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.”
Hellbound and Down 