Unpacking the corrupt Biden jobs report | Eastern North Carolina Now

inflated numbers do not tell the true story

ENCNow

The MSM Democrat media cheerleaders are pumping a new jobs report claiming a big increase in jobs in America in the last month for which they credit Joe Biden.  Journalists who focus more directly on econimics, however, are being much more cautious, and one reason is that two direct economic surveys tell widely different stories on jobs, and the MSM is running with the one most favorable to Biden.  The claim is that 272,000 new jobs were created last month.

Bloomberg is a liberal source but with its primary focus on economics, it looks more critically at these reports.  Bloomberg's  Chief Econonomist Anna Wong commented

"May's jobs report presented contradictory views of the labor market, as we expected.  The establishment survey shows robust gains in non-farm payrolls - yet the unemployment rate rose to 4.0%. We believe that the latter offers a closer approximation of reality than payrolls, as BLS' model for estimatimg business births and deaths - which added 231,000 jobs to the non-farm payrolls print in May - is lagging the reality of surging establishment closures and failing buiness formation.  We think the underlying pace of current job gains is likely less than 100,000 per month."

One issue that has been raised on these jobs reports over the past few years is that with inflation, a growing number of Americans are working two jobs, so part of any increase in jobs comes from instances of one person working two or more jobs, each of which counts as a "payroll"

Another fly in the ointment is that two different surveys are conducted, one of business establishments and the other of households, and they tell dirrernt tales. Neither attempts to come close to surveying ALL households or business establishemtns.  They take a sample and extrapolate from there.  The chart below shows the huge differences in the results of the two surveys:

Another issue is the distrinciton between rates of full time job increase or decrease versus part time jobs.  Under Biden full time jobs have been dropping, and the increases have been in part time jobs as this chart shows:

A further wrinkle is that under Biden, jobs for illegal aliens have been increaing while those for American cirizens have been decreasing, shown by this chart:

https://www.zerohedge.com/markets/inside-most-ridiculous-jobs-report-years

https://www.breitbart.com/politics/2024/06/07/joe-biden-scores-migrants-more-jobs-while-americans-drop-out-workforce/


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( June 9th, 2024 @ 8:19 am )
 
Biden's fake jobs report shows how his regime manipulates data for false claims. Most of his claimed "job increase" -231,000 out of a total of 272,000 claimed - came from one arbitrary adjustment to the calculation. That is the adjustment for "business births and deaths" (business start-ups and closures) and as the Bloomberg chief economist points out, they adjusted that in the wrong direction for what is actually happening in the economy. If that was adjusted the correct direction, the report would have undoubtedly showed an overall job loss.

To look at what is happening in just one industry in one state, it is estimated that 10,000 jobs have been lost in California last month as hundreds of fast food restaurants close and others cut staff in response to the new $20 an hour minimum wage in that state.



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