Economy added 818k fewer jobs than previously lied about.
Quoting Bill Cara
The Fallacy of Government Produced Labor Reports.
Today, the US Bureau of Labor Statistics (BLS) reported 818,000 fewer jobs in March of this year than initially reported.
https://www.investing.com/economic-calendar/payrolls-benchmark,-n.s.a.-1534
BLS is a Department of Labor agency managed by a Commissioner.
Following her appointment in January 2024, the Commissioner is Erika McEntarfer.
McEntarfer reports to Julie Su, the Secretary of the Department of Labor, who is in President Biden’s cabinet.
https://en.wikipedia.org/wiki/United_States_Secretary_of_Labor
Economic data research and report compilations are based on estimates, not facts. That is, we are dealing with subjectivity, not objectivity. The problem with that is that the Secretary of Labor is politically biased to support the wishes of the President, and the Commissioner, who is also a political appointee, is biased to support the wishes of the Secretary. And so on down through the levels of bureaucracy.
So, every month, a reported estimate of new jobs is released, followed, in time, by adjustments. Due to political biases, the initial report is almost always higher than an accurate number, and the subsequent adjustments are almost always downward.
For some reason, investors react to the narratives generated by the government and Wall Street. The reactions are often extreme.
We all know about puppets and puppeteers. The question is, why do so many investors allow themselves to be puppets?
My R rated version
Fake jobs data revised down this am. AGAIN. The narrative now will be (cut cut cut. You waited to long to cut...)
"US job market gets biggest markdown since 2009 with 818K fewer jobs than previously reported"
Yesterday…The pace of housing contract cancellations in July was a record while rates dipped. 60k contracts to be exact.
This entire time they have been selling horseshit to us. We let all this happen under the guise of elections and red vs blue and someone will save us. You are all being fcuked every second of your lives by this system. every hour worked... you are a battery for the blob of wall st and the govt.
PS Everything is awesome 🤟😎👍
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