. for the month.
Not always on direction. Once Trump takes office corrections will be in the opposite direction, as was the case during his first term.
That is my thoughts. I get the impression they came up with a number that was plausibly positive and posted it. If Trump wins, they’ll then claim job decline began on his watch, when it really began at least 1Q before he took office, and no pandemic this time.
I'm sure Rich will be along to explain how this is an outstanding report.
I'd love to see the math, if there is any, behind the claim the hurricanes and Boeing account for this. I suspect they just reached for convenient headlines. I bet the trades and cleanup companies are booming in hurricane path. Boeeing has been failing for some time.
Was she posting a sign that says "Cultist lives here!"
She'd be flying over. Your Ring won't catch that.
This is what Democrats get for using their space lasers to control the weather. 😉
This was well flagged for the reasons given in the article . The American economy is resilient and it roared back better than any major economy out there.
Too many people process online news feeds like they’re compiling a ransom note—a few words from this paper, a few words from that paper. The American economy is the post-pandemic benchmark for the world. The Economist’s recent cover feature explains why. If one stops cherry-picking data points that support their bias, and look closer at fundamentals and factors, the news is very good.
Back to the Economist, they endorsed Harris this week. She will win and by greater margins than polls suggest.
It's extraneous data, a distraction, to give lefty reporters something to chit chat about after providing the "news."
Right on cue, Mike--see below.
Well, of course. Polls don’t measure fraud.
Accepting that assessment at face value..ahem..what has Bidenomics done to cause that? How would Kamala continue syuch success?
"Back to the Economist, they endorsed Harris" Shocker!
What in the world are you rambling about?
In my world, clients have been holding off projects until they see if Harris gets in.
Also folks stringing multiple part time jobs together.
1. These numbers say little about the economy.
2. Bigger picture, the US job situation remains good.
3. Inflation has been largely tamed, although the potential for renewed inflation does exist.
4. It is the lingering effect of the 2021-23 inflation spike that still hurts. Housing is prohibitively expensive to most, especially those who must borrow large amounts at very high rates.
The lingering and real effects of a permanent change in price levels is likely continuing to hurt Harris. The fact that inflation is no longer raging could help her campaign. The question is how much. The "new news" today will not affect the election, as much as some politically-driven commentators hope or fear that it will.
In 2020, the week before the election, the NBC headline was "Economy added *only" 661K Jobs last month". "Only"? Harris and the Democrats would love to have a 661K job print to brag about over the weekend.
Instead, they are having to massage the numbers and insist they are due to outside forces that have nothing to do with Biden/Harris policies and are due to circumstances over which this administration has no control.
In SF and points below, tech layoffs have gone from alarming to astounding. I don't know exactly what's causing it, but I blame A.I. anyway.
When Trump was president.
Period after lockdowns end naturally look bigger. However, the Covid spending largesse became the baseline and guvmint keeps hiring. It's like raiding your emergency fund and expecting that to be the new norm while expanding your family.
Oh, yes, the economy is SO resilient, nothing the dems do ever has any negative effect on it. High taxes and inflation? Wonderful! Tens of billions spent on projects with zero results? No problem! Industry-crippling regulations? Completely harmless! Financing foreign wars? Don't worry about it! Trillions of dollars of new debt? We can absorb it forever! Millions of unvetted illegals who need to be placed on the public dole? It's all good!
To be unexpectedly revised downward in the future, and most were government jobs.
You want to keep your job, don't you?
Are any family members or acquaintances Trump supporters?
I repeat, you want to keep your job, don't you?
It's bad enough they lie to us. Worse even is that they so blatantly lie to us. They don't even have enough respect for us to try to lie convincingly. What is more depressing is that tens of millions want to buy into the lies.
That number - 12,000 - will be revised downward in a few months. It’s how these people govern. Everything is based on bullshit.
It is the same as voter fraud. People are not accepting the lie because it is so obvious.
You all don't see the broader ecosystem that takes in this information and makes decisions based off of it. Investor websites try to predict markets and make money off of these numbers.
The BLS has been posting numbers that are obviously and hilariously fraudulent for a long time. We have been in a recession since 2021. We are entering deflationary market conditions. There has not been an economy this bad since 1929 if you use real numbers.
It is hilarious that Rich thinks he can post this and people will believe him.
You are an idiot Rich. Nobody believes the media propagandists or the Regime that feeds you this garbage. You are a joke.
Kamala will get 90 million votes. Everyone will know that she only got 55-60 million legitimate votes.
Just like everyone knows that we have been in a recession for 2 years and the government has been lying about it.
If people are happy with what the Dems have done to their cities, schools, hospitals with their open borders, with the increase in crime, both violent and non-violent, with inflation and the high cost of living… by all means, they should vote Harris and Walz.
She’d already landed and was carrying a bottle of champagne and a couple of glasses.
The Cheney part of Trump's statement was attempting to say that people who call for war should be the sort of people with the courage they are demanding of others. Not a big point.
The NYT edits it into a call for Liz C to face a firing squad. Why is this unsurprising?
And all its cost us has been to borrow four or five trillion dollars per year. I am sure that we can continue this indefinitely though. Even as we are borrowing right now just about the same thing we are paying in interest.
Jim Acosta was saying the same thing this morning, that Trump was saying she should face a firing squad.
Really Jim? Have you ever heard of someone being given a rifle before they go in front of a firing squad? You’re a Piece of Shit.
It’s how they rule… this isn’t governance. Biden-Harris regime is all based on lies and bullshit.
I wonder how those folks feel about advising laid-off miners in West Virginia to learn to code now?
"The NYT edits it into a call for Liz C to face a firing squad."
I wouldn't call for it but then again, I wouldn't risk my life to save her from it.
Nobody with any sense believes anything the swamp creatures report.
The post-pandemic bump has been joyful, but immigration reform, ethnic Springs, Green deals, and redistributive change schemes have taken their toll.
The October surprise is- they released this revision before election day!
And we all know in three months these figures will be revised... DOWNWARD!!!
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