Earlier today the Bureau of Labor and Statistics (BLS) revised the annual jobs report to remove 818,000 previously recorded jobs.
[…] “The Bureau of Labor Statistics revised down its total tally of jobs created in the year through March by 818,000 as part of its preliminary annual benchmark review of payroll data. That suggests the economy added an average of 174,000 jobs per month during that time period — below the previous 242,000 estimate. On a monthly basis, that amounts to about 68,000 fewer jobs. It marks the largest downward revision since 2009.” (read more)
When asked about the troubling indicator of this revision, Commerce Secretary Gina Raimondo had no idea the BLS had made this announcement. WATCH:
Reporter: Nearly a million jobs “created” since Kamala took office do not exist.
Raimondo: “I don’t believe it because I’ve never heard Trump say anything truthful.”
Reporter: “It is from the Bureau of Labor.”
Raimondo: “I’m not familiar with that.”pic.twitter.com/UFKJiwWuPZ
— Greg Price (@greg_price11) August 21, 2024
Figurehead to talking head – ‘keep pretending’.
I was about to go there!
DEI incompetence
If she did not know the numbers she should have. Deny, dissemble and dismiss. Repeat.
Her ridiculous 1st response is to blame them lying about the labor numbers on PDT
I think she was implying that Trump was lying about the bureau even having made a revision.
Not only did the private sector # go down by 818,o00 but the government jobs # went UP by 1,000. Insult to injury.
By now when any government agency reports on something, my BS meter takes off.
The same is true regarding Iran getting into Trumps election files.
23 milion government employees today. Are we getting a good return on that tax dollar investment?
22 million need to go update their resumes
I hope they all learn to code
I hope they all learn to hang out in a bread line because they can’t find jobs!!!!
Incompetent?
Lying?
Notice she doesn’t make eye contact with the interviewer.
Both I’d say.
Cue Sergeant Schultz…
interest rate drop in sepetember using this as a reason, is the reason. money making off of us.
Yep. This is Step 1 in the full blown incoming financial repression. Of course, it’s been happening for about 200 years. But this time, it’s no longer going to be stealth. The first step is a return to punishing savers, which has already begun even without the FED lowering rates. The 2nd step is purposefully refiring inflation. And that is way closer than one might think. The third step is coming after assets. I don’t have a prediction on that timing. But I’m 100% confident it’s coming.
They did it in a manner that didnt match with home prices dropping also (meaning they have not fell in price enough to make sense, yet all have been taxed on the price increase already if they are an owner).
this ensures no homebuying either.
evil
property tax is a tax on unrealized gains.
Correct.
Harris wants a wealth tax, the unconscionable and immoral tax on unrealized capital gains.
So not only property tax but a federal tax on the increased value of a home as well.
imagine what that would do.
.
Only sort of. States have plenary sovereign powers that the federal government does not have. It’s also a tax based on total assessed value (less deductions in some places), not on gains.
.
The gain though is unrealized because it is an estimate on what other people have realized (the sale of their home). That means you pay now on what you may or may not do in the future. The market could crash or you could never sell your house thus never taking that gain but paying a tax on it.
love this website. always learn. ty.
that accessed value seems like a tool to abuse, and to treat it like stocks that havent been cashed out yet (if its gonna be taxed)
Oh believe me, 4th. It is.
Language alert…
But appropriate I think.
https://www.zerohedge.com/economics/wall-street-outraged-over-latest-epic-fk-bidens-labor-department
“The third step is coming after assets.”
I agree and I’ve been downsizing my accounts to either be more liquid or slowly moving them to cash.
As my CDs have been maturing, I’ve been either putting them back in as shorter term CDs that will mature before Nov or moving them to my money market account where I can move the money quickly.
I have visions of getting a notice from the fed that by their calculations, I have more assets than I need so they’ve “debited” my accounts and will put the money where they think it will be more equitably used.
Keep buying gold and silver.
Don’t forget lead.
Can make a case for good iron and steel, tools or otherwise.
Just need to have a suitable balance of skills and assets for whatever life throws at you.
