WASHINGTON— The Bureau of Labor Statistics released its preliminary annual benchmark report for nonfarm payrolls, showing a decline of 818,000, the most substantial revision since 2009 and equal to about 30% of the job growth for the 12-month period ending in March 2024.
The BLS released its preliminary benchmark estimates Wednesday that showed a potential downward revision to payrolls of 818,000 over the 12 months from April 2023 to March 2024. This translates to an average of 68,000 fewer payroll additions per month over the period. The announcement is preliminary with further potential changes when the annual adjustment is posted in February 2025.
E.J. Antoni, research fellow and public finance economist at the Grover M. Hermann Center for the Federal Budget at The Heritage Foundation, issued the following statement reacting to this abnormally large decrease in the jobs numbers.
“For month after month, this administration has released overly optimistic jobs figures, which are later revised down. The labor market is nowhere near as strong as is being portrayed. Today’s negative benchmark is the second largest in history after 2009, when the labor market was bottoming out in the Great Recession.
“It’s important to remember that this benchmark is on top of the existing downward revisions to the monthly jobs reports. Comparing the initial estimates to the latest data shows that nonfarm payrolls were grossly overestimated by almost 1.2 million for a 12-month. That’s more than a third of the alleged job growth during that time.
“Something is clearly wrong at the Bureau of Labor Statistics, given how consistently the number of jobs has been overestimated. The Bureau owes Congress and the American people an explanation as to how their statistical models have been so wildly off the mark and why they have done nothing to correct them.”
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The Cape Charles Mirror provides a very good local service. But it makes a big mistake when it tosses its opinion on national matters into the mix.
Editor’s Note: The national is local, remember that the next time you go to Food Lion.
Comments on national issues will inevitably lead to less respect for your local commentary.
Editor’s Note: Gus, we only cover what we think will impact us at the local, rural level (and it’s 2, maybe 4 stories way down the fold). Don’t want to sound braggy, but the Mirror covers logistics as well or better than any other newspaper in the country. We’re rural, but not dumb. In the end, you just have to respect yourself. Doing, or not doing things to just to please everybody never ends up well.
Hogwash and balderdash, Gus!
What makes the Mirror interesting and worth reading is that is does contain a mix.
And how about getting rid of history notes, as well?
Look at where most of that stuff happened, like Genghis Khan, for example, or the Crusades, or Saladin.
None of them are from the few square blocks that comprise the entirety of otherwise boring small-town Cape Charles and they are not even Americans, so talking about history in here will inevitably lead to less respect for the local commentary featured in the CCM?
Not hardly, dude.
And Gus, there is such a thing as scrolling past what you don’t want to read, and it’s quite easy to do.
So if something that happened outside of the few blocks that comprise Cape Charles offends your sensibilities, simply pass it by.
Right.
Gus nailed it.
We locals should just shut up unless we express opinons he agrees with.
Editor’s Note: If you don’t like it, don’t read it. The Mirror doesn’t care one way or the other–it will always do what it wants. You still have freedom of choice.
That comment about you locals should just shut up unless you express opinions the Cap-e Charles Mirror agrees with is just stupid and childish and very whiney.
The Cape Charles Mirror DOES NOT tell anyone what to think or say.
What it does do is to say what IT wants to say, and then it leaves us to do with that what we will.
Sounds awful American to me, anyway.
You know, freedom of choice!
Right on my Brother.
E.J. Antoni, research fellow and public finance economist at the Grover M. Hermann Center for the Federal Budget at The Heritage Foundation, issued the following statement reacting to this abnormally large decrease in the jobs numbers: “Something is clearly wrong at the Bureau of Labor Statistics, given how consistently the number of jobs has been overestimated. The Bureau owes Congress and the American people an explanation as to how their statistical models have been so wildly off the mark and why they have done nothing to correct them.”
ME: Actually, they do correct them, but always a month or so later, which is not a new topic here in the CCM, this thing of Joe Biden’s administration releasing overly optimistic jobs figures, which Joe then brags on, which figures are later revised down, when no one is bothering to look.
As to the Bureau owing Congress and the American people an explanation as to how their statistical models have been so wildly off the mark, the simple answer is that they, like the worthless congress and the rest of Washington, D.C., itself a worthless appendage, are playing partisan politics.
Look at this political BULL**** in a press release put out by Joe Biden’s cheerleader and commerce secretary Gina Raimondo on February 5, 2024, titled “By the Numbers: U.S. Economy Adds Over 350,000 Jobs in January Exceeding Expectations,” where we were informed as follows, to wit:
Hiring Increases Due to Rise in Consumer Confidence and Spending
Kicking off 2024, the U.S. Labor Department’s Bureau of Labor Statistics reported last week that the U.S. economy added over 350,000 jobs in January – far exceeding expectations.
The unemployment rate was 3.7 percent for the third month in a row coming in below 4% for two straight years – the longest such streak since the 1960s.
In total, 14.8 million jobs have been created under President Biden, with 3.1 million created last year alone.
end quotes
That is nothing more than partisan politics in action, and if go to empty-headed Gina’ statement on February 5, 2024 that the U.S. economy added over 350,000 jobs in January – far exceeding expectations, and we then jump ahead to a Reuters article on March 8, 2024 titled “US labor market cooling; unemployment rate rises to two-year high of 3.9%” by Lucia Mutikani, what we find is that that number supplied to us on February 5, 2024 by empty-headed Biden cheerleader Gina Raimondo of “over 350,000 jobs in January” is neither true, nor accurate, to wit:
The economy created 167,000 fewer jobs in December and January than previously estimated.
end quotes
And seriously, given the sheer amount of pure BULL**** that comes out of Washington, D.C. these days, who can be surprised that we are being fed some more there by empty-headed Biden cheerleader Gina Raimondo, which takes us back to this statement from cheerleader Gina on February 5, 2024, to wit:
In total, 14.8 million jobs have been created under President Biden.
end quote
Given the write down by the Labor Department of the January job numbers on March 8, 2024, we have to ask ourselves, can that number be true, or is it yet more Biden BULL****, which in turn would call into question Karmela Harris’s claim on August 16, 2024 that she and Joe Biden have created 16 million new jobs, and to answer those questions, all we need do is go to a Reuters article titled “US job growth in year through March was far lower than estimated” on August 21, 2024, where we have the truth of the matter Karmela is not telling us staring us in the face, as follows, to wit:
Aug 21 (Reuters) – U.S. employers added far fewer jobs than originally reported in the year through March, the Labor Department said on Wednesday, underscoring the growing concerns the Federal Reserve has about the health of the labor market as it gears up to start cutting interest rates in September.
The department’s estimate for total payroll employment for the period from April 2023 to March 2024 was lowered by 818,000.
end quotes
So like everything we have been hearing out of Washington, D. C. since back in the days of the Korean War and “the boys will be home by Christmas.” and the Tonkin Gulf Incident, and the Domino Theory, and the “light at the end of the tunnel,” and on and on and on and on, it’s all just political BULL****, because that is what Washington, D.C. is – the well-spring of BULL**** in America!