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It’s Just Shocking, But Payroll Numbers Were Revised Lower Again

By September 1, 2023Commentary

As always on the first Friday of the month, the Bureau of Labor Statistics releases payroll data for the prior month, including any revisons to earlier months.  As we note constantly, the story this year for every month has been good initial numbers which are subsequently continually revised downward.  So there is zero reason to believe the initial number for August put out today, which was a 187,00 additional jobs.  That will be revised downward in Oct, Nov, Dec, etc.  And along those lines, July was revised, you guessed it, down by 30,000 jobs and June was taken down by a whopping 80,000 jobs.  Two months of revisions to June means the job growth is now half what was originally reported; from 209,000 initially to 105,000 now.  The unemployment rate, a largely phony stat, has jumped to 3.8%, largely because there were more job seekers.  The CV-19 payments have run out, some people may have to pay back student loans and the government’s ability to use freebies to buy votes has eroded as deficits, the debt and interest on the debt soar out of control.  So people have to work, what a shame.  I will ask again, when are Reps going to investigate the false data releases from the Bidementia admin.  (ZH Post)

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