The following report is by MarketWatch:
The government’s revised estimate of employment growth showed the economy gained about 2.1 million jobs from April 2023 to March 2024. Originally, the increase in employment during that span was put at 2.9 million.
The updated employment figures mean the economy created an average of 173,000 jobs a month during the period in question instead of 242,000 under the old estimates.
The lower number of new jobs created gives further impetus for the Federal Reserve to cut interest rates in September, as widely expected. The central bank is required under the law to keep inflation low and employment high.
With inflation gradually slowing toward the Fed’s 2% target, the bank has put greater weight on the health of the labor market in considering when to reduce high U.S. interest rates.
The Fed jacked up a key short-term rate to a 23-year peak in 2022 and 2023 to quell the highest inflation in 40 years.
AUTHOR COMMENTARY
Long time readers will know that I have said that the official data we get is totally fake. I don’t report on it all the time, because it’s not worth it to me to make an entire headline article each time, but these weekly and monthly numbers were quietly being revised downwards fairly regularly. The fake number gets publicized, but then the revised numbers get almost no press coverage.
And those jobs, the ones that were being reported, were predominantly service sector and government jobs, not anything that boosts or strengthens the people.
Now, “conveniently,” as the Federal Reserve prepares for its first interest rate cut this year in September, this headline comes out; giving the Feds the justification that they created to make this cut.
It’s all a game at our expense.
Proverbs 22:7 The rich ruleth over the poor, and the borrower is servant to the lender.
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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CPI is fake too.
Very.