BLS Jobs Report Was BS

The U.S. Bureau of Labor Statistics announced Wednesday that it will revise down its jobs report for the April 2023-March 2024 period by nearly one million – 818,000 to be accurate – the second worst revision in U.S. history. That they are so openly and so dramatically changing the number is telling – it is politics, or is this just gross incompetence? Is it something more nefarious?

This means that all job increases recorded in the past year will have been fake news, and the U.S. job market is in much worse shape than the Biden administration will admit.

To miss by 30% is stunning. The Biden administration claimed 2.9 million jobs, but the number was actually 2 million.

“The largest downward revision was in professional and business services, with estimated payrolls lowered by 358,000, followed by a 150,000 downgrade in leisure and hospitality and 115,000 in manufacturing.,” USA Today reported.

This is how CNN described the jobs report: “New data shows US job growth has been far weaker than initially reported.”

Far weaker? By 818,000 jobs?

Since Biden took office, this continues to happen. In 2022, “Payroll jobs in the nation remained essentially flat from March through June 2022 after adjusting for Quarterly Census of Employment and Wages data, the Philadelphia Fed reported:

• Less than the 3.0 percent growth
indicated by the sum of the states
• Less than the 2.8 percent growth
indicated by the U.S. CES estimates

Bottom line from the Philadelphia Fed: 10,500 net new jobs were added during the period rather than the 1,121,500 jobs claimed by the Biden Administration and states. The Federal Reserve Bank of Philadelphia began publishing state-level “early revisions” based on the same underlying data but revised more frequently than the BLS, which updates only annually.

This is also standard operating procedure for California. “California already did it,” Zero Hedge reported in June. In an article titled, “California Reveals All Job Gains In 2023 Were Fake,” “the latest report published by the non-partisan California Legislative Analyst’s Office, contrary to prior reports of over substantial job gains in the deep blue state in 2023, the reality was far uglier.”

“The Early Revisions to state-level data flagged here previously, suggests that California actually lost jobs during the fourth quarter of last year. As the report details, ‘based on the most recent release of the early benchmarks, payroll jobs declined by 32,000 from September 2023 through December 2023. On the contrary, the preliminary monthly reports showed a solid increase in job growth (+117,000 jobs) at the time.‘” (emphasis Zero Hedge)

Even the Legislative Analyst’s Office said it aloud: “Newest Early Jobs Revision Shows No Net Job Growth During 2023” is the title of their report.

This was standard operating procedure when Jerry Brown was governor. In 2015 I reported: “politicians are focused on increasing the minimum wage for low-paying jobs. That’s like offering an aspirin to treat the headache caused by a brain tumor.” That sounds just like Gov. Gavin Newsom. And Brown was also notorious for reporting rosy jobs numbers to the BLS, and then revising them down the next quarter.

So, the U.S. Bureau of Labor Statistics on Wednesday revised down its estimate of total employment in March 2024 by a whopping 818,000, the largest such downgrade since Barack Obama was in the White House – “with just the 824K downward revision in 2009 just (barely) greater,” Zero Hedge reports.

See a trend? Democrat administrations manipulate data

Bidenomics has been a complete disaster for the U.S. and the effects will be felt for a long time – and the media will continue to run cover and downplay the disaster.

Read more at Zero Hedge – they have excellent analysis and details on this BLS reporting and revision.