New data shows US job growth has been far weaker than initially reported

[Doc7505]

New data shows US job growth has been far weaker than initially reported​

21 Aug 2024 ~~ By Alicia Wallace


US 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.
~Snip~
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%).
~Snip~
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.

https://www.cnn.com/2024/08/21/economy/bls-jobs-revisions/index.html

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%.

 

[MarathonMike]

This is why we keep telling the Democrat trained seals to stop barking every time a "good jobs" report comes out. They are always revised down and the statistic is often very misleading. What kind of jobs? Are they openings because people quit?

 

[Crepitus]

What BS didn't mention was he fact that most of the jobs were were in federal gov't.

Actually it specifically says they were all privet sector.

 

[jackflash]

New data shows US job growth has been far weaker than initially reported​

21 Aug 2024 ~~ By Alicia Wallace


US 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.
~Snip~
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%).
~Snip~
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.

https://www.cnn.com/2024/08/21/economy/bls-jobs-revisions/index.html

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%.

Big g'ment always ends up eventually pulling another USSR/Roman empire situation. Even our own Boss predicted a "Day's wages for a quart of wheat"(loaf of bread). As the T-1 chassis said & I quote; "It's in your NATURE to destroy yourselves".

"We've met our enemy & our enemy is US".

 

[jotathought]

#Kamalanomics!

 

[Harpy Eagle]

This is why we keep telling the Democrat trained seals to stop barking every time a "good jobs" report comes out. They are always revised down and the statistic is often very misleading. What kind of jobs? Are they openings because people quit?

So, is it your position that 170,000 jobs a month on average add is bad?

They do not always revise down, in 2022 this report upped the number by more than 300,000.

This revision is done with data that is not available for the monthly reports.

 

[Harpy Eagle]

#Kamalanomics!

So, is it your position that 170,000 jobs a month on average add is bad?

 

[jotathought]

So, is it your position that 170,000 jobs a month on average add is bad?

What's the net outcome as unemployment continues to tick upwards?

 

[Harpy Eagle]

What's the net outcome as unemployment continues to tick upwards?

it was a simple yes or no question.

Is 170,000 jobs added on average per month the sign of a weak economy?

 

[EMH]

it was a simple yes or no question.

Is 170,000 jobs added on average per month the sign of a weak economy?

The answer is yes.

250k-300 is "par"

 

[jotathought]

it was a simple yes or no question.

Is 170,000 jobs added on average per month the sign of a weak economy?

LOL .. it's not black and white... I'm disappointed (and not surprised) that the average is much lower than communicated .. nearly 70K avg per month.

 

[White 6]

New data shows US job growth has been far weaker than initially reported​

21 Aug 2024 ~~ By Alicia Wallace


US 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.
~Snip~
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%).
~Snip~
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.

https://www.cnn.com/2024/08/21/economy/bls-jobs-revisions/index.html

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%.

Like mentioned in the article, quoting Chief Economist at Apollo Global Management, “160 million people have a job,” Slok said. ”Telling me that over the last 12 months it wasn’t 160 million, it was only 159.2 million is not making too much of a difference to how the Fed and financial markets are thinking about the economy.”

Lets here what Jerome Powell has to say, Friday.

 

[White 6]

The answer is yes.

250k-300 is "par"

Er, uh, any way you slice it, the job growth historic graph is steeper than any time during the 4 years, prior to Biden. Heck, it is steeper than, back to when it was being tracked.

United States | Total Employment Trends over 1969-2022

Analysis and tools comparing Total Employment trends for United States.

united-states.reaproject.org

 

[toobfreak]

New data shows US job growth has been far weaker than initially reported​

Wassat? You mean the democrat gubmint has been lying to us with more fake news?

 

[toobfreak]

Er, uh, any way you slice it, the job growth historic graph is steeper than any time during the 4 years, prior to Biden.

Only because prior to Biden was the historic, boneheaded job SHUTDOWN of 2020 by the democrats over Covid. So naturally it would be followed by steep growth once lifted. It had to.

 

[White 6]

Only because prior to Biden was the historic, boneheaded job SHUTDOWN of 2020 by the democrats over Covid. So naturally it would be followed by steep growth once lifted. It had to.

What about the first 3 years or trump or the Clinton, Bush, Obama years? Sure Trump lost a lot of jobs, but there was a pandemic.

 

[progressive hunter]

What about the first 3 years or trump or the Clinton, Bush, Obama years? Sure Trump lost a lot of jobs, but there was a pandemic.

you guys are so pathetic when youre full of shit,,

 

[JGalt]

New data shows US job growth has been far weaker than initially reported​

21 Aug 2024 ~~ By Alicia Wallace


US 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.
~Snip~
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%).
~Snip~
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.

https://www.cnn.com/2024/08/21/economy/bls-jobs-revisions/index.html

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%.

Biden/Harris' job numbers got downgraded.

 

[JGalt]

it was a simple yes or no question.

Is 170,000 jobs added on average per month the sign of a weak economy?

If they weren't all government jobs, every one of them were probably filled by illegals.

 

[White 6]

you guys are so pathetic when youre full of shit,,

If you have different graphs of historic job numbers and growth in US, I would be more than willing to view them. Unfortunately, they all seem to show the same thing. There has been good solid job growth and economic expansion for that last 3 years.