Loading ...Here Comes The Job Shock: Philadelphia Fed Admits US Jobs “Overstated” By At Least 1.1 Million
“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“
As the Philly Fed notes, “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.
Still think the Fed would be hiking 75bps this summer if instead of an average monthly job gain of 350K, Powell was seeing zero monthly payroll increases?
And even more importantly, now that the cat is out of the bag and the Philly Fed has introduced this huge credibility issue in all recent payrolls data, how long until this becomes a political issue, and how long until Republicans – who take control of the House in January – start hearings to demonstrate to the US that the collapse in the labor market did not start with the Republican takeover but was well in place last summer.
Not surprised. I made a number of posts saying Biden’s flunkies were lying to show record level unemployment before the mid term elections and they were in cahoots with the FED to support Powells bullshit narrative. Always go by the ADP numbers, not the Bureau of Liars & Scammers.
True for sure BUT…I am on record that I support what Powell is doing here…LONG OVERDUE…he needs to full Volker…and yes there needs to be a Depression to rid us of the excess bullshit accumulated over the last 5 decades
OUT OF CONTROL INFLATION IS THE WORST SCENARIO ESPECIALLY IN A JOB DEPRESSED ECONOMY !!