Joe Biden on Friday delivered remarks on the disastrous September jobs report.
The Biden Regime is once again using voodoo math to make it appear the September jobs report was a total blowout and ‘better than expected.’
“The U.S. economy added 336,000 jobs in September, the Labor Department said. Economists polled by Dow Jones expected 170,000 jobs. To be sure, wages rose less than expected last month.” CNBC reported.
A real deep dive into the numbers reveals a different story. The jobs added are mostly seasonal (teachers) and part-time work.
“Take Leisure & Hospitality. Official adjusted data shows this add +96k jobs. But unadjusted data shows sector shed 466k jobs in Sep. Unadjusted private sector payrolls was -399k,” Vanda Research FX trader Viraj Patel said.
⚠️ I wonder how much of the payrolls upside is to do with seasonal quirks more than anything. Take Leisure & Hospitality. Official adjusted data shows this add +96k jobs. But unadjusted data shows sector shed 466k jobs in Sep. Unadjusted private sector payrolls was -399k ♂️ $USD pic.twitter.com/ME1VFf4RHp
— Viraj Patel (@VPatelFX) October 6, 2023
Zero Hedge broke down the real jobs numbers and it isn’t good.
Full-time workers: -22K
Part-time workers: +151K— zerohedge (@zerohedge) October 6, 2023
Zero Hedge reported:
After last month’s stunning payrolls report, when in our post-mortem we revealed not only a year full of monthly downward data revisions, but also collapse in tull-time jobs and surge in part-time jobs, as well asalso the worst unadjusted August payrolls since the great recession, we thought that nothing could shock us any more. And then we got the September jobs report.
We won’t spend too much time dissecting the report since regular readers are all too aware of the same old “upward goalseeking” tactics used by the BLS, so here are the highlights.
First, the 336K jump in headline payrolls – the biggest since January – was stunning when considering that it was not only above the highest Wall Street estimate but was a 6-sigma beat to expectations.
How is it possible to get such an outlier print to not only trends but expectations? Let’s try to answer that question.
If, as the BLS claims, in September the jobs market suddenly reversed a year of declines, surely there will be some qualitative validations to this quantitative outlier, right? Unfortunately, looking through the supporting evidence we don’t find any justification to the BLS exuberance.
Let’s start with the Household survey: here instead of a number anywhere close to the 336K jobs gained (as the far less accurate Establishment survey reports), the number of newly employed workers was just 86K, the lowest since May, and the second lowest of 2023!
Biden gloated on Friday morning during his remarks in the Roosevelt Room.
“Inflation’s coming down!” Biden said.
Of course, this is a lie. Inflation is still high and gas prices are soaring.
WATCH:
BIDEN: "Inflation's coming down!"
When Biden took office, inflation was 1.4% and gas was $2.39/gal. Today, inflation is 3.7% and gas is $3.75/gal. pic.twitter.com/o7TS4mAaG7
— RNC Research (@RNCResearch) October 6, 2023
Biden had the gall to claim Americans “know” they are better off financially because of Bidenomics.
“I think [Americans] know they’re better off financially than they were before — it’s a fact!” Biden said.
WATCH:
BIDEN: "I think [Americans] know they're better off financially than they were before — it's a fact!"
A plurality of Americans say they are NOT as well off as they were when Biden took office — the highest number in the poll’s history. pic.twitter.com/LpomnxjqcV
— RNC Research (@RNCResearch) October 6, 2023
