How do you go from a decline of 301,000 jobs to an increase in 467,000 jobs?
(1) Change the rules.
(2) Bury the changes in the boring footnotes.
What ADP reported…
ADP National Employment Report: Private Sector Employment Decreased by 301,000 Jobs in January
Private sector employment decreased by 301,000 jobs from December to January according to the January ADP® National Employment Report. Broadly distributed to the public each month, free of charge, the ADP National Employment Report is produced by the ADP Research Institute® in collaboration with Moody's Analytics. The report, which is derived from ADP's actual data of those who are on a company's payroll, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis. <Source>
What the progressives reported as headline news…
THE EMPLOYMENT SITUATION -- JANUARY 2022Total nonfarm payroll employment rose by 467,000 in January, and the unemployment rate was little changed at 4.0 percent, the U.S. Bureau of Labor Statistics reported today. Employment growth continued in leisure and hospitality, in professional and business services, in retail trade, and in transportation and warehousing.CNN: Surprisingly strong jobs report: America adds 467,000 positions in January
America's jobs recovery got an unexpected boost in January despite the Omicron variant spreading rapidly throughout the country.
The economy added 467,000 jobs last month, the Bureau of Labor Statistics said Friday, significantly better than most economists had expected. Restaurants and bars added more than 100,000 jobs. Positions in retail, logistics and business services jobs also increased. This was a shock, as the consensus forecast had been for only 150,000 jobs. Plenty of experts even expected job losses. So once again, economists got it totally wrong. It's a reminder that there are a lot of moving parts in the pandemic economy, making it hard for economic models to keep up with a situation that's so in flux. <Source>MSNBC: Biden discusses January jobs report: 'America is back to work'
President Biden discussed the January jobs report from the Bureau of Labor Statistics that showed the economy gained 467,000 jobs last month. The president praised the "historic economic progress" and job growth during his administration's first year. <Source>
What they didn’t report…
This news release presents statistics from two monthly surveys. The household survey measures labor force status, including unemployment, by demographic characteristics. The establishment survey measures nonfarm employment, hours, and earnings by industry. For more information about the concepts and statistical methodology used in these two surveys, see the Technical Note. <Source>
Changes to The Employment Situation Data
Establishment survey data have been revised as a result of the annual benchmarking process and the updating of seasonal adjustment factors. Also, household survey data for January 2022 reflect updated population estimates.
See the notes at the end of this news release for more information. <Source>
The Wall Street Journal noted…
The Wages of Inflation
Average hourly earnings are up 5.7% in a year, and they’re rising fast.
Who knows what to make of Friday’s report on January jobs? The employer survey showed a blowout of 467,000 net new jobs for the month, but the numbers were skewed by major Labor Department revisions for the U.S. population and civilian employment. Without those changes, the jobs number would have declined. Add the complexities of adjusting for winter weather and Covid’s Omicron variant, and no one should make too much of this one monthly report. <Source>
We are so screwed.
“Nullius in verba.”-- take nobody's word for it!
“Beware of false knowledge; it is more dangerous than ignorance.”-- George Bernard Shaw
“Progressive, liberal, Socialist, Marxist, Democratic Socialist -- they are all COMMUNISTS.”
“The key to fighting the craziness of the progressives is to hold them responsible for their actions, not their intentions.” – OCS "The object in life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane." -- Marcus Aurelius “A people that elect corrupt politicians, imposters, thieves, and traitors are not victims... but accomplices” -- George Orwell “Fere libenter homines id quod volunt credunt." (The people gladly believe what they wish to.) ~Julius Caesar “Describing the problem is quite different from knowing the solution. Except in politics." ~ OCS
“The key to fighting the craziness of the progressives is to hold them responsible for their actions, not their intentions.” – OCS
"The object in life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane." -- Marcus Aurelius
“A people that elect corrupt politicians, imposters, thieves, and traitors are not victims... but accomplices” -- George Orwell
“Fere libenter homines id quod volunt credunt." (The people gladly believe what they wish to.) ~Julius Caesar
“Describing the problem is quite different from knowing the solution. Except in politics." ~ OCS