Massive job revision pulls the veil off Biden’s happy-face economy

[HARK!]

The U.S. economy added 818,000 fewer jobs from early 2023 to early 2024 than the government previously reported, a sizable revision that could affect the Federal Reserve’s decisions on interest rates and reverberate in the presidential campaign.

The Labor Department said monthly figures overstated job growth in the 12-month period that ended in March.

Wednesday’s report was part of a routine annual process. However, the revision was the biggest downward change since the financial crisis in 2009.

It also adds to previously reported signs of an employment slowdown, which sparked a major selloff on Wall Street earlier this month.

Massive job revision pulls the veil off Biden’s happy-face economy, critics say

The U.S. economy added 818,000 fewer jobs from early 2023 to early 2024 than the government previously reported, a sizable revision that could affect the Federal Reserve’s decisions on interest rates and reverberate in the presidential campaign.

www.washingtontimes.com

 

[Ana the Ist]

The U.S. economy added 818,000 fewer jobs from early 2023 to early 2024 than the government previously reported, a sizable revision that could affect the Federal Reserve’s decisions on interest rates and reverberate in the presidential campaign.

The Labor Department said monthly figures overstated job growth in the 12-month period that ended in March.

Wednesday’s report was part of a routine annual process. However, the revision was the biggest downward change since the financial crisis in 2009.

It also adds to previously reported signs of an employment slowdown, which sparked a major selloff on Wall Street earlier this month.

Massive job revision pulls the veil off Biden’s happy-face economy, critics say

The U.S. economy added 818,000 fewer jobs from early 2023 to early 2024 than the government previously reported, a sizable revision that could affect the Federal Reserve’s decisions on interest rates and reverberate in the presidential campaign.

www.washingtontimes.com

Look....sure this looks bad. If you're going to lie about crime, inflation, and everything else....you gotta ask yourself...

Why shouldn't you also lie about jobs numbers?

 

[HARK!]

Look....sure this looks bad. If you're going to lie about crime, inflation, and everything else....you gotta ask yourself...

Why shouldn't you also lie about jobs numbers?

No matter what kind of happy face this administration tries to put on it; Americans can see though their ruse.

 

[Ana the Ist]

No matter what kind of happy face this administration tries to put on it; Americans can see though their ruse.

View attachment 353635

It's such a bad situation that most of the nation can literally go outside and look around...look at what's happening in your city, look at what's happening in other cities....

When grocery stores are closing due to looting despite not having any competition for miles around....and the police invent new words for crimes because they are happening so frequently (see jugging) it's probably a safe assumption that the economy isn't doing great and crime is up.

 

[HARK!]

When grocery stores are closing due to looting despite not having any competition for miles around.

By fudging the inflation numbers, and misrepresenting them as low, they use that to pay out lower Social Security benefits, adjusted for inflation.

Many seniors are struggling with the cost of groceries.

I recently pointed out to a Left-Winger that the charity food lines grow longer every week. He dismissed it as anecdotal, and bid me to join him in a nice tall glass of Lefty Lemon Koolaid.

 

[Ana the Ist]

By fudging the inflation numbers, and misrepresenting them as low, they use that to pay out lower Social Security benefits, adjusted for inflation.

Many seniors are struggling with the cost of groceries.

I recently pointed out to a Left-Winger that the charity food lines grow longer every week. He dismissed it as anecdotal, and bid me to join him in a nice tall glass of Lefty Lemon Koolaid.

View attachment 353637

I've noticed a lot getting dismissed as anecdotal. What you should have done is framed it in moral terms he understands. Tell him he's dismissing the lived experience of a very marginalized community and therefore he's promoting the status quo of oppression....then call him a bigot of some type.

 

[HARK!]

Tell him he's dismissing the lived experience of a very marginalized community and therefore he's promoting the status quo of oppression

He already made it clear that he doesn't take me seriously; but then happy days are here for them.

 

[Ana the Ist]

I seriously doubt that he would take me seriously.

You have to learn to sell it lol.

Make sure that the inflection of your voice rises at the end of every sentence. If he asks for any explanation, tell him you're not obligated or too tired to educate him. That seems to work.

 

[Hammster]

I believe the numbers were reported in good faith. However, that doesn’t mean the data that was used was reported in good faith. Fortunately we have ways to make adjustments based on better data.

 

[HARK!]

You have to learn to sell it lol.

Make sure that the inflection of your voice rises at the end of every sentence. If he asks for any explanation, tell him you're not obligated or too tired to educate him. That seems to work.

People are starting to wake up to the impact that the current administration's failed policies are having on the economy.

Lawrence Jones: If this happens, 'the election is over'​

 

[Yeshua HaDerekh]

818,000 fraudulant jobs added! That is a BUNCH of fudging!

 

[HARK!]

Trump says big downward revision in jobs numbers reveals Biden-Harris team hid economic truth​

Republican presidential nominee Donald Trump pounced on the news the federal government overstated job creation numbers, blaming the Biden-Harris administration for a “massive scandal” of manipulating data to make their economic policies look good.

The Department of Labor released revised hiring statistics showing the nation added 818,000 fewer jobs than initially reported between early 2023 and early 2024.

