Good day all. This report came out during the DNC Convention last week. (Probably trying to bury it) The labor department had to revise the number of actual jobs downward somewhat. Actually, they had to revise them downward quite a lot.
Now it isn’t uncommon for job stats to be updated as more information comes in. What is uncommon is the number that was revised and in which direction the revision showed. Over 800,000 jobs that the Biden-Harris maladministration claimed, never actually existed. Here are the details from Fox Business News:
U.S. job growth during much of the past year was significantly weaker than previously reported, according to new data published Wednesday.
The Bureau of Labor Statistics revised down its total tally of jobs created in the year through March by 818,000 as part of its preliminary annual benchmark review of payroll data. That suggests the economy added an average of 174,000 jobs per month during that time period — below the previous 242,000 estimate. On a monthly basis, that amounts to about 68,000 fewer jobs.
That is a major loss, especially with all the statements that Bidenomics was terrific and that tens of millions of jobs had been created all due to the actions of Joe Biden and Kamala Harris. Gee, I guess they were lying…again. I don’t know why, other then this is the worst negative revision since 2009.
“The labor market appears weaker than originally reported,” said Jeffrey Roach, chief economist at LPL Financial. “A deteriorating labor market will allow the Fed to highlight both sides of the dual mandate and investors should expect the Fed to prepare markets for a cut at the September meeting.”
The morons at the Federal Reserve are one of the reasons the economy is in the tank. They were printing money like it was going out of style. Add to that the Congress spending money they flat out didn’t have for the sole purpose of keeping their worthless asses in Congress. I don’t know if they will cut the rates at all. Even if they do, I don’t think it will do any good.
One of the other major problems is Dementia Joe Biden, Comrade Kamala, (The retired Prostitute), and the massive amounts of regulations they’ve put into place. I think I read somewhere that the total cost of the new regulations those two idiots have put in place comes to another $2 trillion dollars in costs to businesses. This isn’t taking into account Kackling Kamala’s plan to institute price controls and communism on the United States.
The rise in unemployment triggered the so-called Sahm rule, an indicator that is used to provide an early recession signal. The rule stipulates that a recession is likely when the three-month moving average of the jobless rate is at least a half-percentage point higher than the 12-month low.
Over the past three months, the unemployment rate has averaged 4.13%, which is 0.63 percentage points higher than the 3.5% rate recorded in July 2023. The Sahm rule has successfully predicted every recession since 1970.
This assumes that the Biden-Harris Maladministration aren’t flat out lying about the unemployment rates. Also, does this also take into account those who have exhausted their unemployment benefits and are no longer counted? In any case the questions now are, “Will the Federal Reserve cut rates and will the Democrat Propaganda Corps ask Comrade Kackles Harris about the revision, provided they can get her to actually answer questions.
Thatisall
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