Are Biden’s BLS Reports Trustworthy?
Bureau of Labor and Statistics or Bureau of Lies and Slander?
Let’s just hope that the Fed isn’t basing their rate hike decisions on the BLS (Bureau of Labor and Statistics) reports. Here’s why:
So far this year (2023) every single report that BLS has published for Monthly Jobs Change has been revised and the actual “re-revision” indicates that the unemployment rate is WORSE than originally reported. ZeroHedge puts it so eloquently...
"according to the BLS the number of workers on payrolls will be revised down by at least 306,000, and likely much more when the final revisions take place in early 2024."
What’s odd is that the worse-off “re-revision” numbers do not seem to receive the media attention and publicity as the initial, inaccurate unemployment numbers do.
Why is this dangerous? Great question. The Fed keeps a close eye on a few different variables when taking into consideration if or when to hike the Fed Funds Rate aka Fed Rate. Hiking the Fed Rate when needed is an effective strategy to manage inflation – any economist would (or should) likely agree. However, hiking the Fed Rate when it is NOT needed, or even worse, hiking the Fed Rate when it may need to be left alone or even lowered, well, that could prove disastrous for just about any economy.
Publicizing inaccurate employment reports to U.S. citizens as a smoke and mirrors strategy is not truthful. Let’s hope that’s not what is happening. Unfortunately, this seems to be the case so far this year and very few are talking about it.
Basing rate hikes off of inaccurate reports may have a significantly dramatic impact on the U.S. economy, sending it into another recession. Some fear that these reports will continue to be inflated to appear like everything is fine; at least until the truth comes out. Sadly, if this is the case, the truth likely won’t come out until it becomes impossible to continue hiding. Ironically, that will probably happen right in the middle of the 2024 Presidential election year. Now that’s some serious irony, don’t you think?
Am I being too hard on the “Bidenomics” and BLS reporting system? Only time will tell. I’ll revisit this matter next year, August 2024. Stay tuned.
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Terry Roberts, USMC Veteran Sr. Mortgage Broker NMLS 397987 E Mortgage Capital, NMLS 1416824
Terry Roberts is a U.S. Marine Corps Veteran and specializes in residential mortgages, including new construction, conventional, FHA, and VA home loans. He has helped more than 10,000 clients start the home buying process across America.
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