| w1891 - 10/5/2024 07:42
Care to point out the number that analyst was referencing? Here is the report released yesterday. Ask yourself does that even pass the smell test.
https://www.bls.gov/news.release/pdf/empsit.pdf
Edit: Also he seems to be the go to analyst for making political hay when it comes to the economy and cable news. Let’s just say his take maybe a little jaded.
I don’t follow this report.. so I’m not versed in it.. however it’s relevant to the health of the US economy.
This article says even Fed Chairman J Powell has.. “reservations” about the numbers.
https://thehill.com/opinion/finance/4721351-jobs-numbers-jay-powell/
”Before last week’s shockingly good jobs report, it surfaced that the government has been consistently exaggerating job additions, adding to pervasive skepticism that the all-important data is reliable. Job gains have now been revised down for 10 months in 2023, by a monthly average of 51,000. In some months the figures are radically different. In June 2023, for instance, instead of adding 209,000 jobs, as originally reported, it turns out the economy added only 105,000. This year the overstatements have continued, as have the revisions. In January, the government reported that we had increased employment by 353,000; that was revised downto 256,000. February was marked down as well, though by a lesser amount (275,000 to 236,000). The substantial reporting errors do not inspire confidence; last week’s jobs report raised more questions. But the blockbuster employment number for May was a real shocker. Estimates hovered around 185,000; the reported number was 272,000, up from 165,000 in April; analysts are still arguing about what it means. There are plenty of people who don’t believe that top-line figure — including, it seems, Powell. In his press conference announcing that the Fed would continue to hold interest rates steady, the chairman admitted about the employment data, “There’s an argument that they may be a bit overstated, but still, they’re strong. …We see gradual cooling, gradual moving toward better balance.”
Whoever this is.. she’s pretty skeptical also..
https://www.youtube.com/watch?v=gXCcYJgGjVI
her podcast on the big down ward revisions..
https://youtu.be/YYR2FpAI9bw?si=0lQ9kWOgNIk4TKKB
Edited by JonSCKs 10/5/2024 09:41
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The Cow Guy Close discusses the addition of 800,000 government jobs to report.. “an election to buy.