Yep, skills and assets (Tools and heavy metals of all kinds) go hand in hand with personal power.
If you don’t have lead, all the silver and gold you have means nothing. Same as food, lead protects that too and that will be the most valued holding if price controls come here.
As seniors we are victims of the years long financial repression which preceded the increases in interest rates. At our advanced ages we cannot afford to gamble (and lose) in the Wall Street casino. Inflation hasn’t been subdued. So when it carries on higher, we will be doubly penalized as politically expedient cuts take effect.
Saving used to be a virtue once upon a time.
You and I are in sync and in complete agreement, Eric.
As surely as the sun rises in the morning, you can bet that’s what is going to happen.
From Armstrong Economics:
FTA: The coming economic collapse will not resemble the Great Depression. Yes, we are in a recession – but it will not be reminiscent of the Great Depression that began in 1929.
For you see, the landscape is entirely different now. America was transitioning from an economy based on agriculture to industrialization. About 40% of the economy was agriculture-based at the time. Outside factors like the Dust Bowl provided those is the agriculture sector with no alternative for work, hence the US experiences unemployment rates around 25% because farmers were out of work.
The economy cannot be properly analyzed from a domestic lens. By 1931, all of Europe defaulted on its debt, and Britain went into a moratorium. Mom and pops who invested in foreign debt were paying high interest in high denominations that the likes of Goldman Sachs were selling at the time. They lost all their money. It was a different time as it was a major transition.
The economic collapse on the horizon will be more reminiscent of the 1970s, when we entered a period of stagflation – inflation rises, but economic growth declines.
The Federal Reserve is in a tough place. Keynesian economics was created at a time when the US had a balanced budget, and the government was not the largest borrower. Emergency rate cuts will do nothing as this is a confidence game. Central banks throughout the world understand that they are helpless.
Governments are now the biggest borrower of national debt and in the US we have interest expenditures exceeding $1 trillion. The Fed and central banks in general can do nothing to prevent runaway inflation or curb government spending.
We face difficult times ahead. Japan will perhaps be the first to default before the contagion spreads to Europe. My aim was to create a system like Socrates that could help people navigate the inevitable ups and downs of the economy. We know what is to come so we can stay prepared. Again, we are not entering a second Great Depression by any means, but dark days are upon us.
https://www.armstrongeconomics.com/armstrongeconomics101/economics/the-second-great-depression/?utm_source=Newsletter&utm_medium=Email&utm_campaign=RSS
Keynes had it wrong, completely. He was not as big an idiot as Marx, but you cannot stand in a bucket and pull yourself up by the handle.
Let’s pray not, my friend. History does, however, tend to either rhyme or repeat.
And we cannot discount the malignant forces which wish to destroy farming and farmers. See the WEF and the EU and the farmers’ protests earlier this year. Not only that, but the increasing speed Western civilization is being dismantled.
None have crystal balls…not Armstrong Economics, no one…but likewise none can deny this is not happening.
Something wicked this way comes…and it has been coming for decades.
(Curiously, today I stumbled on these terrible, heartbreaking photographic reminders of the ’29 Great Depression. Let us pray, truly pray a similar reckoning doesn’t happen again.)
Yes…for some it was that bad. Unimaginable.
Yes, it’s coming all right. Never mind that any effects from it will take months to feed into the economy.
I suspect we are already in a recession.
Next step if the Communists are installed as in 2020?
Depression…or worse.
The economy, like an elevator whose steel cables have been deliberately cut, will collapse.
Going dowwwwwwwwn….
theory from Bongino’s postings of Benz and others is that a rentamob coup will be started in Nov to January to overturn the President Trump win.
https://bongino.com/ep-2313-be-prepared-for-the-worst-if-the-dems-lose
start at minute 25:36 seconds.
Anarcho-tyranny.
I’m expecting it.
They changed the definition or rules a few years to avoid calling it a recession. It’s more than a suspicion.
And removed from the basket of goods which determines the rate of inflation everything which indicates inflation… food, energy, medical, insurance,etc.
In September the “rate of inflation” will determine Social Security increases for 2025…COLA.
