re: U.S. economy added 353,000 jobs in January

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Please explain how it's a lie

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How out of touch are you? Every month they release these rosy looking job numbers. Every month the media trumpets these numbers in big bold headlines. Then quiet, months later, the number is revised downward dramatically. They’re lying to us over and over and you’re still falling for it.

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Between the downward adjustments for the monthly data and the semiannual benchmark, the number of jobs has been revised down by almost 700,000.

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The revised estimate for gross domestic product in the second quarter of the year removed an eighth of the previously estimated growth, falling from 2.4% to 2.1%.

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Perhaps the most notorious example this year has been the jobs numbers published by the Biden administration. Consider the newly released August jobs report. While the economy added 187,000 jobs last month, previous months were revised down by 110,000 jobs. That means 59% of the employment growth last month was jobs we thought we already had. In fact, every monthly employment report this year has been revised down, meaning the economy has been adding fewer jobs than initially believed. Worse, the Bureau of Labor Statistics published its semiannual benchmark revisions showing jobs were overestimated by more than 300,000.

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Between the downward adjustments for the monthly data and the semiannual benchmark, the number of jobs has been revised down by almost 700,000. That’s 30% of the jobs initially estimated to have been added this year.

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If Economic Growth Seems Too Good To Be True, That’s Because It Is

Not had an opportunity to look at the report but it depends on how many of the private sector jobs are a result of the BLS birth/death model. This model is an estimate of how many net jobs the government thinks has been created via new business start ups and closures. There has been a historically wide divergence between this survey and the household survey which is showing much lower job grow. Indeed there were revisions in December that showed the BLS had overstated jobs estimates via the BD model by over 440,00 for the year of 2023..which was 40% of the job “growth” for the year. So essentially the monthly jobs reports were juiced by 40% via fake government estimates of jobs created via new business formations. Note that January in particular typically has a much larger % of jobs reported via this model due to seasonality. But again I have not had time to look to confirm this. Just answering your question.

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Please explain how it's a lie

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Read this thread