The Bureau of Labor Statistics “reviewed” the work growth figures from the first quarter of 2024 in what might be the least ominous piece of news, suggesting that the Biden-Harris administration purposefully manipulated the figures. The downward adjustment is outrageously high.
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” U. S. career development in the year through March was likely much less powerful than first estimated, which risks fueling fears that the , Federal Reserve , is falling farther behind the slope to lower interest rates”, reports Bloomberg. ” Goldman Sachs Group Inc. and Wells Fargo &, Co. economists expect the government’s primary standard revisions on Wednesday to present payrolls development in the year through March was at least 600, 000 weaker than now estimated — about 50, 000 a month”.
The Biden-Harris administration’s false claim that there had been more jobs added to the market in the first quarter may also increase tremendously.
While JPMorgan Chase &, Co. experts see a reduction of approximately 360, 000, Goldman Sachs indicates it could be as big as a million.
There are a number of limitations in the initial find, but a downward revision of work of more than 501, 000 would be the largest in 15 times and suggest the labour market has been cooling for longer — and perhaps more so than initially thought. The release date for the last figures is first in the year.
[…]
As it stands now, the BLS statistics show the market added 2.9 million jobs in the 12 weeks through March 2024, or an average of 242, 000 per month. Regular career gains would average at around 158, 000, which is still a good rate of hiring but a moderating from the post-pandemic top, even if the total revision is as high as a million.
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Following the weaker-than-expected July jobs review, a significant decline in career development may also cause a shakeup of markets, putting upward pressure on share prices as investors grapple with a possible recession startle and concerns about the economy.
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The Biden-Harris campaign was allegedly accused of cooking the books by the Trump campaign, which is understandable.
� � MAJOR ��
Kamala was constantly making up lies to Americans while doing the books.
Fed Confronts Up to a Million US Jobs Vanishing in Revision https ://t.co/LWnSZSHiNw
— Trump War Room (@TrumpWarRoom ) August 20, 2024
Jason Miller, a top Trump campaign advisor, also accused the administration of interference in elections.
This is n’t a “revision”, @BGOV, this is a LIE!
And it’s Election Interference!
The Harris Administration has mastered the books, and they have finally surpassed them!
” Fed Confronts Up to a Million US Jobs Vanishing in Revision” https ://t.co/gjHdBadJas
— Jason Miller ( @JasonMillerinDC ) August 20, 2024
To make matters worse, the labor market is causing Americans to feel “unsettled”.
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According to CNN,” The Federal Reserve Bank of New York’s most recent survey on consumers ‘ labor market experiences and expectations revealed that job, wage, and benefits satisfaction all fell in July.” The survey also revealed that fewer people were employed, a record number of people were looking for jobs, and an average expected increase in unemployed status of 4.4 %, which is also the highest level on record for the survey, which was launched ten years ago.
