More Information on Fake Jobs Reports

Zero Hedge reports on revised California jobs data that suggests that indeed, all the supposed job gains in the last year and a half are made up.  The BLS routinely issues a jobs report, than revises it down the next month when no one is looking.  It also does more significant revisions on a quarterly or annual basis.  California revises its data more frequently and recently said that, oops, all those jobs we said were created in 2023, they were a figment of our imagination.  This was based on a change in fourth quarter 2023 job figures.  Originally the state said that 117,000 jobs were added in the state during that period.  An independent legislative auditor found that in fact, 32,000 jobs were lost.  This means that for the entire year, our largest state added a measly 9,000 jobs for the entire year.  Expect similar revisions to the data from other states.  If the labor market is in fact this weak, you might expect it would lead to a cut in interest rates, but inflation is still zooming along and no one wants to buy all the excess US debt.   (ZH Post)