by JACK MONTGOMERY
Cumulative revisions to monthly jobs reports from January through November 2023 suggest that at least 443,000 fewer jobs were created in Joe Biden’s economy than the public was initially told.
The U.S. Bureau of Labor Statistics (BSL) publishes monthly job reports. Its figures often show job creation has been “surprisingly” high, with Biden’s economy stronger on paper than expected, given “hardship withdrawals” are rising and polls show most Americans feel the country is not performing well.
However, revisions to BSL job estimates over the course of the year indicate that people are not wrong to feel a disconnect between the numbers and their lived experiences. Revisions were downwards in 10 months out of the 11 for which revised estimates are available. The revisions are not small, either.
In June, the new jobs estimate was cut almost in half, dropping from 209,000 to 105,000. September, February, and May also saw big cuts of 74,000, 63,000, and 58,000, respectively.
Revisions for December 2023 were unknown as of the time of publication, but analysts say the prognosis is bleak.
Economist Dr. E.J. Antoni believes the current figures point towards “the economy shedding 1.5 million full-time jobs in a single month, big downward revisions” and a “true unemployment rate between 6.4 percent and 7.5 percent.”
Antoni also noted that government jobs accounted for roughly a quarter of all job gains in December, explaining that “this is highly problematic [because] you need many private sector jobs to support each [government] job via tax revenue,” far above the ratio that currently exists.
Dec jobs report : there's SO much bad news under the hood of this report, including the economy shedding 1.5 million full-time jobs in a single month, big downward revisions, and a true unemployment rate between 6.4% and 7.5% – here's the truth you should know… pic.twitter.com/z1BU4irJea
— E.J. Antoni, Ph.D. (@RealEJAntoni) January 5, 2024
This is an obama tactic. No one hears about the revised numbers. Taken In the proper context, the economy is tanking.
Just like the fake GDP numbers that are inflated as a result of government spending, other metrics in the economy paint a bleak picture going forward. The Fed is working overtime to try and infuse fiat currency into the economy but that will only drive up inflation.
obama is on the verge of losing his second biden term.
They do this every month, just like Obama did it every month. They provide an inflated number and their propaganda partners celebrate it, but they never call the lying regime out when they try to quietly revise the numbers back to reality. They are a disaster and the only way they can convince their stupid lemming followers is to lie to them, knowing that the followers LIKE to be lied to. They must; they vote for it.
About 50,000 new jobs per month are not jobs at all.
They are subsidies because they are taxpayer funded government “jobs.”
As such, they are a net loss to our economy.
Private sector jobs support all of them.
And, government jobs don’t add any product to the economy, instead they drag the economy down.
Consider joe’s plan to have a government agent in every fishing boat every day it is out fishing at a cost of $700 per day!
And, for that, all the agent’s do is second guess the captain and make life miserable for the crew.