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2024-12-18 Economy

Biden Lied About Everything: Philly Fed Finds All Jobs "Created" In Q2 Were Fake

[ZeroHedge] Back in August, many were surprised by the accuracy of our forecast, when we predicted that in its annual revision, the Biden Bureau of Labor Statistics would revise jobs for the April 2023-March 2024 period by "up to 1 million", something which we said would mean that all job report "beats" recorded in the past year will have been misses and the US labor market is in far worse shape than the admin would admit.

The final results, as everyone knows by now, was a shocking 818K revision lower, just as the Philadelphia Fed had predicted 6 months prior, in March, when it calculated correctly that the Biden Department of Goalseeking Propaganda had overstated payrolls by "at least 800,000."

The answer ended up 818,000 for the 12 month period ended March 31 (or about 68,000 per month) and the implied sharp deterioration to the job market was the main scapegoat used by the Fed to launch its easing cycle with a jumbo 50bps rate cut (now that "suddenly" the economic golden age pushed by the Biden propaganda regime, and trillions in debt, had just collapsed).

We mention all of this up because on Friday, the Philly Fed served up its latest shocker: not only did the Biden admin lie again, but the collapse in the labor market that had been covered up for much of the past year and was only exposed with the annual benchmark revision, extended into the second quarter.

"Estimates by the Federal Reserve Bank of Philadelphia indicate that the employment changes from March through June 2024 were significantly different" - read lower - "in 27 states compared with preliminary state estimates from the Bureau of Labor Statistics’ (BLS) Current Employment Statistics (CES)", the Philly Fed said on December 12.

"According to the early benchmark (EB) estimates conducted by the Phily Fed, employment was lower in 25 states, higher in two states, and lesser changes in the remaining 23 states and the District of Columbia."

Translation: 23 states unchanged, 1 revised higher... and 25 lower. The breakdown is shown below.

Posted by Skidmark 2024-12-18 00:00|| || Front Page|| [11147 views ] Top
File under: Tin Hat Dictators, Presidents for Life, & Kleptocrats

#1
Something to think about .

Did Biden lie, or was he fed lies?
Or did the WH press release originate from his handlers, which have been lying to us since day 1.

BTW: Some of us down here in Mid-east are kicking around the Idea of asking the county commission to rename our county "Ukraine".

Maybe DC will send us a few $$Billion.

Posted by NN2N1 2024-12-18 08:17|| 2024-12-18 08:17|| Front Page Top

#2 Fake jobs brought to you by a fake president.

Posted by Super Hose 2024-12-18 11:36|| 2024-12-18 11:36|| Front Page Top

#3 President Joe Biden appears to be struggling with the prospect of retiring from public life, according to a report published Tuesday.

Posted by Skidmark 2024-12-18 11:58|| 2024-12-18 11:58|| Front Page Top

#4 ZeroHedge takes a really dark view. Negative revisions to the job numbers have happened before even under Republican Presidents (e.g. March 2018-March 2019.

In an economy as dynamic and complex as the USA, metrics are difficult.

With respect to the economy, YES, the economy isn't as good as it could be and YES, inflation is still a problem. However, GDP and employment are both rising and have been for a while (on a quarterly basis, maybe not month to month).

Posted by Lord Garth 2024-12-18 12:51|| 2024-12-18 12:51|| Front Page Top

#5 President Joe Biden ~~appears to be struggling with the prospect of retiring from public life, according to a report published Tuesday.~~ unable to perform routine activities of daily life. FIFY.

Posted by Elmaper+McGurque1612 2024-12-18 13:00|| 2024-12-18 13:00|| Front Page Top

#6 Everything about the dems is a sham except the criminality.

Posted by JohnQC 2024-12-18 17:31|| 2024-12-18 17:31|| Front Page Top

02:05 Grom the Affective
02:04 Grom the Affective
01:26 49 Pan
00:22 EMS Artifact
00:16 Skidmark