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Weekly Reminder: The economy is great, inflation is fake and gas is cheap.
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<blockquote data-quote="oldngray" data-source="post: 5826275" data-attributes="member: 45230"><p>"Rosenberg Research calculated that, despite the job gains, <strong>total hours worked actually contracted</strong>." [Emphasis added.] In fact, the Household Survey — "the one the media ignores," as Barone put it — "showed up with a -31K headline jobs number, and a fall of -63K in full-time jobs." Worse, the labor participation rate remains down. Americans are working more part-time jobs because there are fewer full-time jobs to go around — a sizable fraction of last month's jobs went to people taking on a second or third job.</p><p></p><p>So how did the BLS come up with 335,000 new jobs when the Household Survey showed a net loss of 31,000?</p><p></p><p></p><p>"Birth/Death assumptions" means just that. The BLS <em>assumes </em>that so many jobs were created or destroyed and (kind of) fixes the imaginary numbers when the real data come in. Now you know why jobs always seem to get revised downward.</p><p>[URL unfurl="true"]https://pjmedia.com/vodkapundit/2024/02/05/january-jobs-data-actually-sucked-n4926132[/URL]</p></blockquote><p></p>
[QUOTE="oldngray, post: 5826275, member: 45230"] "Rosenberg Research calculated that, despite the job gains, [B]total hours worked actually contracted[/B]." [Emphasis added.] In fact, the Household Survey — "the one the media ignores," as Barone put it — "showed up with a -31K headline jobs number, and a fall of -63K in full-time jobs." Worse, the labor participation rate remains down. Americans are working more part-time jobs because there are fewer full-time jobs to go around — a sizable fraction of last month's jobs went to people taking on a second or third job. So how did the BLS come up with 335,000 new jobs when the Household Survey showed a net loss of 31,000? "Birth/Death assumptions" means just that. The BLS [I]assumes [/I]that so many jobs were created or destroyed and (kind of) fixes the imaginary numbers when the real data come in. Now you know why jobs always seem to get revised downward. [URL unfurl="true"]https://pjmedia.com/vodkapundit/2024/02/05/january-jobs-data-actually-sucked-n4926132[/URL] [/QUOTE]
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Weekly Reminder: The economy is great, inflation is fake and gas is cheap.
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