"Philadelphia Fed. Reserve Bank: ... 2nd quarter job numbers off by 1 million". A 99% error is not a rounding error

Astonishing. Deep state corruption. The original numbers come for the Bureau of Labor Statistics (BLS - their symbol above) a division of the of the Department of Labor - a part of the Executive Branch. And in whose interest was it to put out phony numbers before an election? Note that the Federal Reserve Bank is (supposed to be) an independent body. And in this case, they prove it.

The Biden administration vastly overstated its estimate that employers created more than 1 million jobs in the second quarter of this year, claiming historic job growth when in fact hiring had stalled, according to a new estimate.

Job growth was “essentially flat” in the second quarter with only 10,500 jobs added, the Federal Reserve Bank of Philadelphia said.

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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.

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President Biden had boasted about the second-quarter job numbers in the heat of the midterm election campaign, using the BLS report as proof that the nation wasn’t headed for a recession.

“In the second quarter of this year, we created more jobs than in any quarter under any of my predecessors in the nearly 40 years before the pandemic,” Mr. Biden said on July 8.

The White House repeated the theme a few weeks later.

Threat to Democracy? Draw your own conclusions.

Comments

[Maria]

People who aren't concerned about all this are simply not paying attention.

[tom faranda]

You are right - and that includes most of the media.