The Media Wants You To Ignore This Jobs Report Number

Ignore the May jobs report‘s topline establishment survey number and the media’s celebratory reporting. It’s not to be trusted.

A new analysis by the Daily Caller News Foundation shows that payrolls were overstated by 1.3 million last year after accounting for the constant downward revisions. A new Bloomberg Economics report finds monthly job gains were overstated by 730,000 last year. Bloomberg says a surge of business closures is to blame.

Instead, look at the report’s more accurate household survey, which takes into account self-employed workers. That figure shows the economy lost a massive 408,000 jobs and an obscene 625,000 full-time positions last month.

Read more from Alfredo Ortiz in the Daily Caller.