US Jobs Revised Down By 818,000 In Election Year Shocker, Second Worst Revision In US History
August 23, 2024 in News by RBN Staff
Source: NeedToKnow.news
A massive revision of jobs data by the Bureau of Labor Statistics (BLS) shows the US economy created 818,000 fewer jobs than was originally reported over a 12-month period through March 2024. ZeroHedge, a financial media outlet predicted the revision because BLS “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.” The media outlet also noted, “it’s truly statistically remarkable how every time the data error is in favor of a stronger, if fake, economy.”
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.”
Furthermore, we also noted that the revision “also means that far from the stellar 230K average monthly increase in payrolls in 2023, which the White House would spin time and again as direct evidence of the benefits of Bidenomics, the true average monthly payroll increase in 2023 was only 130K! The full monthly change in payrolls as originally reported by the BLS (in green) and the actual monthly number, as per the QCEW (in red) is shown below.”
This matters because as we reminded our followers this weekend, today at 10am, the BLS would publish its annual nonfarm payrolls benchmark revision where it would unveil as , which it did (with the usual 35 minute delay because that’s the kind of service $35 trillion in debt buys you), and it confirmed that we were right almost to the dot, because as the BLS unveiled in its CES Preliminary Benchmark Announcement, “the preliminary estimate of the benchmark revision indicates an adjustment to March 2024 total nonfarm employment of -818,000 (-0.5 percent)” or just above the 800,000 was said to expect back in March.
The revision is mainly due to the highest-paying sectors: i.e., professional services -358k, leisure -150k, and manufacturing -115k. Not at all surprising: government was revised +1,000.
As an aside, while the data were scheduled to be released at 10 a.m. in Washington but didn’t appear on the BLS’s website for more than a half hour later. A spokesperson for the agency didn’t answer Bloomberg’s questions as to why the figures were delayed, but we have some pretty good guesses about the panic that gripped the BLS as they realized they needed a green lights from the propaganda ministry before going live with this number.
How big is the 818,000 revision in context? As the chart below shows, the 2024 revision was the biggest in the past decade, and the second biggest on record, with just the 824K downward revision in 2009 just (barely) greater.
