Bureau of Labor Statistics. It has an Orwellian ring to it. I guess it should stand for “Bureau of Lying Statistics.” A quick glance at today’s non-farm payroll report suggests that the economy likely lost hundreds of thousands of jobs in May. The headline 138k number was well below Wall St’s consensus estimate and below even the lowest estimate (140k).
The highly deceitful “Birth/Death” model gave the BLS 238k “newly created” jobs from alleged new business formation in excess of jobs lost from failed businesses in May. This number is shown before it’s sent through the BLS’ “X‑13ARIMA‑SEATS software developed by the U.S. Census Bureau.” No one knows exactly how that statistical sausage grinder produces the alleged jobs added and lost by new business formation – not even the Census Bureau. Then that number is blended into the overall headline number.
In truth, it’s quite likely that the U.S. economy lost jobs in May. A report showing less working age people employed would be a better fit with the state of the economy as reflected by private-sector reports, such as retail sales and construction/capital formation spending. The BLS covers up this fact by “finding” a large number of “new” part-time jobs to offset the loss of 367,000 full-time jobs.
And for its coup de grace, the BLS reports that 608,000 people in the working age population decide to stop looking for a job, for whatever reason, and quit working. They are no longer considered to be part of the labor force. This concept makes absolutely no sense when privately-generated surveys show that less than 50% of all households do not have the ability to write a check for $500 in the event of an emergency. Perhaps 608,000 people just decided that they were tired of buying food and paying bills and quit working altogether.
Regardless of how you want to slice and dice the phony numbers, the “labor force participation rate” fell to 62.7% of the working age population. This means that 37.3% of the entire U.S. population between the ages of 15 and 64 decided that they couldn’t be bothered with working or looking for a job. That metric alone completely invalidates anything the BLS reports about the U.S. “employment situation.” Perhaps a better title for the monthly report would be “The Government’s Interpretation of U.S. Employment.”
The central bankers in a organized(crime) manner have
inflated real estate, autos, college tuition, health care and
soon food and necessary goods. Since these bankers are
creating bubbles is it any surprise that their latest bubble
is able body individuals who can work but are either unable
to work in their chosen or trained for profession or have figured
out that with stagnant wage growth and the costs of going
to work, it is more cost effective to collect from the government.
So in essence the Fed created this bubble as a by product of all
the money printing.
“It’sh in da hole!”
That’s what she said !
Either collect from the government…or form your own phony “corporation” and make millions selling shares without any business model to speak of. Of course, only the elite get to get away with such obvious cons; the rest of us get duped with stock-based pensions.
…yes, but…the guvvamint believes in positive thinking…
(..oh..you missspellt “quit”…)
LOL thanks I just corrected that
And you misspelt misspelt.
One negative sign was that the labor-force participation rate dropped, to 62.7 percent, a sign that sidelined workers were not rejoining the labor force. “That’s always ugly,” Dan North, chief economist at Euler Hermes North America, said of the decline. Although the numbers were below what Wall Street expected, it “is not enough to derail the Fed at all,” Mr. North said. The job creation at this point in the recovery is still solid.
The overall participation in the labor force has trudged along below 63 percent during the recovery, down from over 66 percent before the recession. But the tiny gains that had been made were knocked off this month, suggesting that fewer dropouts were dropping back in.”
THE BLS reports the adjusted unemployment rate as 8.4, a fact ignored in the rush to call them out as liars. Cherry picking data is a key feature of fake news, such as this article.
My above comment quotes today’s New York Times reporting on the full BLS information, ignored by this article in order to claim they are lying.
“THE BLS reports the adjusted unemployment rate as 8.4, a fact ignored in the rush to call them out as liars.”
4.5% or 8.4% is a gross understatement of real unempolyment, but…this article didn’t mention anywhere what the % was, or was reported to be.
You just admitted that the population labor-participation rate is below 63% (meaning 37% aren’t working) and you want us to believe that the BLS isn’t being misleading with its unemployment rate of 8.4%? What does “unemployment” even mean anymore when someone who gives up looking for work isn’t even counted, or someone who is “employed” can’t even afford to pay $500 out of his/her own pocket?
Unless you seriously believe that roughly 29% of Americans are comfortably retired, it’s pretty damn difficult to swallow any of the BLS’s tripe.
Keep saying “Left is right and right is wrong”,
Tax and spend spun as the day is long.
Or is an “official” just a clown,
Saying “my down up but yours is down,
Only we can access the central bong.”
BLS= Blonde Lesbian Squad? Nope, not there, but there are other definitions.