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| Economy |
| Former Home Depot CEO on Fed officials warning over jobs data: ‘About time' the government ‘got honest' |
| 2024-08-21 |
| [FoxBusinessNews] The labor could be weaker than Americans realize, according to one Fed governor. Home Depot’s former CEO is calling for the government to tell the truth, as Federal Reserve governors are warning about U.S. jobs data being inflated. During an appearance on "The Evening Edit," Monday, Bob Nardelli suggested that the country’s jobs data is "woefully overstated," arguing that it's "about time" the government "got honest." "You and I watch this very closely every month," Nardelli told host Elizabeth MacDonald in response to Federal Reserve Governors Michelle Bowman and Lisa Cook warning that job gains are overstated, and the labor market could be weaker than we realize. The U.S. Bureau of Labor Statistics is expected to release a sizable downward revision Wednesday, potentially lowering payroll growth by at least 600,000 jobs in the year through March. What’s more, the Atlanta Fed cut its forecast for the third-quarter U.S. GDP to just 2%. "There’s a lot of fanfare. They announce a number, and then they quietly adjust it a few months or weeks later," Nardelli stressed. "Now, even Goldman Sachs is talking about an adjustment between 600,000 to 1 million jobs." According to Nardelli, the nation's largest employers last year including health care, government, hospitality and travel, will see numbers adjusted. "Stellantis, the car manufacturer, just announced 2,500 jobs would be laid off. Manufacturing in the list I looked at was ranked 11th as far as job creation under this administration," he pointed out, "so yes, I think it's woefully overstated. And it's about time they got honest." In response to the July jobs report showing U.S. job growth slowed to 114,000, while unemployment unexpectedly rose to the highest level in nearly three years, President Biden touted job creation under his administration. "Since Vice President Harris and I took office, our economy has created nearly 16 million jobs, average unemployment has been lower than during any administration in 50 years, and incomes have risen faster than prices," the statement read. Nardelli explained that "a lot of that was a bounce-back from COVID," warning that the job market is "tight," and that we will see that reflected in unemployment. "We saw it last month. We’re going to see it go up again, Liz," he warned. The next jobs report showing data for August will be released on September 6. Related: Home Depot 07/22/2024 Sen. Ron Johnson [R-WI] releases preliminary findings of probe into Trump assassination attempt Home Depot 07/20/2024 Round-up: Trump shooter used a DRONE to scope out rally grounds just HOURS before ex-president's speech Home Depot 07/09/2024 Biden's June job report shows one-third of new hires were in government sector Related: Bob Nardelli 07/09/2024 Biden's June job report shows one-third of new hires were in government sector Bob Nardelli 05/21/2024 Former Home Depot CEO warns Biden's economy created a 'wrecking ball' for the next president Bob Nardelli 05/13/2009 GM, Chrysler to cut up to 3,000 dealers |
| Posted by:Skidmark |
| #6 /\ Some might say 'a culture in decline.' |
| Posted by: Besoeker 2024-08-21 17:56 |
| #5 U.S. births continue decline, falling 17% since 2007 |
| Posted by: Grom the Reflective 2024-08-21 16:16 |
| #4 the adjustment was about -800k fwiw, there was a big adjustment down in 2018 and a big adjustment up in 2022 the adjusted figures are based on reconciling BLS employer data with IRS data from employers; the IRS requires employers to file this and it includes unemployment insurance data the total number 'employed' is a problem because of judgement on how to count people who only work a few hours a month, people who are temporarily laid off, people who are on strike, people who are on maternity leave, etc. |
| Posted by: Lord Garth 2024-08-21 15:00 |
| #3 They can't kick the revisions down the road until after the election? |
| Posted by: Glenmore 2024-08-21 08:22 |
| #2 Given, We have had 3 political coups in 4 years, since 2020. There is also the matter of $34+T in National Debt to consider. Is part of this overall political upheaval, a process to wipe out that debt by eliminating the USA, and replacing it with the USSA? eg. Russia -> USSR -> Russia doing USSR things Then have the USSA sell off outer laying areas, protectorates and holdings as compensation? |
| Posted by: NN2N1 2024-08-21 04:29 |
| #1 US jobs growth in the last year could be revised down by ONE MILLION - refueling concerns the economy is headed for a downturn |
| Posted by: Skidmark 2024-08-21 01:09 |