Unemployment Is Significantly Worse Than Reported
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Unemployment Is Significantly Worse Than Reported
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The Bureau of Labor Statistics’ recent revision revealed that unemployment is significantly higher than previously reported. Why was there such a significant error in reporting?
From Townhall. The Bureau of Labor Statistics has “revised” job growth numbers from the first quarter of 2024, showing up to a million jobs didn’t actually exist.
Pray for your fellow intercessor.
“US job growth in the year through March was likely far less robust than initially estimated, which risks fueling concerns that the Federal Reserve is falling further behind the curve to lower interest rates,” Bloomberg reports. …
The “revision” is being blasted by the Trump campaign as a lie and election interference while Vice President Kamala Harris attempts to distance herself from the poor economic policies of the Biden-Harris administration. …
From Bloomberg. US job growth in the year through March was likely far less robust than initially estimated, which risks fueling concerns that the Federal Reserve is falling further behind the curve to lower interest rates.
Goldman Sachs Group Inc. and Wells Fargo & Co. economists expect the government’s preliminary benchmark revisions on Wednesday to show payrolls growth in the year through March was at least 600,000 weaker than currently estimated — about 50,000 a month.
While JPMorgan Chase & Co. forecasters see a decline of about 360,000, Goldman Sachs indicates it could be as large as a million.
There are a number of caveats in the preliminary figure, but a downward revision to employment of more than 501,000 would be the largest in 15 years and suggest the labor market has been cooling for longer — and perhaps more so — than originally thought. …
“A large negative revision would indicate that the strength of hiring was already fading before this past April,” Wells Fargo economists Sarah House and Aubrey Woessner said in a note last week. That would make “risks to the full employment side of the Fed’s dual mandate more salient amid widespread softening in other labor market data.”
Once a year, the BLS benchmarks the March payrolls level to a more accurate but less timely data source called the Quarterly Census of Employment and Wages, which is based on state unemployment insurance tax records and covers nearly all US jobs. The release of the latest QCEW report in June already hinted at weaker payroll gains last year.
As it stands now, the BLS data show the economy added 2.9 million jobs in the 12 months through March 2024, or an average of 242,000 per month. Even if the total revision is as high as a million, monthly job gains would average around 158,000 …
Labor risks
The preliminary revision may reignite the debate over whether the slowdown in the labor market risks a more abrupt downshift in the economy. Employers substantially scaled back hiring in July and the unemployment rate rose for a fourth straight month. …
The government’s preliminary benchmark projection will be followed by final revisions that are incorporated into the January employment report to be released in February. …
Share your prayers about unemployment and for our economy in the comments.
(Excerpts from Townhall and Bloomberg. Photo Credit: AgnosticPreachersKid at English Wikipedia, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=10098328)
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Father God, please cause our federal government to give our people TRUTH instead of endless lies repeated over and over to brainwash us into believing them. How we need your help in this matter. In Jesus’s Mighty Name hear and act on this prayer!!
I am thankful that the Kingdom of God trumps every kingdom of man. My trust is not in man or human government, but in You, YHVH alone. You provided manna in the wilderness, You fed Elijah and Yeshua. And since man does not live by bread alone, but by every Word that proceeds out of the mouth of God (Deut. 8:3), help us Lord to hide Your Word in our hearts in order to have a continual feast. Yeshua, You said, “. . . don’t worry about your life – what you will eat or drink; or about your body – what you will wear.” Matt. 6:25 So although I would desire a healthy economy for our nation, I do not depend on it. Thank You for being YHVH Yireh – our provider!!
OUR COMMUNIST GOVERNMENT IS TREASONOUS AND NURDEROUS. EVERYTHING THEY SAY IS A LIE. LEARN TO READ POLITACAL TALK. DOUBLE IT ND REVERSE IT AND YOU’LL BE CLOSE TO THE TRUTH!
GET READY FOLKS. PRAY CONSTANTLY FOR OUR DEAR GOD TO PROTECT US FROM THEIR MACHINATIONS. TIME IS SHORT
I ASK IN JESUS’ NAME
AMEN
SO WHAT ELSE IS NEW? OUR CONSTITUTIONAL GOVERNEMENT IS NO LONGER CONSTITUTIONALOR OURS. WE’VE BEEN TAKEN OVER BY THE CORPORATE TRAITORS WHO HATE THE CONSTUTUTION AND YOU AS WELL.THEY’VE POISONED YOU WITH FAKE MEDICINE, NEWS, CLOTHING, FOOD, WATER EVEN THE AIR YOU BREATH IS BEING CONTAMINATED AND THE CARBON WE NEED IS BEING SEQUESTERED BU GIANT MACHINES THAT SELECTIVELY SUCK THE CARMON OUT OF THE AIR. REMEMBER YOU ARE A CARBON BASED LIFE FORM, JUST LIKE EVERY PLANT, MAMMAL, FISH BIRD.IF IT LIVES THAY WANT IT DEAD. YOU TOO!!! SOLORD GOD STOP THEIR EVIL SATANIC PLANS AND PUNISH THEM FOR DARING TO DESTROY YOUR CREATIONS.
I ASK IN JESUS’ NAME
AMEN
Would you REALLY think that anyone connected in any way to the Biden administration to tell us the truth ? Our current government is not to be trusted, or believed. They are the epitome of evil. Thank God that this information about the jobs report was revealed. I pray that this can be used in a positive way by the Trump campaign. Thank you, Lord, for revealing this truth.
Roadside trash tells the truth, rural, about employment numbers.
Most days of the week in my rural hamlet, I try to ‘speed’ walk while picking up roadside trash. A decade at this endeavor, trash amounts, now, are at their lowest mark. Trash is commonly from construction vehicles, farm vehicles, and cars driving thru to a major interstate.
Most of 2024, the rate of trash gathered daily is more than 75% less. Which is less trash than the ‘low’ amount of trash picked up during peak Covid.
No, I do not miss all the beer cans tossed from cars, numerous mini-whisky bottles, fast food packaging, & vaping misc. More telling are the lack of screws/nails ; have picked up many thousands in a decade, now, only 1-2/week, little new construction/renovation.
Have been praying, while trashing, often, about the causes for our lack-of-trash during 2024.
Have shared these facts with local neighbors, mostly getting a “So what stare”….. Have known the lack of trash during 2024 tells of disastrous employment numbers.
Godspeed USA to her full glory our Founders created for us. Amen.