The Bureau of Labor Statistics (BLS) stunned everybody once they introduced on Friday that the economic system added 353,000 jobs and the unemployment fee was at 3.7%.
Not everyone seems to be shopping for this excellent news for Joe Biden.
Zero Hedge steered the BLS is simply making it up at this level. The numbers don’t jive.
Simply make all of it up at this level pic.twitter.com/xRUbTI89fK
— zerohedge (@zerohedge) February 2, 2024
The actual employment quantity is a 2.6 million job loss.
January payrolls with seasonal adjustment +365,000
January payrolls with out seasonal adjustment down 2.635 million pic.twitter.com/USMGnCuree
— zerohedge (@zerohedge) February 2, 2024
FOX Information analysts had been additionally shocked to listen to the stunning financial information.
That is just like the trick the federal government performed to assist out Obama earlier than the 2012 election.
Steve Ferrara at Forbes reported on the beautiful report in October 2012 earlier than the presidential election.
Only one month earlier than the 2012 election, the Obama marketing campaign obtained a serious unlawful marketing campaign contribution from the Commerce Division. The Division’s Bureau of Labor Statistics (BLS) reported on October 5, 2012 that the nation’s unemployment fee instantly dropped sharply over the prior month, from 8.1% to 7.8%. That supposedly ended the longest interval within the nation’s historical past with unemployment over 8%, aside from the Nice Melancholy, which occurred below President Obama.
Simply earlier than the election. How handy.
That was completely unbelievable on the time, and I and others stated so then. In my Forbes column the very subsequent week, “President Obama’s Unemployment Nonetheless Caught at 14.7%,” I famous how inconsistent the supposed unemployment drop was with different contemporaneous financial knowledge. The sharp unemployment drop supposedly resulted from a complete of 114,000 new jobs created in September, 2012, in accordance with the Institution Survey of enterprise payrolls of the Bureau of Labor Statistics that the Obama Administration had been emphasizing all through its first time period. However economist John Lott famous at Foxnews.com that the working age inhabitants had grown by 206,000 in September, 2012. With regular labor drive participation throughout a restoration from a steep recession, that may have required 138,000 new jobs that month, simply to maintain tempo with inhabitants progress, not to mention to cut back the unemployment fee.
Furthermore, the BLS additionally reported for September, 2012 that the variety of full-time jobs declined by 216,000 in that month. The supposed 0.3% drop in unemployment that month was additionally inconsistent with that knowledge. The unemployment fee had by no means earlier than in American historical past declined by almost a 3rd of some extent in a single month, whereas the economic system was shedding over 200,000 full time jobs in the identical month.
That supposed drop in unemployment in September, 2012 was additionally wildly inconsistent with GDP progress on the time, reported as a meager 1.3% within the second quarter of that 12 months, in long run decline from 1.6% over the primary half of that 12 months, 2% in 2011, and a couple of.4% in 2010. President Obama’s pitiful financial progress report has been solely half of regular long run financial progress for America, and solely a 3rd or much less of the historic progress from a deep recession, such because the Reagan restoration from the 1981-1982 recession.
As has lengthy been suspected, it seems the Marxist left has even infiltrated the Bureau of Labor Statistics. Search for extra ridiculous numbers to come back out within the months forward.
