Corporate Media "Discovers" BLS Jobs Data For 2023 Is BS
The Real Take Away: Government Is Screwing Us Over With Bad Data
One reason I was moved to refocus my energies towards The Houses Of Refuge Project is that things are not nearly as rosy in this country as the corporate media has wanted to portray them. Yesterday corporate media accidentally admitted exactly that.
For the entirety of Joe Biden’s Reign of Error we have heard from the corporate media about all the “robust” jobs growth this country has seen. Now financial news outlet Bloomberg “reports” that the 2023 jobs data might have overstated things a bit.
Data published Wednesday by the Bureau of Labor Statistics suggest payrolls might have grown about 60,000 less per month on average last year than the roughly 250,000 run-rate derived from the agency’s monthly employment report. The new figures, from the Quarterly Census of Employment and Wages, cover more than 95% of US jobs. and are eventually used in annual revisions to the monthly data.
Bloomberg is still soft-pedaling the bad news by using a monthly figure rather than the full year figures.
60,000 fewer jobs each month equates to 720,000 fewer jobs across all of 2023. In other words, nearly three-quarters of a million jobs that the BLS data claimed in 2023 never actually existed.
Another way to consider the QCEW data: If the 250,000 run rate reported in the BLS monthly data overstated monthly jobs creation by 60,000, 24% of the monthly jobs claimed by the BLS—about which Biden’s handlers were only too happy to boast—never actually existed.
Of course, if the reporters at Bloomberg had ever bothered to read this Substack, they would have known long before now that the BLS numbers were garbage.
They would have known that at the beginning of April, when I pointed out the wide variances between the Establishment Survey data, the Household Survey data, and the ADP data.
They would have known that this past February, when I described chapter and verse of how the BLS numbers were garbage.
Even at the beginning of 2023 I was describing how the jobs data being reported made no sense.
Time and again, corporate media has chosen not to do even basic analysis of the “official” jobs data. Now that the BLS is “correcting” that data, corporate media wants to report on the corrections as if it were truly newsworthy, while ignoring their blithe acceptance of clearly bogus data throughout 2023.
Corporate media lied about the jobs numbers throughout 2023, and corporate media is lying now by pretending the latest data reveals are somehow new information.
Conservatively, the BLS “revised” numbers are showing three-quarters of a million fewer jobs than has been previoiusly claimed for 2023.
Conservatively, three-quarters of a milion more people are without a job than has been previously claimed.
Fewer jobs and more unemployed means people are far less prosperous than the Biden Regime has claimed.
Fewer jobs and more unemployed means the Fed has been basing its interest rate decisions on a flawed depiction of the US economy. Like corporate media, the Federal Reserve never did their due diligence on the BLS data, which makes their policy decisions inherently suspect at the very least.
Bad data is justifying worse policy, and people are worse off because of it.
Is the lack of potential employment another contributing factor in Generation Z’s persistently lower states of mental and emotional health?
The extant data does not prove that hypothesis outright. However, fewer job opportunities overall is not going to ehance anyone’s mental or emotional state. There is no great leap of logic needed to concede that the BLS jobs data has overstated employment in this country, or that the BLS jobs data has added stress on people’s lives.
Yet we must look beyond the data, for if there are three-quarters of a million fewer employed people in the US than corporate media has wanted us to believe, there are three-quarters of a million more people without jobs than corporate media has wanted us to believe. There are three-quarters of a million more people who are struggling than corporate media has led us to believe. There are three-quarters of a million people about whom corporate media has persistently and repeatedly lied. There are three quarters of a million more people directly harmed by bogus government data and corporate media’s propaganda about that bogus data.
These are people who are living in our communities. They sit beside us in church. They walk beside us on street. I am quite confident a few of these people read this Substack.
And they need help. They need communities who will help them find work, who will sustain them as they strive to get back into the workforce, who will give them hope enough to look for work—to resume looking if they have given up, and to keep looking if they have not.
Ultimately, the way to “fix” the BLS jobs data is for communities to come together and seek to create the three-quarters of a million jobs that have not yet been created and need to be—and then some. The way to “fix” the BLS jobs data is for communities to come together to heal the three-quarters of a million lives damaged by a year’s worth of false reporting and policy errors regarding the state of employment in this country.
When people come together to create jobs and create opportunities, everybody wins: the newly employed win, businesses win, communities win.
When communities come together to sustain the newly employed so that they can last long enough in a job to collect a few paychecks and start rebuilding their finances, everybody wins.
Why did I shift my focus? This is why. Instead of just describing all the ways communities and people have been losing, I want to work at helping communities and people start to win.
I cannot “fix” the problem that is the BLS data, but I can at least be a part of the solution that fixes the communities damaged by that data and by the garbage reporting of that data. I can at least work to make that much of a difference—and at the risk of sounding pompous and pretentious, that’s what I choose to do.
The latest BLS data tells me I made the right choice.
"... if the reporters at Bloomberg had ever bothered to read this Substack, they would ..."
They probably have an alert set up on their 'system' for when a new article does come out.
"Red Alert" Red Alert"
"That Kust guy has done it again, some idiot accidentally released the correct numbers and this 'enemy of the people' has got to tell them about it. Damn you all to hell."
Makes one wonder about anything the government says and does anymore. Linking as usual @https://nothingnewunderthesun2016.com/
Glad to see you are still following the economic situation and writing about it along with your proverb writings.