lied by 1,000,000

The Washington Times - Friday, December 16, 2022

The Philadelphia Fed’s new assessment shows that employment numbers in 29 states and the District of Columbia were significantly lower than the Bureau of Labor Statistics reported for the March-through-June period.

The BLS, a division of the Department of Labor, estimated net job growth of 1,047,000 jobs in the second quarter. The Philadelphia Fed now says its data shows that 10,500 net jobs were created in that period.

“The economy created more than 1.1 million jobs in the second quarter, or around 375k jobs per month,” the White House said in a statement on July 22.

The Philadelphia Fed said its job estimates are better because they “incorporate more comprehensive, accurate job estimates released by the BLS as part of its Quarterly Census of Employment and Wages program,” rather than the BLS’ less reliable monthly reporting of data.


https://www.washingtontimes.com/news/2022/dec/16/biden-administrations-claim-1-million-jobs-added-s/

 

You might be the only one reading that news.

Always read the news with a pinch of salt.
Always assume the news is fake / inaccurate.

 

Hence the phrase, "Lies, damned lies, and statistics".

BTW BLS releases revisions to their previous "estimates" all the time, sometimes even more than twice, eg. "revised up", "revised down". By the time they get appropriately revised, it becomes totally useless, at least for us traders.

 

Just part of the disinformation machine designed to fleece retail investors. The Federal government should be your last source of any news. Add to that the petty politics to ensure your politicians keep their cushy jobs. They have all the incentive to lie and lie some more.

 

%%
Good rule + good rebuke;
but IBD, W Times+ SRN News...... have a well deserved rep for accurate reporting.
Therefore if 80% fit your pattern ,mentioned; looks like original poster ''A'' +WT is part of the 20% truth tellers.
WSJ has accurate prices + candlecharts+ ed page ..............

 

Yeah, but aren't Bureau of Labor Statistics and Federal Reserve BOTH part of federal government? Who then are we to listen?

 

No, the fed is not "part of the government." They are an agency that runs within the government.

https://www.federalreserve.gov/faqs/about_12799.htm

 

%%
FED appointed by gov;
but private sector like FDX. That's why they are in the white pages by FDX

 

Yeah, yeah, I know that already. But leave the textbook definition out of the picture for now. The Federal Reserve is essentially given a mandate by the government. In another word, they're not completely free from those higher up in power, as we've seen with Trump's pressure on Powell.

But the point of my argument above is that whatever information that is released by either BLS or Fed cannot be ignored. For example BLS releases NFP (or simply jobs number) and the Fed sets the interest rate, which have huge impact on the market. Should we ignore these two offices since they're the government bodies, regardless of whether they're an "agent" or not?

 

The household survey (private) shows job losses
the whitehouse shows job gains.

Easy to see where the truth lies.