The Bureau of Labor Statistics (BLS) surprised everyone when they announced on Friday that the economy added 353,000 jobs and the unemployment rate was at 3.7%.
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The Bureau of Labor Statistics (BLS) surprised everyone when they announced on Friday that the economy added 353,000 jobs and the unemployment rate was at 3.7%.
Not everyone is buying this good news for Joe Biden.
Zero Hedge suggested the BLS is just making it up at this point. The numbers don’t jive.
Just make it all up at this point pic.twitter.com/xRUbTI89fK
— zerohedge (@zerohedge) February 2, 2024
The real employment number is a 2.6 million job loss.
January payrolls with seasonal adjustment +365,000
January payrolls without seasonal adjustment down 2.635 million pic.twitter.com/USMGnCuree
— zerohedge (@zerohedge) February 2, 2024
FOX News analysts were also stunned to hear the shocking economic news.
This is like the trick the government played to help out Obama before the 2012 election.
Steve Ferrara at Forbes reported on the stunning report in October 2012 before the presidential election.
Just one month before the 2012 election, the Obama campaign received a major illegal campaign contribution from the Commerce Department. The Department’s Bureau of Labor Statistics (BLS) reported on October 5, 2012 that the nation’s unemployment rate suddenly dropped sharply over the prior month, from 8.1% to 7.8%. That supposedly ended the longest period in the nation’s history with unemployment over 8%, except for the Great Depression, which occurred under President Obama.
Just before the election. How convenient.
That was totally unbelievable at the time, and I and others said so then. In my Forbes column the very next week, “President Obama’s Unemployment Still Stuck at 14.7%,” I noted how inconsistent the supposed unemployment drop was with other contemporaneous economic data. The sharp unemployment drop supposedly resulted from a total of 114,000 new jobs created in September, 2012, according to the Establishment Survey of business payrolls of the Bureau of Labor Statistics that the Obama Administration had been emphasizing throughout its first term. But economist John Lott noted at Foxnews.com that the working age population had grown by 206,000 in September, 2012. With normal labor force participation during a recovery from a steep recession, that would have required 138,000 new jobs that month, just to keep pace with population growth, let alone to reduce the unemployment rate.
Moreover, the BLS also reported for September, 2012 that the number of full-time jobs declined by 216,000 in that month. The supposed 0.3% drop in unemployment that month was also inconsistent with that data. The unemployment rate had never before in American history declined by nearly a third of a point in one month, while the economy was losing over 200,000 full time jobs in the same month.
That supposed drop in unemployment in September, 2012 was also wildly inconsistent with GDP growth at the time, reported as a meager 1.3% in the second quarter of that year, in long term decline from 1.6% over the first half of that year, 2% in 2011, and 2.4% in 2010. President Obama’s pitiful economic growth record has been only half of normal long term economic growth for America, and only a third or less of the historic growth from a deep recession, such as the Reagan recovery from the 1981-1982 recession.
As has long been suspected, it appears the Marxist left has even infiltrated the Bureau of Labor Statistics. Look for more ridiculous numbers to come out in the months ahead.
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