Once Again, The (Biden-)Harris Job Numbers Are Proven Fake (VIDEO

Nothing good can come from bad data, and the Philly Fed has reminded us yet again that the BLS Employment Situation Summary is bad data, bad analysis, and simple bad math.

Calling what the BLS does Lou Costello Labor Math is not merely an homage to one of American vaudeville’s greatest stars. The Abbott and Costello routine of how 7 goes into 28 13 times is simply the best and most apt metaphor for the absurdities contained within the monthly jobs report.

Lou Costello would fit right in at the Bureau of Labor Statistics!

Links And Sources:

• Early Benchmark Revisions of State Payroll Employment:

  • https://www.philadelphiafed.org/surveys-and-data/regional-economic-analysis/early-benchmark-revisions

  • https://www.philadelphiafed.org/-/media/frbp/assets/surveys-and-data/benchmark-revisions/2024/early-benchmark-2024-q2-report.pdf?la=en

  • https://www.philadelphiafed.org/-/media/frbp/assets/surveys-and-data/benchmark-revisions/2024/early-benchmark-2024-q1-data.xlsx?la=en

  • https://www.philadelphiafed.org/-/media/frbp/assets/surveys-and-data/benchmark-revisions/2024/early-benchmark-2024-q2-data.xlsx?la=en

• All Employees, Total Nonfarm:

  • https://fred.stlouisfed.org/graph/?g=1CgOy

  • https://fred.stlouisfed.org/graph/?g=1CgQK

  • https://fred.stlouisfed.org/graph/?g=1CgQS