LOL they keep lying and Joe Q. Public keeps believing it….
Long but interesting article calling out the pure bullshit being put out re: jobs growth by Bidet’s handlers…
Here Comes The Job Shock: Philadelphia Fed Admits US Jobs "Overstated" By At Least 1.1 Million
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com
Still think the Fed would be hiking 75bps this summer if instead of an average monthly job gain of 350K,
Powell was seeing zero monthly payroll increases?
And even more importantly, now that the cat is out of the bag and the Philly Fed has introduced this huge credibility issue in all recent payrolls data, how long until this becomes a political issue, and how long until Republicans - who take control of the House in January - start hearings to demonstrate to the US that the collapse in the labor market did not start with the Republican takeover but was well in place last summer.
And finally, how long until the Fed - which made it clear that it is no longer focused purely on inflation numbers (which are sliding fast anyway) but will also be looking at clearly wrong jobs data - makes it a point that the US labor market is in far worse shape,
it is in fact contracting, than it was when it decided to hike 75bps several times in a row?