Blowout Jobs Report In September! October surprise!
Comments
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Actually, they were revised up by 72,000. Not much to make up for the 800k they were overstated by prior to that. Congrats.
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It's all smoke and mirrors.
In September,
the number of government workers as tracked by the Household Survey soared by 785K,
from 21.421 million to 22.216 million, both seasonally adjusted (source: Table A8 from the jobs report).
This was the biggest monthly surge in government workers on record
(excluding the outlier print in June 2020 which was a reversal of the record plunge from the Covid collapse months before).
While government workers soared by the most on record, private workers rose by just 133K, a far more believable number, and one which however would indicate that the recent labor market malaise continues.
What is odd is that while September traditionally sees a huge jump in not seasonally adjusted government workers (as teachers go back to school), the BLS has traditionally smoothed over this jump using seasonal adjustments.
Only not this time, because as the next chart shows, while historically the September adjusted number has been relatively tame, regardless of how large or small the unadjusted number was, this time something changed as the unadjusted number of government workers absolutely exploded by a record 1.322 million leading to a
record September increase in adjusted government workers.
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One final point: the BLS may have done everything it could to put lipstick on the jobs market (with data which will inevitably be revised lower after the election), but it forgot to change one data set:
the number of people who need more than one job to make ends meet, just hit a new all time high as well.
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Same thing we saw for 8 years under the Marxist Soetoro. It was the reverse under Trump before they unleashed China19.
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@Dude61 from the top ropes to body @HuskyBuck
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We've seen this before and you ducked the response.
Downward revisions inbound in 3-6 months.
Retards will buy it though.
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Figures lie and liars figure and there's a (s)election upcoming up little guy
They give 75% of new jobs to illegals and supposedly legal foreigners anyway
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Jobs report is great news! From the same folks who told you just two weeks to flatten the curve.
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They?
