Bureau of Labor Statistics Literally Just Made Up January Jobs Report

 Source:

https://www.hennessysview.com/p/bureau-of-labor-statistics-literally?token=eyJ1c2VyX2lkIjo5MzExMDY0LCJwb3N0X2lkIjo0ODMwNjEzNCwiXyI6IjlQaWZ4IiwiaWF0IjoxNjQ0MjQ4MzgxLCJleHAiOjE2NDQyNTE5ODEsImlzcyI6InB1Yi01NzI1NzciLCJzdWIiOiJwb3N0LXJlYWN0aW9uIn0.lS7cPKa3T7H0uEG6A1DTG42bYUGWUEINgilRPLYGpjw

Ye Editor's Friday, February 4 article on the subject:
https://el2017.blogspot.com/2022/02/january-employemnt-data-surprises.html

"The January jobs report from the Bureau of Labor Statistics has no basis in reality.

The bureaucrats simply made up numbers to make it look like the economy added jobs.

The economy actually lost about 300,000 jobs in January.

ADP and the BLS’s own report admit that.

But a 300,000-job loss would hurt Joe Biden.

So, the crooked accountants at BLS made up numbers and handed a headline to the ignorant press.

Here’s where the BLS comes out and tells us they simply made up numbers to arrive at the headline the White House communications staff wrote for them:

    The adjustments increased the estimated size of the civilian non-institutional population in December by 973,000, the civilian labor force by 1,530,000, employment by 1,471,000, and unemployment by 59,000.

The number of persons not in the labor force decreased by 557,000.

Of course, not even Byron York could be bothered to read the report.

Instead, York hopped on Fox News Friday to proclaim Joe Biden has fixed the economy, pointing to the White House’s fictitious headline as proof.

Another trick the BLS used was to dramatically revise downward the numbers from every month prior to December 2021 all the way back to June.

For the record, the only jobs report you can sort of trust is the ADP payrolls report.

Businesses’ payrolls fell by 301,000 last month in a broad-based decline, according to ADP Research Institute data released Wednesday.

The median forecast in a Bloomberg survey of economists called for a 180,000 rise.

When you compare the ADP report (legit) to the BLS report (fiction), you see the government has no interest in covering up its lies because most people, including Byron York, are too lazy to question the headline."

Source:

https://mishtalk.com/economics/bls-job-revisions-show-every-job-report-in-2021-was-total-garbage

BLS Job Revisions Show Every Job Report in 2021 Was Total Garbage

The BLS made huge revisions in the number of monthly job dating all the way back to 2017.

Along with its monthly jobs report the BLS produced annual revisions.

    Effective with data for January 2022, updated population estimates were incorporated into the household survey.

    In accordance with usual practice, BLS will not revise the official household survey estimates for December 2021 and earlier months.

    The adjustments increased the estimated size of the civilian non-institutional population in December by 973,000, the civilian labor force by 1,530,000, employment by 1,471,000, and unemployment by 59,000.

The number of persons not in the labor force decreased by 557,000.

Although the total unemployment rate was unaffected, the employment-population ratio and labor force participation rate were each increased by 0.3 percentage points.

This was mostly due to an increase in the size of the population in age groups that participate in the labor force at high rates (those ages 35 to 64) and a large decrease in the size of the population age 65 and older, which participates at a low rate.

    Data users are cautioned that these annual population adjustments can affect the comparability of household data series over time.

    The BLS underestimated jobs for the first 5 months of 2021 plus December.

    The BLS overestimated jobs every month between June and November
-- 6 consecutive months.

    The sum of overestimates totals 2,507,000
    The sum of underestimates total 1,890,000
    The final revision in December was up by 211,000

Every Job Report in 2021 Was Total Garbage

The BLS will counter that the error rate is tiny.

It is, if you divide by the total number of jobs.

For example, the total level of jobs in December of 2021 was initially reported as 148,951,000 and revised to 149,162,000.

The revision was only (211,000 / 148,951,000) * 100 = 0.142%

Yet, in monthly gain-loss report, which every economist watches, the revisions are not only huge, but ongoing.

The first 5 months of 2021 were hugely understated, followed by 6 months of overstatements, then ending with a 211,000 understatement.

The jobs market was weaker than reported every month between June and November.

Add it all up and there is only one proper conclusion: The monthly jobs reports are garbage but ending with a December and January surprise.

Nonfarm Payrolls Were Another Big Upside Surprise to Economists, What Happened?

What happened was massive annual revisions."