08-21-2024, 03:37 PM
This post was last modified 08-21-2024, 06:24 PM by Maxmars.
Edit Reason: added content
In another of nearly countless "corrections" after the fact, and after being used for political claims... the UD Department of Labor once again issues a "corrected" report ... this time indicating making a colossal adjustment downward... the largest since 2009...
From Fox Business: US economy created 818,000 fewer jobs than previously reported
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.
What surprises me is that "news media" ignores that this department almost NEVER makes an accurate report.
Personally, I think this serves as a clear example of why "political appointees" SHOULD NOT BE TRUSTED with "REPORTING" responsibilities.
[edit to add another source]
From ZeroHedge: US Jobs Revised Down By 818,000 In Election Year Shocker, Second Worst Revision In US History
Back in March, when most of Wall Street and economists still believed the lies spewed forth by the Biden Bureau of Labor Statistics, which intentionally uses inaccurate, rushed "data" from the Establishment survey which is meant to pad sentiment and make the economy appear far stronger than it is for propaganda purposes (as one can see by the constant monthly downward revisions), we did an in-depth analysis looking at the actual, "uncooked" numbers published by the Philadelphia Fed preview of the annual Quarterly Census of Employment and Wages employment revision, and warned our readers that actual US payrolls are overstated by at least 800,000.
Philadelphia Fed Admits US Payrolls Overstated By At Least 800,000 https://t.co/JZZxweddh9
— zerohedge (@zerohedge) March 28, 2024
Specifically, we concluded that "the BLS had overstated payrolls by 800,000 through Dec 2023 (and more if one were to extend the data series into 2024)" and added that "it's truly statistically remarkable how every time the data error is in favor of a stronger, if fake, economy."
...
As for broader socio-political implications, the reactions are already pouring in with those on the blue side of the spectrum pretending nothing happened, while those on the other side of the aisle raging at what has now become clear propaganda by the highly politicized Department of Labor. To wit, here is RFK, Jr., proposed VP candidate Nicole Shanahan slamming the BLS, and using our data to do so:
The Bureau of Labor Statistics (BLS) has long been used as a tool of propaganda by the executive branch. Here’s how: they distort definitions, manipulate data, exclude discouraged workers, and revise past reports to create narratives that fit the agenda of whichever administration is in power. This skews the actual economic picture and misleads citizens about the true state of our economy. It’s like a game of musical chairs, and neither side wants to be caught standing when the music stops. The Constitution doesn’t grant the government the authority to track unemployment statistics, so why do we even have this agency? Perhaps it’s time to get rid of it. Their $750M budget could surely be put to better use, and private companies already track U.S. unemployment for free. Win-win.
The Bureau of Labor Statistics (BLS) has long been used as a tool of propaganda by the executive branch. Here’s how: they distort definitions, manipulate data, exclude discouraged workers, and revise past reports to create narratives that fit the agenda of whichever… https://t.co/IANDELO9G9
— Nicole Shanahan (@NicoleShanahan) August 21, 2024
We agree: back in March we concluded our article, which predicted today's revision with near 100% accuracy, by warning that the staggering size of the revised data "is also why nobody in the mainstream media - which is now nothing more than the PR smokescreen for the Biden puppetmasters, the government and the deep state - will ever mention this report."
Today it will be more difficult for the propaganda press to ignore it.
From Fox Business: US economy created 818,000 fewer jobs than previously reported
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.
What surprises me is that "news media" ignores that this department almost NEVER makes an accurate report.
Personally, I think this serves as a clear example of why "political appointees" SHOULD NOT BE TRUSTED with "REPORTING" responsibilities.
[edit to add another source]
From ZeroHedge: US Jobs Revised Down By 818,000 In Election Year Shocker, Second Worst Revision In US History
Back in March, when most of Wall Street and economists still believed the lies spewed forth by the Biden Bureau of Labor Statistics, which intentionally uses inaccurate, rushed "data" from the Establishment survey which is meant to pad sentiment and make the economy appear far stronger than it is for propaganda purposes (as one can see by the constant monthly downward revisions), we did an in-depth analysis looking at the actual, "uncooked" numbers published by the Philadelphia Fed preview of the annual Quarterly Census of Employment and Wages employment revision, and warned our readers that actual US payrolls are overstated by at least 800,000.
Philadelphia Fed Admits US Payrolls Overstated By At Least 800,000 https://t.co/JZZxweddh9
— zerohedge (@zerohedge) March 28, 2024
Specifically, we concluded that "the BLS had overstated payrolls by 800,000 through Dec 2023 (and more if one were to extend the data series into 2024)" and added that "it's truly statistically remarkable how every time the data error is in favor of a stronger, if fake, economy."
...
As for broader socio-political implications, the reactions are already pouring in with those on the blue side of the spectrum pretending nothing happened, while those on the other side of the aisle raging at what has now become clear propaganda by the highly politicized Department of Labor. To wit, here is RFK, Jr., proposed VP candidate Nicole Shanahan slamming the BLS, and using our data to do so:
The Bureau of Labor Statistics (BLS) has long been used as a tool of propaganda by the executive branch. Here’s how: they distort definitions, manipulate data, exclude discouraged workers, and revise past reports to create narratives that fit the agenda of whichever administration is in power. This skews the actual economic picture and misleads citizens about the true state of our economy. It’s like a game of musical chairs, and neither side wants to be caught standing when the music stops. The Constitution doesn’t grant the government the authority to track unemployment statistics, so why do we even have this agency? Perhaps it’s time to get rid of it. Their $750M budget could surely be put to better use, and private companies already track U.S. unemployment for free. Win-win.
The Bureau of Labor Statistics (BLS) has long been used as a tool of propaganda by the executive branch. Here’s how: they distort definitions, manipulate data, exclude discouraged workers, and revise past reports to create narratives that fit the agenda of whichever… https://t.co/IANDELO9G9
— Nicole Shanahan (@NicoleShanahan) August 21, 2024
We agree: back in March we concluded our article, which predicted today's revision with near 100% accuracy, by warning that the staggering size of the revised data "is also why nobody in the mainstream media - which is now nothing more than the PR smokescreen for the Biden puppetmasters, the government and the deep state - will ever mention this report."
Today it will be more difficult for the propaganda press to ignore it.
