Posted on 12/17/2022 3:19:04 AM PST by EBH
Early Benchmark Revisions of State Payroll Employment
Please consider Early Benchmarks for All 50 States and the District of Columbia for the second quarter of 2022.
Estimates by the Federal Reserve Bank of Philadelphia indicate that the employment changes from March through June 2022 were significantly different in 33 states and the District of Columbia compared with current state estimates from the Bureau of Labor Statistics’ (BLS) Current Employment Statistics (CES). Early benchmark estimates indicated higher changes in four states, lower changes in 29 states and the District of Columbia, and lesser changes in the remaining 17 states.
In the aggregate, 10,500 net new jobs were added during the period rather than the 1,121,500 jobs estimated by the sum of the states; the U.S. CES estimated net growth of 1,047,000 jobs for the period. Payroll jobs in the nation remained essentially flat from March through June 2022 after adjusting for QCEW data.
(Excerpt) Read more at mishtalk.com ...
Anything coming out of the Fed or the Government now appears to pure propaganda at the time it is released. Nothing is real anymore.
Will 2024 really matter at all? We complain about the size of government and yet...there are no whistle blowers to these crimes. Is lying and propagandizing the American citizen a crime?
Nothing is real, not one solitary thing or politician is real.
Just curious, given how much the government lies to the public about everything Covid, Censorship, etc.
What is the likelihood the government will lie about the economy to make things seem better than they are and to protect the Democrats and Biden
And what will this mean for the stock market?
Is it bearish because the economy is not as good as Govco was saying? Or,
Is it bullish, because the Fed now can lower its inflation expectation?
Based on this new revised report, the original numbers were like 99% wrong.
Manipulation of around 10% or even 20% I wouldn’t be shocked. But nearly 100% wrong?
The Big Lie
What is the average investor to do? How does one make decisions based on these numbers?
This means inflation is and has been and will continue to run hot.
That means the Fed remains bearish, I think? They are not fighting ordinary inflation, but hyperinflation. Which is a totally different battle. Jobs were not and are not hot, jobs and staff shortages are real. Payroll is not expanding per se, employers are just offering more to fill positions.
Inflation is running hot because of low supply due to wars, bird flu, wuhan china lockdowns, etc. This is not an ordinary recession and the Fed knows it. The government knows it too. The crisis over the past 18 months has stopped the can from being kicked down the road.
Meanwhile the Congress with Republican approval is about to pass a massive spending bill that will do nothing but inflame inflation, while the Federal Reserve is raising rates.
Congress and the Fed are pursuing economic policies that run counter to each other, one is trying to tamp down inflation, the other is passing massive new spending bills that will increase inflation, this won’t end well.
Well, let’s just say they are not as ignorant was we like to think. So often we say they are and that is just not the case. They have different priorities than we do.
Now that the revised numbers are out, for statistics of 6 months ago showing it was all a propaganda that there were no new jobs being created, what does that mean?
Resort areas are still shutting down restaurants and shops due to staffing issues. Just saw video of this from Hawaii from a friend who goes this time every year. Again, these are not new jobs, but existing jobs needing to be filled...even in Hawaii.
The spending bill might be OK. I cannot believe I just wrote that, but it just might be OK as long as it does not create anything new.
It’s not just Hawaii, even here in Florida, if you go into just about any restaurant, they are having issue not only with getting people, but keeping people is almost impossible.
Plenty of jobs are available, but either no people want them or the people who are available are getting enough government in benefits to live a modest life and don’t want to work.
The Omnibus bill is full of earmarks, i.e., pork. It is almost $2 trillion of deficit spending. With rising interest rates, debt servicing costs will be over a trillion dollars annually by the end of the decade.
And since the bill funds the government thru Sept 30, the new Rep House will lose any leverage on using the purse strings to thwart Biden’s agenda. So the Reps get the worst of all worlds. More out of control spending and no ability to use their new majority to stop Biden. Thank you Mitch McConnell.
Oh, I forgot to mention the Omnibus bill contains a revised electoral college counting act that will prevent what Trump wanted to do in 2020 by tossing the election into the House where state delegations would be involved.
By accepting the elimination of elections, the essence of the American Republic is lost, gone.
To restore America where there is no law, there must be a war of recovery
WHY would Joey Crappy Pants and company FUDGE the original numbers?
Well, either they are totally incompetent or they are LIARS!!!
I say BOTH!!
Surprise! democrat party run government lies.
That’s quite an error. Luckily it was fixed after the election.
Every report during the Obummer years was adjusted negatively after the initial announcement.
Every monthly and quarterly report on the economy was adjusted upward (positively) during the Trump years.
Every report has been adjusted negatively since Sniffing Joe has “taken” office.
The fix is in, the trends will not change.
WWG1WGA!
Pretty incredible isn’t it.
Who said that thing about little lies and big lies?
Reading comments sections this morning on financial reporting sites with this in mind, really has me feeling like I live in dystopia.
I think we do live in a dystopian country. It’s just early in the process.
BIDEN has lied his entire life-—
WHY expect any changes now???
That cake is baked.
ONLY here-—NOT in media news.
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