While criminal illegals are handed everything the rest of us have to pay for free of charge (for them), guaranteed suddenly the September figure will mysteriously drop.
No bias there…
Par for the course for a Council on Foreign Relations member and Aspen Institute fellow. They don’t know a damn thing, and are incurious about the world outside their cloistered bubbles. But if you point them in any direction and hand them a script they’re reliable operatives. Just not very good at thinking on their feet without a script. So the ABC unscripted interviews happen. And the veil of incompetent ignorance temporarily slips away.
Someone forgot to tell her to put on her pretending to care hat.
Seemed the only thing she (presumed) cared about was the monitor.
She’s either stupid or pretending to be stupid. Not a good look either way. Not that she cares.
its the play that works.
just like Ralph Northum (whatever his name is. VA governor) – when he couldnt remember is he was black face of the KKK – as a result, he didnt get blamed for being either one of those terrible things.
it worked. her dumb act or no care act works.
Stupid @#$#@ yetch.
I recruit in manufacturing and power generation. These numbers have never been real and anyone believing these number has his or her head up his or her a**. My bet is that today’s number will be revised down even more.
This Department of Labor chic is an idiot. The whole administration is comprised of idiots voted into office by idiots.
the people that believe it, are most likely fighting age, and have been getting propped up (stimulus, no rent eviction, student loan cancel, etc) so they will mask the rentamob when its needed soon.
mask means join it without knowing what it is, accidentally providing cover for trained operators that do this oversees and did it here in 2020 in Minnesota via Floyd and Walz.
By design.
I recruit in accounting and finance. Same. I have known these numbers were garbage for over a year now. The white collar unemployment is through the roof. I have never seen the job market this bad. Spend 10 mins on LinkedIn and you will see endless stories of people losing their homes, marriages destroyed…a lot of despair from people who worked very hard all their lives and their careers are just gone.
If only they would have asked her about IVF treatments !!!! Gosh….
Looks like somebody in Commerce purposely let her get blindsided.
More of this please.
And btw that total dimwit Julie Su is Sec of the Labor Dept, overseeing BLS.
Uh oh. Woe is her.
Again: Who is running this country? 25th Amendment.
Nobody, at the moment….they’re all giving vapid speeches at the DNC.
It’s all fabricated. We’re much worse off than we are pretending.
I don’t know why Americans (especially shrewd Wall Street types) continue to buy into these BS statistics. It’s like the ONLY thing that affects the markets is the mouth of Jerome Powell.
Americans know their money is devalued, their groceries are exponentially more expensive, our insurance rates have skyrocketed, etc etc etc, and yet we open wide for the spoon feed with our eyes glued to the tube.
When everyone is high-grading, everyone will suffer when the con is fully exposed, so the only way Wall Street can keep (for the moment, lol!) their fortune from being wiped out, is to continue the con as long as possible, while wildly desperate for a solution.
The con will never be fully exposed as that would require the media to report it. duh
The point of this…. if jobs are bad. interest rate must be dropped (thats their sick logic that they didnt use until the end of strangling us for 3.5 years)
is for all of the insiders to make money on their money with the interest rate is dropped in September.,
most everyone else has no free money or good credit to participate in the rate drop.
There’s only one response from creatures like this – “Donald Trump is a liar”. If you put some fervor into that statement you are a certified professional liberal expert on everything.
This is a perfect example of Sundance’s thesis on silos, as well as a history lesson.
Raimondo is Commerce Secretary. But the BLS is under the Department of Labor.
So, they’re not communicating and this is not even directly IC related (clearances).
Interestingly, at one time the 2 Departments were 1 – Department of Labor and Commerce when it was created.
Later in split into 2 – Department of Labor and Department of Commerce.
Guess what year it split???
1913 for those who can discern the significance.
Dept of Labor trivia:
Border Patrol was originally under Dept of Labor. Jobs and immigration are closely related. Duh.
Largest revision since 2009? 🤔. Who was in the Oval Office in 2009? 🤔 Hmmmm….
The same person who is steering the ship now.
