Quietly Bureau of Labor Statistics revises months of job #'s downward by 800,000

[Ralph Wiggum]

The Bureau of Labor Statistics has “revised” job growth numbers from the first quarter of 2024, showing up to a million jobs didn’t actually exist.

“US job growth in the year through March was likely far less robust than initially estimated, which risks fueling concerns that the Federal Reserve is falling further behind the curve to lower interest rates,” Bloomberg reports. “Goldman Sachs Group Inc. and Wells Fargo & Co. economists expect the government’s preliminary benchmark revisions on Wednesday to show payrolls growth in the year through March was at least 600,000 weaker than currently estimated — about 50,000 a month.”

The “revision” is being blasted by the Trump campaign as a lie and election interference while Vice President Kamala Harris attempts to distance herself from the poor economic policies of the Biden-Harris administration.

“Kamala was cooking the books the whole time — and lying to the American people while she did it,” the Trump campaign posted on X.

“This isn’t a ‘revision,’ @BGOV, this is a LIE! And it’s Election Interference!” senior Trump campaign Advisor Jason Miller added. “The Harris Administration has been cooking the books the entire time and now it’s caught up to them!”

Meanwhile, the New York Fed is also showing trouble for the economy and unemployment.

https://townhall.com/tipsheet/katiepavlich/2024/08/20/whoa-labor-stats-have-been-revised-and-the-number-is-not-good-n2643647

This actually just broke on Fox News and there will be further updates.

Lying about the false job growth is absolutely pathetic. This has been a pattern under Sharter Joe/Krazy Kamala's maladministration.

[Ralph Wiggum]

Updated story:

US economy created 818,000 fewer jobs than previously reported
Labor Department releases key payroll data

U.S. job growth during much of the past year was significantly weaker than previously believed, 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.

The agency's annual benchmark revision is mostly derived from state unemployment tax records that employers are required to file. The figure released Wednesday is preliminary and may be updated when the government releases the final figure in February 2025.

This is a developing story. Please check back for updates.

https://www.foxbusiness.com/economy/us-economy-created-818000-fewer-jobs-than-previously-reported

[SVPete]

BuLaborStats releases its reports monthly with stats for the previous month. Those monthly reports also include a "correction" to the previous month's report. In the past year or two, those "corrections" have always been significant and downward, plus or minus an exception or two.

That means that this massive "correction" "corrects" already "corrected" stats! LIEden's BuLaborStats has been cooking its unemployment and employment stats for LIEden's partisan purposes. The compounded consistent pattern is the evidence.

[DefiantSix]

The Bureau of Labor Statistics has been pulling numbers out of it's asshole since at least the Comrade Billy Jeff administration. They're so shameless about it they've even put out news releases explaining every time they made a change to how they were cooking the books, and got nothing more than a few yawns from the assembled propagandists of the media.

Anybody relying on those "numbers" deserves whatever calamity befalls those who use them as anything but fertilizer.

[Ptarmigan]

The biggest downward revision since 2009. Quite telling.

[Ralph Wiggum]

The biggest downward revision since 2009. Quite telling.

Biden's Commerce Secretary Totally Falls Apart When Pressed on Abysmal Jobs Report

The revised jobs report shows that we didn’t create almost one million jobs over the past year. It’s a drastic revision, the largest since 2009. There’s no spinning it, either. The media and the Democrats will say this doesn’t represent job losses, but they weren’t created either, a blow to a party whose narrative has been that Joe Biden has been an epic job creator. He’s been anything but, and it doesn’t help that his officials can’t accept these figures, made worse by the media shooting down their attempts to take swipes at Donald Trump.

ABC News interviewed Commerce Secretary Gina Raimondo about the report, which she denied was factual because Trump said something about it. When corrected that this report was from the Bureau of Labor Statistics, all Raimondo could say was, “I'm not familiar with that.”

Joe Biden has been an elite recruiter who selects the worst people to work for him. This administration has been a mess since day one, with officials who are simply unqualified. Did Raimondo even read the report? It indicates that the economy is slowing down, which is not something Democrats want to hear as Harris is bound to take full ownership of the Biden agenda.

https://townhall.com/tipsheet/mattvespa/2024/08/21/bidens-commerce-secretary-take-on-the-job-report-is-beyond-embarassing-n2643736

[Old n Grumpy]

That’s the problem with democrats, they make a big mess and then refuse to accept it. It leads me to believe it’s part of their agenda to destroy America. That was obamas plan to fundamentally change America, but what he really meant was to destroy America.

[SVPete]

Commerce Secretary Gina Raimondo went full-Sergeant-Schultz, .

[enslaved1]

Lies on the frontpage, retraction buried days later next to the high school volleyball scores.  Nothing new under the sun. 

[Ralph Wiggum]

Ahem:

U.S. job growth was significantly weaker than expected in August and job growth in prior months was revised down, suggesting that the labor market is even weaker than it looks.

The economy added 142,000 jobs, the Labor Department said on Friday. Economists had forecast 160,000 jobs for the month.

The prior month’s jobs estimate was revised down from 114,000 to 89,000 and the June figure was revised down by 60,000 to just 118,000.

The unemployment rate dipped to 4.2 percent from 4.3 percent in July .The labor force participation rate remained at 62.7 percent, around where it has been for the past year.

Private sector payrolls grew by 118,000, missing expectations for 136,000. The July private sector estimate was revised down from 97,000 to 74,000.

The manufacturing sector shed 24,000 jobs, six times the expectation. The July figure, however, was revised up to show growth of 6,000 jobs rather than the earlier estimate of 1,000.

Policymakers at the Federal Reserve have been closely monitoring the labor market ahead of a widely anticipated interest rate cut later this month. Interest rates have been at the highest level in 23 years amid the central bank's bid to tamp down inflation, with the benchmark federal funds rate sitting at a range of 5.25% to 5.50%.

Markets have expected the Fed to announce a 25 basis point cut at their next policy meeting on Sept. 17-18, although the new data showing continued softness in the labor market could boost the case for a 50 basis point cut.

https://www.breitbart.com/economy/2024/09/06/weaker-than-expected-u-s-added-142000-jobs-in-august-earlier-months-revised-down/

https://www.foxbusiness.com/economy/us-jobs-report-august-2024

[SVPete]

The August report revising the July number is ordinary, though these revisions have almost always been downward, meaning that the estimation part of the monthly reports needs revision, revision that knowingly has not been done.

Significantly revising the June numbers downward, IMO, means that the numbers were knowingly inflated. In June, LIEden was still running for President.

My speculations:

1. The August numbers will be "corrected" downward, because bureaucratic laziness frosted with partisanship.

2. The July numbers may or may not be corrected, downward. On one hand, LIEden is no longer running; on the other, bureaucrats are still lazy and most probably favor Kackle-a.