Right at the top, we'll concede that "Biden's Will" is inaccurate. Biden hasn't the faintest clue about "jobs" in the USA, nor about 90% of the people who actually work for a living.
But let us jump right into the story--which is all about the Bureau of Labor Statistics inflating the "jobs" number--by a VERY large amount.
Labor data might have been overcounted by as much as 1.1 million jobs earlier this year, the Federal Reserve Bank of Philadelphia revealed in a new quarterly report....
... “In the aggregate, 10,500 net new jobs were added during the period rather than the 1,121,500 jobs estimated by the sum of the states; the U.S. CES [Current Employment Survey] estimated net growth of 1,047,000 jobs for the period,” the report stated....
10,000.......1,000,000..........whassa diff, anyhow? We have an election to win, ya'know.....
Market Ticker picked up on the following a while back, and it is meaningful.
...Critics have charged that there is something wrong with the monthly jobs report.
The BLS report is comprised of two chief surveys: establishment (businesses) and household. The former has recorded stronger-than-expected growth for most of 2022, while the latter has been roughly flat. Since March, the divergence has skyrocketed to 2.7 million workers.
The main explanation for this gap is that the BLS allows double counting. This means it will count every extra job a person possesses as another payroll. The household component does not permit this feature.
Because the number of people holding two or more jobs has risen by more than 8 percent since November 2021, to roughly 7.8 million, double counting has increased significantly over the last year....
As Ticker noted, many people who have 2 jobs are holding two full-time jobs, not 2 part-time ones, nor 1 full-time/1 part-time.
But hey!! The Red Wave turned into a trickle. That's what counts, no?
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