She is like most true blue Democrats, the ones I am in contact with every day. She lives in a world of fact ignorance, fact denial, and conveniently-told misrepresentations and outright lies whenever it suits her.
For example …… One of the more blatant but interesting falsehoods I’m hearing these days from my Democrat relatives is that inflation reached its peak near the end of Donald Trump’s presidency and that Joe Biden and Kamala Harris have been fighting successfully ever since to keep it under control.
When asked how they can possibly believe this, their usual response is,”Because it’s the truth!”
Here’s the problem…… Conservative’s like you and I…Don’t want to run for Office……I just want to be left alone, pay my taxes and live life……Very few Honorable, Moral and Ethical people want to run for Office….That’s the bottom line….Unfortunately, we have to get into the game…Otherwise, we are screwed…
True. The dynamics of politics is that it attracts the worst kind of people on multiple levels. That’s why the only real solution is an extremely limited government in scope and power.
I would say 95% of what trump says is true. And that’s probably an all time high for a politician. These people are insane, they literally live in an alternate reality.
More like 100%. My president has never lied to me, and I don’t think he’s about to start now.
This is my “shocked” face. lol
Moronic to the core.
Evil AND stupid is a terrible combination.
What a country!
I believe her when she states she is not familiar “with that,” because she doesn’t run anything. “With that” runs itself and doesn’t need her unique set of leadership skills.
Federal agencies are now run by and operated as Soviet-style politburos. No one person makes a decision, no one person holds ultimate authority, no one person is accountable. Everything is organized, decided, and executed via group consensus.
There is no place for the buck to stop at.
By the way who was President in 2009, when the previous “largest downgrade revision” occurred? The name slips my mind…
If Kamala really wants the job, why doesn’t she step in now? Inconvenient?
I am surprised our foreign enemies are holding their fire.
If Trump wasn’t in the race at this point, they wouldn’t be.
Soon enough even this revision of prior reported statistics will be memory-holed and replaced by more “correct” numbers.
Absolutely inept but politically connected and useful DEI stastistic.
FJB
The amount of grift, graft and ineptitude of every single Biden Cabinet agency will finally retire the entire national debt, if we can claw it back. Four years to zero oversight by the elected CEO who has the sole responsibility for their fiscal integrity.
There are tax dollars they are wasting. Trump better hire Grok for OMB Director.
Did you hear her? ‘Trump’. The talking points memo for the d’s and all their minions goes like this:
That’ll be all. Back to Proverbs.
The “revised” number game 😁😁
When President Trump was in office….
the numbers were always “revised “
⬆️⬆️ 🆙 UP!!!
With Biden the numbers are always revised down ⬇️⬇️⬇️ Go figure 🤷♀️💁
Great observation.
BK…..
Amazing what I have learned from
Sundance. He used to publish
those reports and graphs…and the
revisions all the time during President
Trump term. 👏 👏
His explanations were the best.🏆
I don’t think there was one time that
figures were posted by the agencies
that showed how well the economy
and jobs were actually doing.
And even with them trying to suppress
the numbers…the reports were still
great👏👏
And then when the revised ⬆️🆙 figures
were posted….they were never really discussed
by propaganda media. 😡😡 That used to really
tick me off.
I give Kudos to Sundance for educating me…
on the basic economics. Real life economics.👏👏👏
Typical. Also were revised downward during Obama’s (first) two terms, every month.
Has me pining for the “Summers of Recovery”. 😄😄😄
Look at the pie chart on the back of your IRS 1040 booklet – where ar your tax dollars going?.
The biggest pie slice goes to to pay the interest on all the borrowed money we use to pay these people: their paychecks, perks and pensions. Happy April 15.
Not surprised Washington’s leftist bureaucrats lie. They are primarily Democrats.
At least 24 hours in advance Media and major banks reported large downward jobs revision to be released. Biden Cabinet includes Commerce Secretary Raimondo was not given heads up and preplanned narrative response? Trump is right to ask, “Who’s running the country?”
>>>> “The Commerce Secretary reports directly to the president and is a statutory member of Cabinet of the United States.”
