The widespread coverage today of the Labor Department’s huge downward “Revision”—job creation in “Bidenomics” has been 30% less than claimed in his monthly press conferences—was clearly aimed to “foam the runway” for the Federal Reserve to cut interest rates several times during the remainder of this election year. But it is nonetheless a revelation that the U.S. economy has been sliding downhill, sustained only by tremendous new issuance of federal debt (and private credit card and auto debt) to subsidize household spending and production of weapons systems, semiconductors, etc.
The Bureau of Labor Statistics (BLS) annual “Revision” released today found that 818,000 fewer jobs were created in the American economy, during the months April 2023-March 2024, than the BLS had previously reported in its “Establishment Survey” month by month. Thus the BLS, with the complicity of knowing as well as clueless media reports, had claimed an average job creation per month of 242,000 during that period, when it was no more than 150,000. The downward revision of manufacturing employment for that period, by 115,000, more than eliminated all the claimed creation of manufacturing jobs for those 12 months.
Moreover, the downward slide of the economy has gathered pace since March. In the four months (April to July 2024) reported since the end of the period covered by the “Revision,” job creation has been claimed by BLS as averaging well below 200,000, and those individual months have also later been revised lower. The July claimed figure was just 114,000 new jobs. But there is every reason to believe that these lower claimed figures, too, are higher than what the BLS itself would report if it were not deliberately using fake seasonal and other “adjustments.”
As noted, the fabrication has been passed on to the public by knowing media, Wall Street bank employees, and officials (who simultaneously assure us that China falsifies its economic reports). Far lower figures than in the BLS monthly “Establishment Survey” have been shown by the quarterly reports of payroll figures released by the Census Bureau, and based, not on surveys, but on recorded payroll taxes. The same is true for the monthly “Household Surveys” of BLS itself. And within the Federal Reserve system, the Philadelphia Federal Reserve had already released a report back in March—based on analyzing the above-cited Quarterly Census of Employment and Wages data—that “job creation” was being overstated by at least 800,000 in calendar 2023 (January-December 2023). And the faking was certainly more than that, since the average monthly job gain claimed by the BLS in calendar 2023 was 230,000, and the quarterly “hard data” indicated just 130,000.
This annual revision is very large compared to others in this century. The only comparably-sized revision of faked figures—and it was also downward—covered the global crash-Wall Street bailout-Great Recession period April 2008-March 2009.
