excalibur
Diamond Member
- Mar 19, 2015
- 23,524
- 46,385
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The lyingist liar, the lyingst administration ever.
Liars all.
Aided and abetted by the liars in the MSM.
Back in August, many were surprised by the accuracy of our forecast, when we predicted that in its annual revision, the Biden Bureau of Labor Statistics would revise jobs for the April 2023-March 2024 period by "up to 1 million", something which we said would mean that all job report "beats" recorded in the past year will have been misses and the US labor market is in far worse shape than the admin would admit.
The final results, as everyone knows by now, was a shocking 818K revision lower, just as the Philadelphia Fed had predicted 6 months prior, in March, when it calculated correctly that the Biden Department of Goalseeking Propaganda had overstated payrolls by "at least 800,000."
We mention all of this up because on Friday, the Philly Fed served up its latest shocker: not only did the Biden admin lie again, but the collapse in the labor market that had been covered up for much of the past year and was only exposed with the annual benchmark revision, extended into the second quarter.
"Estimates by the Federal Reserve Bank of Philadelphia indicate that the employment changes from March through June 2024 were significantly different" - read lower - "in 27 states compared with preliminary state estimates from the Bureau of Labor Statistics’ (BLS) Current Employment Statistics (CES)", the Philly Fed said on December 12.
"According to the early benchmark (EB) estimates conducted by the Phily Fed, employment was lower in 25 states, higher in two states, and lesser changes in the remaining 23 states and the District of Columbia."
Translation: 23 states unchanged, 1 revised higher... and 25 lower. The breakdown is shown below.

...
By state, the regional Fed bank estimates that largest revision of employment for the nine-month period ended in June will come from California, where it sees a downward revision of 172,700 jobs. Payrolls in Texas may be revised down by 112,100. An extended forecast by the BLS to the third quarter show further declines as well.
And while we don't yet know the specifics of the revisions - those will be revealed on Feb 7, 2025 when the final numbers are published - at the national level, we do know that all the jobs reportedly "created" in the second quarter, were actually fake, there were no net jobs created at all, and in fact, the US lost jobs in Q2!

Translation: in his latest attempt to create an impression of economic growth, Biden lied about everything, again.
www.zerohedge.com
Liars all.
Aided and abetted by the liars in the MSM.
Back in August, many were surprised by the accuracy of our forecast, when we predicted that in its annual revision, the Biden Bureau of Labor Statistics would revise jobs for the April 2023-March 2024 period by "up to 1 million", something which we said would mean that all job report "beats" recorded in the past year will have been misses and the US labor market is in far worse shape than the admin would admit.
The final results, as everyone knows by now, was a shocking 818K revision lower, just as the Philadelphia Fed had predicted 6 months prior, in March, when it calculated correctly that the Biden Department of Goalseeking Propaganda had overstated payrolls by "at least 800,000."
We mention all of this up because on Friday, the Philly Fed served up its latest shocker: not only did the Biden admin lie again, but the collapse in the labor market that had been covered up for much of the past year and was only exposed with the annual benchmark revision, extended into the second quarter.
"Estimates by the Federal Reserve Bank of Philadelphia indicate that the employment changes from March through June 2024 were significantly different" - read lower - "in 27 states compared with preliminary state estimates from the Bureau of Labor Statistics’ (BLS) Current Employment Statistics (CES)", the Philly Fed said on December 12.
"According to the early benchmark (EB) estimates conducted by the Phily Fed, employment was lower in 25 states, higher in two states, and lesser changes in the remaining 23 states and the District of Columbia."
Translation: 23 states unchanged, 1 revised higher... and 25 lower. The breakdown is shown below.

...
By state, the regional Fed bank estimates that largest revision of employment for the nine-month period ended in June will come from California, where it sees a downward revision of 172,700 jobs. Payrolls in Texas may be revised down by 112,100. An extended forecast by the BLS to the third quarter show further declines as well.
And while we don't yet know the specifics of the revisions - those will be revealed on Feb 7, 2025 when the final numbers are published - at the national level, we do know that all the jobs reportedly "created" in the second quarter, were actually fake, there were no net jobs created at all, and in fact, the US lost jobs in Q2!

Translation: in his latest attempt to create an impression of economic growth, Biden lied about everything, again.
Biden Lied About Everything: Philly Fed Finds All Jobs "Created" In Q2 Were Fake | ZeroHedge
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