She is as clueless as George Will, Cokie Roberts, Sam Donaldson, and David Brinkley when arguing with Pat Buchanan about what the economic treason of Free Trade was eventually going to do to Heritage America
On Bush “Free Trade” policies, the Republican Party has signed off on economic treason. Pat Buchanan
Of course her first go-to, automatically, no thinking behind the report presented to her: Donald Trump… stupid white liberal female. grow the eff-up
As noted by Jennings on CNN, Trump is blamed for everything yet, who has been in charge 12 of the last 16 yrs? Put that in your pipe and inhale
Check out ZH on this: BLS was over 30 min late in releasing data – causing problems for WS investors. Further BLS released it privately to certain banks before releasing to public late. Incompetence.
That’s not incompetence. That’s intentional.
It gave banks and the traders to get their affairs in order and make preemptive moves to avoid losses this morning.
The Bureau of Labor Statistics is run by the U.S. Labor Department, not the Commerce Department. So Commerce Sec. Raimondo wouldn’t be familiar with the nuances of labor numbers and its reporting.
But she should have been better prepped by her media staff on breaking USG news, and this would certainly qualify for acquiring that additional spin from the White House.
“But she should have been better prepped by her media staff on breaking USG news” — sure was nice when the adults held secretary level positions during the mean Tweet Era.
How about, she should know what the f&%$ is going on in the economy and not trying to party like it’s 1999 with all her commie pals. You shouldn’t need staff to brief you on the job numbers revision.
When these people take office, a bunch of gs15s will present themselves as reliable, knowledgeable people ready to help navigate complex troubled waters.
These “volunteers”, of course, are not the ones any agency head or secretary should rely on. But typically they do.
Well shes a DEI hire so she doesnt have to meet acceptable standards of competence.
Cmon Jerome, let’s lower those interest rates in an inflationary market.
This is gonna be a blast to watch.
She doesn’t know anything, because Janet Yellen is running the whole show.
That’s who all of this points to, is Yellen.
She’s clueless and she’s ugly. What more can you ask for in a female Democrat Apparatchik?
I’ve noticed that the disciples of Marxism-a godless religion where worship of the state is required-tend not to be very attractive people. It’s especially true for Marxist women. Whatever natural beauty they once had is destroyed as their soul slowly dies. It’s sad and difficult to look at.
Psalm 29:1-2
Give unto the Lord, O you mighty ones,
Give unto the Lord glory and strength.
Give unto the Lord the glory due to His name;
Worship the Lord in the beauty of holiness.
The great pretending has given rise to the great awakening
Why would she know anything?
This entire lying, incompetent, communist junta couldn’t find their own back hole if they had a preexisting wedgie.
We know they’re lying. They know we know they’re lying. Why did they change the lie?
My posit – their intel tells them it helps them win, and to zealots that’s all that matters. Power and control. Everything else is secondary and tertiary. Formidable adversaries, particularly when they control the flow of lies.
They had to at some point and they did it during their satanic cult convention week, being pushed diligently by the media, so no one will ever know.
Look, she just called President Trump a liar for even bringing it up.
Did she even get any push back from the talking head?
The talking head IMMEDIATELY said it was from the bureau of labor statistics.
Even the media has been like this is a bridge to far, lately.
I’m gonna have to barrow that..
Me too 🙂
And it starts with the FBI and Secret Service… the only secret aspect is their hiding the facts.
If you can find it free to watch, watch Chernobyl. Its the DNC to a tee!
Raimondo is a symptom relative to the health of our Republic. 800,000+ jobs revised downwards is a drop in the bucket. Communists have captured our government. Their malice has more pain on deck.
The October surprise this year is going be insane.
Project Blue Beam is my pick for 2024 shenanigans.
WHAT is “Project Blue Beam”?
Fake alien invasion using holograms. Supposedly it’s an NWO plan to scare the world into compliance. There’s some religious aspects to it also.
You can find all kinds of videos about it on youtube & bitchute.
Basically it’s a 🐇🕳
They probably figure that’s just 800,000 kamala can put to work as prison labor, what’s the big deal.
Lol
Dang SM!