Bloomberg, which exists to serve active traders on Wall Street, is throwing shade on the January jobs report that “surprised” a lot of people with its positive numbers. Before addressing the technical factors used to produce the rosy numbers, consider the buried lede hundreds of words into the piece. Stripped of all the technical jargon is this stark reality:
On an unadjusted basis, payrolls actually fell by 2.5 million last month.
Molly Smith writes:
Employers added 517,000 jobs in January — nearly double the prior month’s advance and above all estimates in a Bloomberg survey. The unemployment rate also unexpectedly retreated to 3.4%, the lowest since 1969, according to Labor Department data released Friday.
Those are the numbers that grabbed headlines and enabled Team Biden to claim credit for what they want to bamboozle the public into thinking we have a great economy. But it turns out that there were changes in the way the data were gathered and reported that made things look rosier:
“Seasonal adjustment factors appear to have flattered the headline as smaller-than-usual post-holiday layoffs bolstered the payrolls numbers,” Wells Fargo & Co. economists Sarah House and Michael Pugliese said in a note.
“We suspect members of the FOMC will take January’s blowout employment report with somewhat of a grain of salt,” they said, referring to the Federal Open Market Committee that sets monetary policy.
What Bloomberg Economics Says…
“If it seems too good to be true, that’s because it is too good to be true — the gain is mostly due to seasonal factors and revisions to past data. Still, it can’t be denied that the labor
market remains tight. The Fed won’t place too much weight on this headline jobs number when formulating policy.”
— Anna Wong and Eliza Winger, economists
Hat tip: Ed Lasky.
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More proof positive that GOVERNMENT IS THE PROBLEM: “Freidman”
“That illustrates a general rule: If a private enterprise is a failure, it closes down—unless it can get a government subsidy to keep it going; if a government enterprise fails, it is expanded”
“There is one thing, that you can trust everybody to do and that is to put his interest above yours. The people who run our private enterprises are the same kind as those who run our public enterprises, just as the Chinese in Hong Kong are the same as the Chinese in Mainland China.. not different people, yet the results are vastly different The point is that self-interest is served by different actions in the private sphere than in the public sphere. The bottom line is different. An enterprise started by a group of people in the private sphere may succeed or fail. Most new enterprises fail. If the enterprise fails, it loses money. To keep it going, they have to dig into their own pockets,,, so they have a strong incentive either to make the enterprise work or to shut it down. Suppose the same group of people start the same enterprise in the government sector. If It is a failure; it does not work, NOBODY (Especially Politicians) ever like to admit that they have made a mistake, and they do not have to. They can argue that the policy failed only because it was not pursued on a large enough scale. Biden GOVERNMENT now Is The Problem because they have the much deeper pockets of other people’s money to draw on.”
inluminatuo -” Biden GOVERNMENT now Is The Problem”
The Obama/Biden cabal has ALWAYS been the “Problem”!!
“As many times as the leftist narrative is dropped on us, we must reiterate that Ol’ Joe is not handling anything. He is nearly vegetative when not mindlessly repeating scripted lines being spoken into some sort of earpiece.
Whoever is actually pulling the strings inside the Biden Cabal clearly has no interest in upholding the legitimate Constitutional duties of a Chief Executive. Rather, this person or persons (the actual direction it takes is so often disturbingly reminiscent of Obama) pulling the strings prove to be far too consistently damaging to America, especially in the long term, to be accidental. The current state in which we are living means someone is inflicting as much harm on our Nation as he can. And this was precisely the pattern under which America suffered throughout the entirety of Obama’s terms in the White House.”
Sore throats result in sore speech, especially when scripted by sick Soros.
Proof positive of the principle of Failing Upward!
Lie, cheat and steal. The mantra of the left