Remember how President Joe Biden’s henchmen in the media peppered the American people with around-the-clock propaganda about how star-spangled awesome the Biden economy supposedly was because of jobs growth? A new report just blew apart that house of cards.
Bloomberg Opinion executive editor Robert Burgess released the findings of a new Bloomberg Economics report that threw a big wrench into the so-called strength of the jobs market leftist media outlets repeatedly laud to the public. “Bloomberg Eco out with a jarring report, saying monthly nonfarm payroll prints likely overstated job growth last year by 730,000,” Burgess wrote. The report Burgess cited, which even went as far as to project that hiring maybe even fell “below zero in October,” specifically attributed the enormous downward revision in job growth to “a surge in business closures, even as new business formation slowed sharply in the second half of the year — factors the payroll prints don’t take into account.”
But there’s more. Bloomberg projected that the printed level of nonfarm-payrolls for 2024 by the end of the year “likely will overstate true employment by at least one million — with more than half due to the [Bureau of Labor Statistics’] model for estimating business formations and closures.”
Bloomberg Eco out with a jarring report, saying monthly nonfarm payroll prints likely overstated job growth last year by 730,000 pic.twitter.com/7gDyJkquFB
— Robert Burgess (@BobOnMarkets) June 4, 2024
The Heritage Foundation economist EJ Antoni told MRC Business that Bloomberg Economics was “late to the game” on the real jobs story. In fact, Antoni suggested that even Bloomberg Economics’s figure of downward revision was an understatement: “The quarterly census of employment and wages already showed an overestimation of nonfarm payroll growth last year of 770,000.” Antoni argued that the jobs situation in the United States is much bleaker than what the leftist media will ever be able to admit:
[T]he labor market is nowhere near as healthy as originally estimated. It should also be pointed out that the monthly job numbers have already been revised down significantly, so the initial estimates were even more of an overestimation of the actual number of jobs in the economy. I expect that a recession has actually already begun but it won’t be data as such until after the presidential election in November. For context on that assertion, consumer spending, which makes up about two-third to three-quarters of GDP, shrank in April according to the latest estimates.
According to the Quarterly Census of Employment and Wages, job growth in '23 was 1.5%, not the 2.0% previously published by BLS - that means the monthly job reports overestimated nonfarm payroll growth by over 770k last year, and that's on top of the downward revisions... pic.twitter.com/hxeCpqF7NG
— E.J. Antoni, Ph.D. (@RealEJAntoni) May 23, 2024
Meanwhile, U.S. voters are constantly being inundated with misleading headlines flexing the strength of the jobs market from media outlets desperate to save whatever’s left of Biden’s economic image before the 2024 election.
Consider this February gem from CNN: “Another shockingly good jobs report shows America's economy is booming.” ABC News even tried to smack down Americans’ discontent with Bidenomics in a condescending April headline: “Blockbuster jobs report flexes economic strength, defying Americans' lukewarm attitudes.” And over at The Associated Press in April, “Another month of robust US job growth points to continued economic strength.”
But as Northman Trader founder Sven Henrich noted in response to the Bloomberg Economics report, the drastic downward revision “fits more with what the middle class is experiencing...versus all the rah rah happy talk about the economy.” He’s right. The true pace of jobs growth according to Bloomberg Economics, accounting for distortions, “currently is below 100k per month — substantially below the 242k three-month average pace in the printed establishment survey report.”
...which fits more with what the middle class is experiencing...versus all the rah rah happy talk about the economy...
— Sven Henrich (@NorthmanTrader) June 4, 2024
Perhaps the Fed would be better served speaking with real people as opposed to staring at outdated models in glass towers. But hey.https://t.co/0TolH668DA
Henrich advised that the Federal Reserve “would be better served speaking with real people as opposed to staring at outdated models in glass towers. But hey.” The media outlets still gaslighting for Biden would also do well to heed Henrich’s advice.
Conservatives are under attack! Contact ABC News at 818-460-7477 and NBC News at 212-664-6192 and demand they tell the truth about the state of the jobs market under Biden.
