Doc7505
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New data shows US job growth has been far weaker than initially reported
21 Aug 2024 ~~ By Alicia WallaceUS job growth during much of the past year was significantly weaker than initially estimated, according to new data released Wednesday.
The Bureau of Labor Statistics’ preliminary annual benchmark review of employment data suggests that there were 818,000 fewer jobs in March of this year than were initially reported.
Every year, the BLS conducts a revision to the data from its monthly survey of businesses’ payrolls, then benchmarks the March employment level to those measured by the Quarterly Census of Employment and Wages program.
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When spread through the prior year, the average monthly job gain from April 2023 through March 2024 was 173,500 versus nearly 242,000, an analysis of BLS data shows.
The downward adjustments were limited to the private sector, with nearly half in the professional and business services industry (revised down by 358,000, or 1.6%.) Other sectors showing large negative swings included the information industry (down 68,000, or 2.3%), leisure and hospitality (down 150,000, or 0.9%) and manufacturing (down 115,000, or -0.9%).
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Every year, the BLS conducts annual benchmark revisions to replace these sample-based employment estimates with fuller employment counts as recorded in the QCEW.
The QCEW provides a more comprehensive read on the number of businesses, employees and wages at the state, regional and county level because it derives that data from quarterly tax reports submitted by businesses to their states.
Given that process, the QCEW comes at a substantial lag: The data for the first quarter of 2024 was also released Wednesday and showed that in March 2024, national employment increased to 153.6 million, a 1.3% increase during the past year.
Commentary:
What BS didn't mention was he fact that most of the jobs were were in federal gov't.
The article also omitted the fact that Bidenomics failed and was falsely inflated by 818,000 jobs in manufacturing..
With Trump's plan, the so-called massive tariffs that are imposed on a country are equal to what they impose on us. This has resulted in an overall lowering of foreign tariffs on U.S. products and, if anything, has boosted domestic job growth. Trump is among the select few who is willing to boldly take a stand and make sacrifices to give this country what it really needs now and that is a good swift kick back into productivity.
It's a BLS "counting" issue, that factually show the number ahve been inflated.
You can't tell that to the people who now have less or no income today and refuse to accept Bidenomics,
LESS purchasing power thanks to INFLATION at 24%.
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