Every month, the government overestimates the job numbers and has to revise them downward months later.
Every 2023 jobs report has been revised significantly lower. Seven downward revisions in a row is not a mistake. The labor department has been consistently overestimating job growth.
For example, the June payrolls originally reported 209,000, but the June payrolls revised one month later became 185,000. June payrolls two months later became 105,000.
These revisions had a huge cumulative effect, with at least a 355,000 overestimation and over 300,000 from the preliminary benchmark, meaning a total downward revision of 661,000. That’s 30% of all the jobs we thought we added this year.
August’s numbers will likely be revised down. The media fails to properly report the sleight of hand.
CNBC’s Rick Santelli on the jobs report: “The deterioration is large. The significantly large revisions make me nervous….how much we’ve slowed over the last several plus months.” pic.twitter.com/FT5t2LnOXD
— RNC Research (@RNCResearch) September 1, 2023
Housing data has been revised downward.
All the 2023 monthly jobs data was revised lower and now all the housing data has also been revised… drumroll… lower pic.twitter.com/20Om6rHvFJ
— zerohedge (@zerohedge) August 23, 2023
Continued loss of high paying, high benefit, full-time jobs, along with the labor force participation rate staying low, remain important themes when considering the labor market's strength, or lack thereof. https://t.co/zpPBoFjXSF
— David Sommers (@dgsommersmkts) September 1, 2023
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