"Bloomberg...is throwing shade on the January jobs report that “surprised” a lot of people with its positive numbers...Stripped of all the technical jargon is this stark reality:
On an unadjusted basis, payrolls actually fell by 2.5 million last month.
Molly Smith writes:
Employers added 517,000 jobs in January — nearly double the prior month’s advance and above all estimates in a Bloomberg survey...according to Labor Department data released Friday.
Those are the numbers that grabbed headlines and enabled Team Biden to claim credit for what they want to bamboozle the public into thinking we have a great economy.
But it turns out that there were changes in the way the data were gathered and reported that made things look rosier..
What Bloomberg Economics Says...“If it seems too good to be true, that’s because it is too good to be true — the gain is mostly due to seasonal factors and revisions to past data..
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