U.S. created 500,000 fewer jobs since 2018 than previously reported, new figures show

So, in reality, the number of jobs reported in the last year were 20% LOWER than what was reported monthly. I don’t know about you, but if my numbers were off by 20% in reporting to my superiors, I’d be fired. But, these government drones reporting propaganda to the masses are promoted. CNBC won’t be reporting this massive negative revision. It doesn’t fit the narrative. There will be no tweets by the Orange Man about this revision. Do you find it interesting the revision is always negative? So it goes.

Via Marketwatch

Turns out hiring wasn’t nearly as strong in 2018 and early 2019 as the government initially reported — by about a half-million jobs.

The U.S. economy had about 501,000 fewer jobs as of March 2019 than the Bureau of Labor Statistics initially calculated in its survey of business establishments. That’s the largest revision since the waning stages of the Great Recession in 2009.

The newly revised figures indicate the economy didn’t get a huge boost last year from President Trump’s tax cuts and higher federal spending. They also signal the economy is a bit weaker than previously believed and could give the Federal Reserve even greater reason to cut interest rates in September.

“This makes some sense, as the 223,000 average monthly increase in 2018 seemed too good to be true in light of how tight the labor market has become and how much trouble firms are said to be having finding qualified workers,” said chief economist Stephen Stanley of Amherst Pierpont Securities.

The average 223,000 monthly increase in employment in 2018 — the strongest in three years — could be trimmed to 180,000 to 185,000, economists estimate.

Fewer jobs were created in restaurants, hotels, retailers and professional business services. Leisure and hospitality employment was reduced by 175,000, business services by 163,000 and retail by 146,400.

This annual “benchmark” revision is much larger than is typically the case. The preliminary revision in 2018, for example, showed the economy produced 43,000 additional jobs than initially reported.

Every year the Bureau of Labor Statistics updates its figures based on unemployment data that nearly all employers are required to file with the states. These revisions are usually quite small, reflecting about one-tenth of 1% of total nonfarm employment.

The current revision reflects an adjustment of 0.3%, although the number is not final. The 2018 revision was eventually changed again to -1,000 from 43,000.

The final results will be released in February 2020.

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