Article

2024-08-22 Economy

Backlash after 818,000 jobs in America 'vanish' from jobs report

[Daily Mail, where America gets its news] Donald Trump has branded revised jobs data released on Wednesday as a 'massive scandal' - after it was revealed the US economy created 818,000 fewer jobs over the last year than originally reported.

The Bureau of Labor Statistics said the jobs growth data for the 12 months to March was actually 30 percent less than it's initial figure of 2.9 million.

The update, which is based on a more detailed quarterly source, was the largest downward revision since 2009 - coinciding with the global financial crisis.

The figures suggest the labor market started cooling sooner than was originally thought.

Trump accused the Biden-Harris administration of being 'caught fraudulently manipulating job statistics to hide the true extent of the Economic Ruin they have inflicted upon America.'

Revisions of jobs data are done every year, and these figures are not the final numbers, which are due to be released early next year.

Concerns over a slowing labor market triggered a market sell-off earlier this month amid fears the US economy is heading toward a recession.

Job growth in the US badly missed expectations in July and the unemployment rate jumped to the highest rate in almost three years.

Employers added 114,000 jobs last month, which was far below the Dow Jones estimate of 185,000.

The unemployment rate also edged higher to 4.3 percent - the highest level since October 2021.

'We knew when there was a delay that the numbers weren't going to be good,' said Rob Wilson, President of Employco USA, an employment solutions firm.

'This is a big miss by the Labor Department, said Rob Wilson, President of Employco USA, an employment solutions firm.

'For this to happen during an election year is particularly egregious.

'We will never know how much these inaccurate numbers impacted the election, but it's very troubling to know that false data influenced Americans' voting decisions,' he added.

Other economists said the revisions were not a 'shock', given some of the estimates were for a larger decline.

Goldman Sachs economists said they expected jobs growth for the year to be at least 600,000 weaker than the estimates - and that the decline could be as much as a million.

Before the report, the initial figures indicated an average of around 242,000 jobs added per month during the year to March 2024.

Now the monthly pace is more likely to be around 174,000, which is still considered a healthy rate of hiring, Bloomberg reported.

'The revisions aren't a shock, given the estimates were for one million fewer jobs,' Robert Frick, corporate economist with the Navy Federal Credit Union, said in a note.

'This doesn't challenge the idea we're still in an expansion, but it does signal we should expect monthly job growth to be more muted and put extra pressure on the Fed to cut rates.'

Markets edged slightly higher after the data was released, as it reinforced forecasts that the Federal Reserve will likely begin cutting interest rates next month.

Traders are now expecting a quarter-point cut in September, which will bring benchmark borrowing rates down from the 23-year high where they have been since July 2023.

Fed Chair Jerome Powell will take the revised figures into account when he speaks at the annual symposium in Jackson Hole, Wyoming, on Friday.

At its last meeting, the central bank said it is focusing more on the labor side of its dual mandate, which also includes bringing the annual inflation rate down to its 2 percent target.

Posted by Skidmark 2024-08-22 00:10|| || Front Page|| [11134 views ] Top

#1 It is starting.

Posted by crazyhorse 2024-08-22 01:54|| 2024-08-22 01:54|| Front Page Top

#2 ZERO - Wall Street Outraged Over Latest Epic F*ck Up By Biden's Labor Department

It's delightfully fitting that on the day the entire financial world was holding its breath for Biden's highly politicized and grossly incompetent Bureau of Labor Statistics to admit it had massively fucked up the jobs data over the past year, that Biden's highly politicized and grossly incompetent Bureau of Labor Statistics fucked up even more.

At exactly 10am ET this morning, the BLS was supposed to publish its annual CES Preliminary Benchmark Announcement revision, an update on how many jobs in the past year were, for lack of a better word, made up (as we reported earlier, it just so happened that the number was 818,000, which was the second biggest annual overestimation of job creation in US history... something that surely was pure coincidence in an election year).

However, 10:01am ET hit... and nothing happened: millions of traders, thousands of economists and countless macrotourists were furiously slamming the F5 key, refreshing the revisions page to see.... nothing change. This went on, and on, and on.... and even though the market actually reacted as if data had been published, it turned out that algos were merely responding to phantom triggers in hopes of triggering momentum ignition up or down. No actual data was reported.

Posted by Besoeker 2024-08-22 06:01|| 2024-08-22 06:01|| Front Page Top

#3 You have to understand. Everything they tell you is BS. Labor numbers? Inflation rate? Danger of a epidemic?
They tell you what they would like for you to believe.

Posted by ed in texas 2024-08-22 08:49|| 2024-08-22 08:49|| Front Page Top

#4 The non-governmental labor market is covered by deductions for Social Security reported by employers. Why would any other number be used as a baseline?

Posted by Procopius2k 2024-08-22 09:47|| 2024-08-22 09:47|| Front Page Top

#5 Anyone shocked is just admitting they were gullible enough to believe it in the first place.

Posted by Angstrom 2024-08-22 10:54|| 2024-08-22 10:54|| Front Page Top

#6 That's a lot of Joy.

Posted by swksvolFF 2024-08-22 13:42|| 2024-08-22 13:42|| Front Page Top

06:28 NN2N1
06:27 Besoeker
06:26 MikeKozlowski
06:23 Skidmark
06:16 Elmerert Hupens2660
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06:11 Elmerert Hupens2660
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06:04 Mullah Richard
05:59 Skidmark
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05:51 Grom the Affective
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05:46 NN2N1
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