Tuesday, August 29, 2023

Could Biden Be Lyin'??

Yah, the question answers itself.

For those who insist that Biden (or any other damnfool Democrat) can and will trounce Trump......well......that might be a bit premature.  See, things aren't all that rosy in the economy.

For months we have been warning that at a time when the US economy is careening into a hard landing recession, the manipulated, seasonally-adjusted, and politically goalseeked job openings data released as part of the DOL's JOLTS report is sheer rubbish (see "US Job Openings Far Lower Than Reported By Department Of Labor"; "Handle The JOLTS Data With Care", "Just Make it Up: Job Openings Unexpectedly Soar As Labor Department Now Guessing What The Number Is"). Today, the BLS finally got the memo.

With consensus expecting only a modest drop in the July job openings from 9.582 million to 9.5 million, what the BLS reported instead was a doozy: in July there were just 8.827 million job openings, the first sub-9 million print since March  2021. ...

Charts and graphs follow.

In short:  the Administration releases FAR BETTER numbers than are the real ones, waits a few months, then releases the "revised" (read:  real) ones which are a helluvalot worse.

Like.......what's lower?

Industrial production.  Capacity utilization.  Jobs.  Housing.  Monthly payrolls.

That's all.  No big.

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