818,000 jobs previously claimed to be added weren’t actually added: BLS

6 comments

1. This is intentionally misleading and possibly partisan.

   1: it’s not that 818k NEW jobs were false, it’s a miscount of the total working force of 818k, existing and new jobs.

   2: this amount to a .5% adjustment for non-farm labor.

2. KAMALA FOR PRESIDENT! don’t be weird NOW! /s

3. It’s surprising how many people in an economics sub don’t understand that the discrepancies in the numbers are due to how they are reported. The initial set of data comes from employer surveys, which, while official, are not the final figures. As more detailed data comes in and is counted by the government through payroll records, we get the actual numbers. Those who complain about this clearly haven’t taken the time to learn about the process or are simply being partisan hacks.

4. No one could have possibly seen this coming. LOFL.

   * As part of its *preliminary annual benchmark revisions* to the nonfarm payroll numbers, the Bureau of Labor Statistics said the actual job growth was nearly 30% less than the initially reported
   * The revision to the total payrolls level of -0.5% is the largest since 2009.
   * At the sector level, the biggest downward revision came in professional and business services, where job growth was 358,000 less than initially reported.

   And this is not even the last revision, it’s just the *preliminary* revision.

5. When can we stop pretending this is a good economy?

6. Obama just stated at the DNC the economy is doing great and the Biden admin has added 15 million jobs.