by Cristina Laila
Joe Biden on Friday delivered remarks on the disastrous September jobs report.
The Biden Regime is once again using voodoo math to make it appear the September jobs report was a total blowout and ‘better than expected.’
“The U.S. economy added 336,000 jobs in September, the Labor Department said. Economists polled by Dow Jones expected 170,000 jobs. To be sure, wages rose less than expected last month.” CNBC reported.
A real deep dive into the numbers reveals a different story. The jobs added are mostly seasonal (teachers) and part-time work.
“Take Leisure & Hospitality. Official adjusted data shows this add +96k jobs. But unadjusted data shows sector shed 466k jobs in Sep. Unadjusted private sector payrolls was -399k,” Vanda Research FX trader Viraj Patel said.
https://twitter.com/VPatelFX/status/1710274447251243477?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1710274447251243477%7Ctwgr%5E50739b7fd21421d96811b49cdb49f18fe126a0d5%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Ffeedly.com%2Fi%2Fsubscription%2Ffeed2Fhttp3A2F2Fthefederalist.com2Ffeed2F
Zero Hedge broke down the real jobs numbers and it isn’t good.
Full-time workers: -22K
Part-time workers: +151K— zerohedge (@zerohedge) October 6, 2023
Zero Hedge reported:
After last month’s stunning payrolls report, when in our post-mortem we revealed not only a year full of monthly downward data revisions, but also collapse in tull-time jobs and surge in part-time jobs, as well asalso the worst unadjusted August payrolls since the great recession, we thought that nothing could shock us any more. And then we got the September jobs report.
We won’t spend too much time dissecting the report since regular readers are all too aware of the same old “upward goalseeking” tactics used by the BLS, so here are the highlights.
First, the 336K jump in headline payrolls – the biggest since January – was stunning when considering that it was not only above the highest Wall Street estimate but was a 6-sigma beat to expectations.
How is it possible to get such an outlier print to not only trends but expectations? Let’s try to answer that question.If, as the BLS claims, in September the jobs market suddenly reversed a year of declines, surely there will be some qualitative validations to this quantitative outlier, right? Unfortunately, looking through the supporting evidence we don’t find any justification to the BLS exuberance.
Let’s start with the Household survey: here instead of a number anywhere close to the 336K jobs gained (as the far less accurate Establishment survey reports), the number of newly employed workers was just 86K, the lowest since May, and the second lowest of 2023!
Biden gloated on Friday morning during his remarks in the Roosevelt Room.
“Inflation’s coming down!” Biden said.
https://redstate.com/jeffc/2023/10/06/bombshell-house-committee-releases-more-information-proving-joe-biden-is-the-big-guy-n2164753
bidenomics is not working.
Or is it? Maybe it’s doing exactly what it is intended to do?
joe made sure the numbers looked good – at first glance.
Federal jobs were up 73,000 new workers!
In case you didn’t realize it, federal jobs are a DRAG on our economy.
Next month, like every other month, the phony numbers will quietly be revised down. But, even here, the majority of the jobs are low paying service industry jobs. Next, almost as many GOVERNMENT jobs were “created”. What a disaster.
It’s amazing how the elites living inside their bubble have such a low opinion of us common folk that they would try to sell us this line of bullshit. They think we are the stupid ones. While it may be true of the demokrats, the majority of us don’t think that way.