The books are cooked. Nothing we think is actual when the data comes from the government or the mocking bird media. It's part of the electioneering.
SHOCKING: Philly FED Admits Biden’s Bureau of Labor Statistics Overstated US Job Growth in 2022 by At Least 1.1 Million
https://www.thegatewaypundit.com/2022/12/shocking-philly-fed-admits-bidens-bureau-labor-statistics-overstated-us-job-growth-2022-least-1-1-million/
There appears to be a discrepancy in the jobs numbers this year… a very large discrepancy.
According to the Philadelphia Federal Reserve, the US Bureau of Labor Statistics overstated job growth this year by at least 1.1 million!
How did this happen?
Was it because 2022 was an election year?
And is it a coincidence that the truth comes out one month after the controversial midterm election?
Regular readers are well aware that back in July, Zero Hedge first (long before it became a running theme among so-called “macro experts”) pointed out that a gaping 1 million job differential had opened up between the closely-watched and market-impacting, if easily gamed and manipulated, Establishment Survey and the far more accurate if volatile, Household Survey – the two core components of the monthly non-farm payrolls report.
We first described this divergence in early July, when looking at the June payrolls data, we found that the gap between the Housing and Establishment Surveys had blown out to 1.5 million starting in March when “something snapped.” We described this in “Something Snaps In The US Labor Market: Full, Part-Time Workers Plunge As Multiple Jobholders Soar.”
Since then the difference only got worse, and culminated earlier this month when the gap between the Establishment and Household surveys for the November dataset nearly doubled to a whopping 2.7 million jobs, a bifurcation which we described in “Something Is Rigged: Unexplained, Record 2.7 Million Jobs Gap Emerges In Broken Payrolls Report.”
Now we know that Zero Hedge was right. The US government overstated job growth in 2022 by at least 1.1 million!
How does the Bureau of Labor Statistics make such an egregious mistake unless it was on purpose?
The incoming GOP House needs to look into this once-trusted but now politicized government agency.