Philly FED Admits Biden’s Bureau of Labor Statistics Overstated US Job Growth in 2022 by At 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.”

Keep reading

Author: HP McLovincraft

Seeker of rabbit holes. Pessimist. Libertine. Contrarian. Your huckleberry. Possibly true tales of sanity-blasting horror also known as abject reality. Prepare yourself. Veteran of a thousand psychic wars. I have seen the fnords. Deplatformed on Tumblr and Twitter.

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: