You might almost think that the "jobs" number put out by Bureau of Labor Statistics is......ahhh.......politically managed!
...Throughout 2022, the BLS modified the underlying data they used to assemble their jobs reporting. The latest release shows that 517,000 jobs were gained in the labor market, despite every other economic indicator showing we are in an economy of contraction. The question becomes, why the disconnect?...
The answer? BLS uses two surveys. One is a survey of businesses which includes a computer model of small-business 'births and deaths.' The other is a telephone survey which speaks to real people. Does that account for the entire difference? Or is someone's elbow leaning on the scale?
The real-people survey shows growth in part-time jobs--which was noted by Market Ticker a while back. But even more significant is the difference between the 'living person' survey and the modeled one:
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