and nobody is surprised, lol...Truth Social is tanking.
and nobody is surprised, lol...Truth Social is tanking.
i quote the US Bureau of Labor Statistics and you quote Andrew Moran from LibertyNationNews.com.Shock! US Government Overstated Job Growth in 2023
The Washington shell game on inflation and employment numbers.
by Andrew Moran | Apr 2, 2024 | Articles, Business News, Opinion
Last year, the US economy added 3.013 million new jobs, and that is taking into consideration the questionable establishment survey and all of the downward revisions. Not too shabby! But while President Joe Biden may be taking a small and precarious victory lap heading into the November election, one aspect of the jobs numbers that will be swept under the Oval Office rug is that of new employment.
Is the Job Market Strong?
The Bureau of Labor Statistics (BLS) publishes the Quarterly Census of Employment and Wages (QCEW) report every three months. It is a more accurate and thorough job gauge than the monthly non-farm payroll report that everyone waits for with bated breath. However, like the headachy caffeine-deprived professional, the QCEW does not offer the financial markets and politicians the same jolt. Armchair and professional economists, be it in the Xverse or on Fox Business, enjoy it because it reflects potentially a more realistic snapshot of the job market.
Statisticians at the Federal Reserve Bank of Philadelphia pay close attention to the QCEW figures and use them as a basis for the regional central bank’s quarterly report, “Early Benchmarks for All 50 States and the District of Columbia.” The conclusion is that employment growth was vastly overstated in 2023.
According to BLS data, payrolls expanded by 1.5% through December 2023. However, the Philadelphia Fed Bank says it was 0.5%. As they say in economics, you can always mislead, distort, or lie by utilizing percentages. Using sum values, the US government reported that by December, payrolls stood at 157.304 million jobs. The QCEW data show 156.504 million. This represents a divergence of 800,000. So, rather than the impressive 230,000 average monthly boost to the labor market, it was 130,000.
Here is a snippet from the Philadelphia Fed Bank’s report: “Our early benchmark analysis indicates that total payroll jobs fell in Delaware and New Jersey, and were essentially unchanged in Pennsylvania, from March through June 2022. These estimates are in contrast to the substantial growth indicated by the current … monthly estimates.”
This is not the first time that the Philadelphia Fed found such results. As Liberty Nation reported, the regional central bank noted in December 2022 that the BLS overstated that year’s payroll by 1.1 million. Of course, as Liberty Nation has further noted, there is an immense gap between the establishment and household portions of the monthly jobs report. Last month, the former showed 275,000 new jobs, while the latter highlighted a loss of 184,000 positions.
As the tremendous former Boston Red Sox reliever Dennis Eckersley once said, “Yuck!”
Sound Familiar?
Why does the US government overstate jobs and understate inflation? Wait a minute. Washington minimizes the inflation data, too? Shocker!
For years, LN has reported that the federal government has adjusted how it measures price changes throughout the marketplace. This occurred in the early 1980s when statisticians essentially removed the consumer price index (CPI) housing component, including home prices and personal interest payments. Today, the government views having a roof over your head as an investment rather than a need as critical as food or fuel. Why would it when housing inflation has rocketed since the coronavirus pandemic, driven by the Eccles Building’s zero-rate climate?
As FX Hedge recently wrote in a terrific newsletter, “The government stopped using real-world data and started using proxies to estimate the real-world data.” Put simply, if the BLS relied on pre-1983 methods to calculate inflation, the June 2022 peak of 9.1% would have been at least doubled. Of course, this would not look good for President Joe Biden or the Federal Reserve. But, sure, blame it on greedflation and shrinkflation.
Shock! US Government Overstated Job Growth in 2023 - Liberty Nation News
But while the administration will tout the strong job market heading into November, officials will likely refrain from referencingwww.libertynation.com
and they don't count people who have exhausted their benefits or quit looking for work...and inflation under Trump and bidet: just incredible....compare prices from both here:
BIDEN MART
Putting food on the table has become harder than ever thanks to "Bidenomics". As costs for everyday items continue to rise, American families are struggling more and more to foot the bill.www.biden-mart.com
wow. just wow! should I suppose you have proof of that or are you off your meds?and who let the COVID-19 virus loose on the US? Donald Trump!
6 bankruptcies
Failed at casino ownership
90 felony charges
$80 million judgement against him for rape
$450M fine for fraud
Hawking clown shoes and bibles
Buddies with dictators
Shunned by all European leaders
Buddies with convicted child molestor
Long trail of carnage behind him including jailed associates
Carnage includes law licenses gone
Busted with hooker
Brags about winning golf at his owned club
Banned from doing business in NY
he was president then and made no substantive efforts to contain or control the virus until may 15, 2020.wow. just wow! should I suppose you have proof of that or are you off your meds?
we have governmental agencies like the CDC designed to "contain and control" viral threats. Trump directly interfered with their efforts to quarantine the first known cases and continued to ignore advice from them and other medical experts.trump is expected to control a virus and biden is expected to kiss children . the bias is unhinged and demented
this is also a lie. you're not very good at lying either.we have governmental agencies like the CDC designed to "contain and control" viral threats. Trump directly interfered with their efforts to quarantine the first known cases and continued to ignore advice from them and other medical experts.
I didn't know Margie had a dick to step on. Maybe her labia is ridiculously long.
approx 1 million Americans died from COVID-19 and it caused an inflationary spiral that we are still trying to control today.
"funded the creation of the virus"! more conspiracy "theory" with zero proof.this is also a lie. you're not very good at lying either.
CDC pushed for masks and social distancing, that was their 'expert' advice.
Trump listened to 'experts' from NIH and NIAID, who actually funded the creation of the virus and foretold the pandemic before Trump was elected.
Trump was betrayed by 'experts' like Fauci and Birx and ultimately Pence who Was in charge of the pandemic response.
Seattle was the first known case in the US and he was quarantined immediately, I know because of where I reside.
Trump did not mandate the vax, but joetater did.
...and you blame Trump for the economy and employment faltering during covid.
TDS is real and you demonstrate it perfectly. Take your damned meds, dude.