Readers will recall that I have several times in the last few months commented on the fact that Labor Departments’s headline jobs numbers were likely cooked and this appeared to be a pattern that the Democrats use before elections, to exaggerate the state of the economy. A website called Zero Hedge has regularly pointed out the dissonance between the establishment survey which the Bureau of Labor Statistics pimps, while ignoring the household survey showing far lower numbers. The monthly BLS numbers are quick analyses, but the Philadelphia Federal Reserve Bank regularly does a more in-depth and longer-lagged analysis of the job market. The most recent report from that institution, for the second quarter of 2022, finds that indeed the BLS statistics are bullshit.
In fact during this period when BLS was painting a rosy picture of the employment market with over a million new jobs created, the Philly Fed found that only ten thousand were. Quite a difference. And the same is likely true for the third quarter. Think people might have a different picture of the economy if they were told that this year we maybe created a couple of hundred thousand jobs compared to over two million? And the lack of job group is in part a reflection of a lack of desire to work, prompted by excessive government give-aways. This growing group of those voluntarily out-of-the-work-force is particularly acute about younger and early middle-age men. This is in part caused by the constant demonization of young men, especially young Caucasian men, for the last two decades and rampant and open discrimination against them in the job market. And this non-workers tend to live with their parents and spend their time doing nothing good–playing video games, using drugs and alcohol to excess. It is a national tragedy, but because it is males it will get no attention.
I would encourage you to read the entire report, helps you understand the complexity of gathering this data and accurately reporting trends. Of course now that the election is over, you can assume that we will be seeing massive retroactive adjustments by BLS to bring its numbers back into line with reality, as has happened in the past. And of course those revisions will not be publicized nor will error be admitted. Just another example of ideology triumphing over truth and why the public increasingly distrusts anything coming from our government. Really disgraceful. (Phil. Fed. Report)