How U.S. government statistics are like the Bible
==========
The U.S. Labor Department released its monthly jobs report for January, showing +353,000 jobs created, but another report shows a drop in total employment of -1,070,000 full-time and part-time jobs. The discrepancies between the two surveys in the monthly jobs report are due to differences in methodologies and assumptions. The Current Establishment Survey (CES) is a compilation of reports provided by around 400,000 large businesses, while the Current Population Survey (CPS) is a true survey conducted by the labor department monthly. The CES shows 3.1 million jobs created in 2023, while the CPS shows only 820,000. The unemployment rate reported is 3.7%, but that is for full-time workers only. The U-6 unemployment rate, which includes part-time workers, temps, gig workers, and independent contractors, is 8%. The government's estimation of net new business development is flawed, as it is based on historical trends and lags behind current job reports. The reported wage increase of 4.5% is an average that includes highly paid occupations, skewing the data. The real take-home pay may be lower due to underestimation of inflation. The Gross Domestic Product (GDP) is overestimated at 2.5% compared to the Gross Domestic Income (GDI) of 1.5%. The media and politicians often cherry-pick statistics to present a positive view of the economy, while the reality experienced by the public may differ. There are various issues and biases in U.S. government statistics on jobs, unemployment, wages, and economic growth that are often overlooked or ignored.
#U.s.Government #Statistics #JobsReport #UnemploymentRate #WageIncrease #Gdp #Gdi
https://mronline.org/2024/02/07/how-u-s-government-statistics-are-like-the-bible/
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npub13n…rg8hu
2024-02-07 14:40:47
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npub13n6kznc54l36fw0s8fwp5welxwvg2j5flyj5ykrxvmy7r7qp88tqzrg8huPublished at
2024-02-07 14:40:47Event JSON
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"content": "How U.S. government statistics are like the Bible\n==========\n\nThe U.S. Labor Department released its monthly jobs report for January, showing +353,000 jobs created, but another report shows a drop in total employment of -1,070,000 full-time and part-time jobs. The discrepancies between the two surveys in the monthly jobs report are due to differences in methodologies and assumptions. The Current Establishment Survey (CES) is a compilation of reports provided by around 400,000 large businesses, while the Current Population Survey (CPS) is a true survey conducted by the labor department monthly. The CES shows 3.1 million jobs created in 2023, while the CPS shows only 820,000. The unemployment rate reported is 3.7%, but that is for full-time workers only. The U-6 unemployment rate, which includes part-time workers, temps, gig workers, and independent contractors, is 8%. The government's estimation of net new business development is flawed, as it is based on historical trends and lags behind current job reports. The reported wage increase of 4.5% is an average that includes highly paid occupations, skewing the data. The real take-home pay may be lower due to underestimation of inflation. The Gross Domestic Product (GDP) is overestimated at 2.5% compared to the Gross Domestic Income (GDI) of 1.5%. The media and politicians often cherry-pick statistics to present a positive view of the economy, while the reality experienced by the public may differ. There are various issues and biases in U.S. government statistics on jobs, unemployment, wages, and economic growth that are often overlooked or ignored.\n\n#U.s.Government #Statistics #JobsReport #UnemploymentRate #WageIncrease #Gdp #Gdi\n\nhttps://mronline.org/2024/02/07/how-u-s-government-statistics-are-like-the-bible/",
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