Gateway Pundit 2/5/2023
The mainstream media cheered the news that the U.S. economy added 517,000 jobs last month. Sadly, that just isn’t true. According to reports and the St. Louis Federal Reserve, the US economy actually lost 2.5 million jobs in January.
Via Rich Dvorak: “The Not Seasonally Adjusted print for monthly change in Nonfarm Payrolls was -2.5 million jobs. That means the headline +517K employment gain reported in January was driven entirely by a +3 million seasonal adjustment.”
Angus Davis
@angusdav
For those who mocked "community adjusted EBITDA," I give you, the January nonfarm payroll report:
- loss of -2.5 million jobs... 📉😔
+ abracadabra🪄"seasonal adjustment" of +3 million
= Presto! ✨+517k jobs ✨ (adjusted) 🥳
Quote Tweet
Jeffrey P. Snider
@JeffSnider_AIP
·
Feb 3
"The adjustments increased the estimated size of the civilian noninstitutional population in December by 954,000, the civilian labor force by 871,000, employment by 810,000, and unemployment by 60,000."
Census finds more Americans of working age, so BLS assumes they're working.
This is what actually happened.
Michael A. Arouet
@MichaelAArouet
Imagine someone told you that companies are letting temps go and at the same time create 517k permanent positions in January…
Bob Hyneman
@BobhynemanUSA
·
Feb 4
Replying to
@MichaelAArouet
What actually happened
- 2.5 million people lost their jobs in the post-
Christmas season.
- BLS said 3 million would have been a normal seasonal adjustment.
Zero Hedge reported:
And with the unemployment rate plunging to 3.4% – matching the lowest in 54 years – from 3.6%, while the payrolls report showing the addition of 517K jobs the highest since July, and far above the highest forecast – in fact, a record 9-sigma beat to median consensus, the shock was merited as today’s report was indeed a blowout.
More:
https://www.thegatewaypundit.com/2023/02/us-economy-actually-lost-2-5-million-jobs-january-reported-gain-517000/
