Philadelphia Fed Admits US Payrolls Overstated By At Least 800,000

[DonGlock26]

Philadelphia Fed Admits US Payrolls Overstated By At Least 800,000




The first red flags emerged in the summer of 2022: that's when the Biden Labor Department started well and truly rigging the labor market data.



Regular readers may recall that it was back in July of 2022, when we first warned that something had "snapped" in the labor market: that's when a striking discrepancy emerged between the number of US Payrolls (as measured by the BLS' Establishment Survey, a far more crude and imprecise, yet much more market-moving data series), and the number of actual Employed Workers (as measured by the BLS' far more accurate Household Survey) . As we showed then, after the two series had tracked each other tick for tick for years, a wide gap opened in March 2022 which quickly grew to 1.5 million jobs in just 3 months...










... one which has since exploded to a whopping 5 million "employed workers" that apparently do not exist.












https://www.zerohedge.com/markets/ph...d-least-800000

In the article, you'll read that the new jobs are really part time jobs.

[Common]

Everything that makes Biden look good is overstated

[dinosaur]

I'ma gonna repeat myself. Keep looking at the "median household income" report. In real dollars, it is going down. And with inflation, our standard of living is taking a double beatdown.

Government is picking and choosing its numbers to put the best positive spin on a serious problem. We are actually sinking to 3rd world status. Don't laugh, it's a long ways down from the top, but we are definitely heading in that direction. There are plenty of stats and graphs like the OP that give us the clues about the direction we are headed, but many are too lazy to ambivalent to figure it out.

Where are those memes when you really really need them? "Biden is creating a lot of new jobs! I've got three of them."

I remember the end of the Carter admin, when I myself worked three jobs to make ends meet. At the end of the Clinton admin, I had only one good job, but when I met Ms dinosaur, she was working five jobs! Democrats!