Friday’s employment report missed Wall Street’s forecast by 50%. However, more than likely, not only was the reported number significantly lower than expected, as it turns out based on some behind the scenes investigating by the New York Post’s John Crudele, there’s a high probability that the number was complete fraud.
John Crudele, the only mainstream media business reporter who actually reports as much truth as his editors will permit, wrote a stunning (or maybe not so stunning) revelation about the data gathering methodology used by the Census Bureau in compiling the numbers for the BLS’ jobs report: The Census Bureau had trouble compiling the nation’s jobless rate in March and, because of this, I’m told, questionable shortcuts were taken. NY Post link
While those of us in the truthseeking blog world have been detailing the extreme inconsistencies in the monthly jobs report for a long time, Crudele has developed sources in the Government who are willing to reveal the truth to him: A source tells me that one of the six regions had to fudge its numbers to make its results look just a little lousy.
My guess is that most of the “professionals” who base their analysis and investing decisions using the monthly jobs report have no idea that the BLS uses the Census Bureau for its data-gathering. But as most of you may or may not know, the Census Bureau has already been caught and censured for data-gathering fraud in several regions across the country in connection with its population surveys.
As we know, where there’s smoke, there’s inevitably a fire. Especially when the source of the “fire” is Government economic reports. Hell, the BLS releases two separate jobs reports – the Household survey and the Establishment survey. Those reports are impossible to reconcile.
The Household survey is used to calculate the highly fictitious unemployment rate. It showed that there were only 34,000 more people working in March vs. February (vs. the headline Establishment survey which claims 126,000). However, it gets worse. Only the 55 and over age category showed jobs gains – supposedly 329,000 (Establishement survey) – which means that every other age category according to the Government’s own report experienced a jobs lost of 203,000.
Furthermore, the labor force participation rate hit a 37-year low at 62.7%. That’s a level not seen since 1978, when most households were still one-income units. The number of Americans not considered part of the labor force grew to a record 93.2 million.
Not only are these numbers completely shocking, it is likely that the real numbers are much worse. As Crudele has detailed in his article, it is highly probable that even the shocking numbers are based fraud.