The Fed Just Admitted Jobs Data Not Real

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Either the Federal Reserve is made up of a bunch of idiots or they are playing a lying, deceitful, malevolent game. Is it possible that both of those things are true at the same time? Yes, absolutely. But the Federal Reserve Bank of Philadelphia just released their early benchmark revisions of state payroll employment. And man, this one was a shocker.

I am sure you have seen images of this report floating around social media. Now, I alluded to this in a recent tweet that I put up on Twitter. But what they found was that the prior reporting of jobs during the period was over a million jobs in aggregate. In fact, only 10,500 new jobs were added.

Yes, you heard that right. Instead of over 1 million jobs being added, which was the reported number in this new way that they are doing research and the new way that they are gathering the data, they realized that no, in fact, the number was only 10,000.

Timecodes
00:00 Fed Reports Make a Major Mistake in New Report
01:47 Sponsor: iTrustCapital
03:52 The Fed Hiding How Weak the Job Market Is

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#JobsData #PhillyFed