US Jobs Revised Down By 818,000 \ stacker news ~econ

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US Jobs Revised Down By 818,000 www.zerohedge.com/markets/us-jobs-revised-down-818000-election-year-shocker-second-worst-revision-us-history

1048 sats \ 17 comments \ @siggy47 21 Aug econ

far from the stellar 230K average monthly increase in payrolls in 2023, which the White House would spin time and again as direct evidence of the benefits of Bidenomics, the true average monthly payroll increase in 2023 was only 130K

It seems likely these padded statistics will be more egregious once 2024 numbers are "corrected."

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110 sats \ 2 replies \ @Cje95 21 Aug

I want to be the person who decides the initial number. The revisions are always so freaking crazy I swear the guy must throw darts at a number board or do what South Park showed us in the Fed bailout episode with the chicken. If anyone else was this bad at their job they would have been fired but no somehow we look past the embarrassing revisions every time.

21 sats \ 1 reply \ @siggy47 OP 21 Aug

A friend of mine interned at the BLS one summer when he was in high school in the 1970s. He told me that everything was based on these surveys, and there was always missing data and delayed reporting. He said that to him it seemed like everyone was guessing. Maybe things haven't changed.

64 sats \ 0 replies \ @Cje95 21 Aug

I would love to find an opening in their Department.... I can guess as good as anyone and they can have me at half the rate they are likely paying those people!

107 sats \ 2 replies \ @grayruby 21 Aug

Yes this is a wild revision but not unexpected. Market is taking it in stride.

86 sats \ 1 reply \ @kepford 21 Aug

Shared delusion?

116 sats \ 0 replies \ @grayruby 21 Aug

Interesting way of putting it. I do think there is a lot of imbedded intellectual dishonesty in fiat markets. It's possible that the majority of tradfi is just the living embodiment of the famous Upton Sinclair quote "It is difficult to get a man to understand something, when his salary depends on his not understanding it".

74 sats \ 0 replies \ @JesseJames 21 Aug

They are conditioning people NOT to trust these number in the future, just wait for correction to see the real one... ugh. There is a name for that: "Mickey Mouse Show" comes to mind, or "amateur hour" is close second....

64 sats \ 0 replies \ @Silent_Hodler 22 Aug

https://m.stacker.news/47450

64 sats \ 0 replies \ @TheBTCManual 22 Aug

I was waiting for this revision to come, now all we're waiting for is them to admit we've been in recession and we can turn start cutting rates and QE baby let the good times roll

64 sats \ 1 reply \ @SatsMate 22 Aug

Yea I saw this in March and I am sure many of you did then as well. I don't trust any government statistic with a 100 foot pole at this point.

Although, I hope that the masses now are more skeptical about the information they are reading from mainstream media sources. This is very Orwellian that the statistics we are being fed have no degree of truth.

0 sats \ 0 replies \ @Bell_curve 22 Aug

818k is a 5 month error

Edit: or 6 month error

64 sats \ 0 replies \ @Undisciplined 21 Aug

I recall someone posting about the huge discrepancy between the payroll numbers and the household survey numbers. Looks like we have our answer now.

77 sats \ 0 replies \ @Coinsreporter 21 Aug

A difference of almost 50%! How the hell they do the counting? Do they make typos or is it real. Here in India we don't have such data. We only get to know the final numbers. Is it necessary to first tell fake numbers then say okay, those weren't true we have had some error and the number was much lesser?

43 sats \ 0 replies \ @Satosora 22 Aug

Lets be real, Bidenomics has hurt the country in many ways. Them correcting numbers doesnt change that fact in any way.