Newsletter BlurbJune 13, 2024

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.