Huge Discrepancy In Jobs Data Could Be Making Biden’s Economy Look Way Stronger On Paper
==========
Data from the Federal Reserve Bank of Philadelphia estimates that the U.S. economy added more than two-thirds fewer jobs in the third quarter than the Bureau of Labor Statistics (BLS) has reported. Poor economic conditions have led to a rise in part-time positions and layoffs that have made it difficult to accurately track current employment estimates. The Philadelphia Fed estimates that the number of total workers in the U.S. economy increased by just 186,000 in the third quarter of 2023, while the BLS reported an increase of 640,000. Economists believe that the economy is not as strong as the official numbers suggest. The Federal Reserve Bank of Philadelphia's advance estimates have been closer to the quarterly census data, indicating a weaker economy than the official data suggests. Consumer sentiment remains depressed below pre-COVID-19 levels, contradicting the seemingly strong economic growth in the second half of 2023. Layoffs at U.S. companies have increased in recent months. The BLS estimated that the U.S. added 275,000 nonfarm payroll jobs in February, higher than expectations, but the totals from the previous two months were revised down by a cumulative 124,000 jobs. The U.S. has also failed to conquer high inflation, which remains elevated. The number of full-time jobs has plummeted by more than 1.8 million since June 2023, while part-time positions have soared. The BLS has made downward revisions of 266,000 fewer jobs in early March. Economists believe there is something wrong with the methodology at the BLS and that revisions consistently overestimate the number of jobs in the economy. The Philadelphia Fed produces its own estimations of job data to predict upcoming revisions to the BLS numbers. In 2008, the BLS revised its jobs numbers down for 11 months out of that year. The BLS is also prone to double-counting individuals holding multiple jobs, particularly during economic downturns. Americans with multiple jobs jumped by 376,000 in February year-over-year. The BLS periodically makes major revisions to their datasets, sometimes going back years, but sometimes these mistakes are never officially corrected.
#JobsData #BureauOfLaborStatistics #FederalReserveBankOfPhiladelphia #EmploymentEstimates #EconomicConditions #Part-timePositions #Layoffs #Economists #ConsumerSentiment #EconomicGrowth #Inflation #Full-timeJobs #Double-counting #Revisions
https://www.shorenewsnetwork.com/2024/03/19/huge-discrepancy-in-jobs-data-could-be-making-bidens-economy-look-way-stronger-on-paper/
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2024-03-19 08:54:28
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2024-03-19 08:54:28Event JSON
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"content": "Huge Discrepancy In Jobs Data Could Be Making Biden’s Economy Look Way Stronger On Paper\n==========\n\nData from the Federal Reserve Bank of Philadelphia estimates that the U.S. economy added more than two-thirds fewer jobs in the third quarter than the Bureau of Labor Statistics (BLS) has reported. Poor economic conditions have led to a rise in part-time positions and layoffs that have made it difficult to accurately track current employment estimates. The Philadelphia Fed estimates that the number of total workers in the U.S. economy increased by just 186,000 in the third quarter of 2023, while the BLS reported an increase of 640,000. Economists believe that the economy is not as strong as the official numbers suggest. The Federal Reserve Bank of Philadelphia's advance estimates have been closer to the quarterly census data, indicating a weaker economy than the official data suggests. Consumer sentiment remains depressed below pre-COVID-19 levels, contradicting the seemingly strong economic growth in the second half of 2023. Layoffs at U.S. companies have increased in recent months. The BLS estimated that the U.S. added 275,000 nonfarm payroll jobs in February, higher than expectations, but the totals from the previous two months were revised down by a cumulative 124,000 jobs. The U.S. has also failed to conquer high inflation, which remains elevated. The number of full-time jobs has plummeted by more than 1.8 million since June 2023, while part-time positions have soared. The BLS has made downward revisions of 266,000 fewer jobs in early March. Economists believe there is something wrong with the methodology at the BLS and that revisions consistently overestimate the number of jobs in the economy. The Philadelphia Fed produces its own estimations of job data to predict upcoming revisions to the BLS numbers. In 2008, the BLS revised its jobs numbers down for 11 months out of that year. The BLS is also prone to double-counting individuals holding multiple jobs, particularly during economic downturns. Americans with multiple jobs jumped by 376,000 in February year-over-year. The BLS periodically makes major revisions to their datasets, sometimes going back years, but sometimes these mistakes are never officially corrected.\n\n#JobsData #BureauOfLaborStatistics #FederalReserveBankOfPhiladelphia #EmploymentEstimates #EconomicConditions #Part-timePositions #Layoffs #Economists #ConsumerSentiment #EconomicGrowth #Inflation #Full-timeJobs #Double-counting #Revisions\n\nhttps://www.shorenewsnetwork.com/2024/03/19/huge-discrepancy-in-jobs-data-could-be-making-bidens-economy-look-way-stronger-on-paper/",
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