“It really isn’t a revision — it is a total lie,” Mr. Trump said at a campaign stop in Asheboro, North Carolina. “There has never been any revision like this.”

Trump says big downward revision in jobs numbers reveals Biden-Harris team hid economic truth

Republican presidential nominee Donald Trump pounced on the news the federal government overstated job creation numbers, blaming the Biden-Harris administration for a “massive scandal” of manipulating data to make their economic policies look good.

www.washingtontimes.com

 

[HARK!]

Biden-Harris’ commerce chief stumped about a major economic report​

Commerce Secretary Gina Raimondo said she is unfamiliar with a major government report that said the U.S. economy created 818,000 fewer jobs than initially reported.

Ms. Raimondo seemed to dismiss the news as misinformation from former President Donald Trump, the GOP nominee.

Speaking to Ms. Raimondo in Chicago on Wednesday, ABC News played a clip of Mr. Trump saying the administration “padded the numbers.”

“When I hear that, first of all, I don’t believe it, because I have never heard Donald Trump say anything truthful,” Ms. Raimondo said.

“It is, though, from the Bureau of Labor,” the ABC interviewer interjected.

“I don’t — I’m not familiar with that,” Ms. Raimondo said.

Biden-Harris’ commerce chief stumped about a major economic report

Commerce Secretary Gina Raimondo said she is unfamiliar with a major government report that said the U.S. economy created 818,000 fewer jobs than initially reported.

www.washingtontimes.com

 

[Pommer]

Biden-Harris’ commerce chief stumped about a major economic report​

Commerce Secretary Gina Raimondo said she is unfamiliar with a major government report that said the U.S. economy created 818,000 fewer jobs than initially reported.

Ms. Raimondo seemed to dismiss the news as misinformation from former President Donald Trump, the GOP nominee.

Speaking to Ms. Raimondo in Chicago on Wednesday, ABC News played a clip of Mr. Trump saying the administration “padded the numbers.”

“When I hear that, first of all, I don’t believe it, because I have never heard Donald Trump say anything truthful,” Ms. Raimondo said.

“It is, though, from the Bureau of Labor,” the ABC interviewer interjected.

“I don’t — I’m not familiar with that,” Ms. Raimondo said.

Biden-Harris’ commerce chief stumped about a major economic report

Commerce Secretary Gina Raimondo said she is unfamiliar with a major government report that said the U.S. economy created 818,000 fewer jobs than initially reported.

www.washingtontimes.com

Why would the Commerce Secretary comment on something (or even have detailed knowledge) about something that doesn’t fall within their purview?
Will the Secretary of Labor be queried?

 

[HARK!]

Why would the Commerce Secretary comment on something (or even have detailed knowledge) about something that doesn’t fall within their purview?
Will the Secretary of Labor be queried?

As the principle advisor to the President regarding commerce; shouldn't she have at least a hint of how many Americans are employed?

 

[Hammster]

Why would the Commerce Secretary comment on something (or even have detailed knowledge) about something that doesn’t fall within their purview?
Will the Secretary of Labor be queried?

The mission of the Department is to create the conditions for economic growth and opportunity for all communities.

 

[Gene2memE]

Look....sure this looks bad. If you're going to lie about crime, inflation, and everything else....you gotta ask yourself...

Why shouldn't you also lie about jobs numbers?

They didn't lie though. A lie is a deliberate misrepresentation.

This is just a standard revision to a preliminary number based on additional and potentially more accurate information. It just happens to be a particularly large one (although not an unexpected one, the Fed has been warning about a large downward revision since late June). Normally the scale of the revision is between about 0.1 and 0.3%, this was a 0.5% change.

Revising the benchmark March jobs numbers is standard BLS practice - it's done every year.

CES Preliminary Benchmark Announcement

www.bls.gov

These aren't even the final numbers - those won't be set until February 2025. So, the number could get worse (or better).

This is just what econmetricians do. Preliminary data should always be understood to be subject to revisions. The BLS revises its jobs created/lost number all the time. The monthly figures get two revisions before they're finalised:

Nonfarm Payroll Employment: Revisions between over-the-month estimates, 1979-present

www.bls.gov

Biggest month-to-month seasonally adjusted revision I can find is a gain of an extra 437,000 jobs.

 

[rjs330]

The question is will this stick on Harris? Will all the main stream media cover this up or minimize it? Dump it after a short period? Will they question her on this?

Are they going to challenge her on anything? I guess she has to do an interview first.

 

[Pommer]

As the principle advisor to the President regarding commerce; shouldn't she have at least a hint of how many Americans are employed?

Blame the journalist for asking a non-commerce department related question.

 

[Ana the Ist]

They didn't lie though. A lie is a deliberate misrepresentation.

Right....if they said "we added this many jobs" when in reality, the number is far far lower...that's a lie.

Just because they tell it a lot doesn't change the fact it's a lie.

This is just a standard revision to a preliminary number based on additional and potentially more accurate information.

Then why not wait for the revision instead of lying to people?

Shouldn't people have some accurate idea of what the administration is doing so they can vote for what they want?