(PatriotNewsDaily.com) – In November 2023, the government quietly removed 439,000 jobs from their reports, implying that they had inflated the number of positions and that it was possible that the job market was not as healthy as suggested by the government.
The government has been one of the main driving forces behind the number of jobs available, which means that the wiping of 439,000 jobs could mean that there was a smaller percentage of jobs created by the government in the last year. This is particularly important as the U.S. jobs reports help guide the market and alter the U.S. Treasury yields. They can also be an important factor in the decisions by the Federal Reserve to either hike up or cut down the interest rates.
Founder of Rosenberg Research Associated David Rosenberg posted on X, formerly known as Twitter, that it was “time to stop trading off the payroll data.” He added that according to his estimation, the number of jobs that were deleted would amount to 443,000 which is around 40 percent of the payroll growth of the previous year.
In December, the government sector once again ranked the highest in job creation, noting that it had created 52,000 jobs. However, as FOX Business’s Edward Lawrence pointed out this would amount to an average of 50,000 jobs created monthly. When asked, acting Labor Secretary Julie Su refused to state whether this was sustainable.
This is not the first time that there has been a problem with jobs being overstated, the BLS in August had issued a preliminary revision showing that jobs were overstated by a net 306,000 jobs over the past 12 months.
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