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Thread: U.S. created 501,000 fewer jobs since 2018 than previously reported, new figures show

  1. #1

    U.S. created 501,000 fewer jobs since 2018 than previously reported, new figures show

    https://www.marketwatch.com/story/us...how-2019-08-21

    That means that there were about 20% fewer new jobs than the initial data suggested. And the numbers have been declining. Numbers get adjusted as more complete data comes in. And even this adjustment is not the absolute final figure. This update covers up to March, 2019.

    Turns out hiring wasn’t nearly as strong in 2018 and early 2019 as the government initially reported — by about a half-million jobs.

    The economy had about 501,000 fewer jobs as of March 2019 than the Bureau of Labor Statistics initially calculated in its survey of business establishments. That’s the largest revision since the waning stages of the Great Recession in 2009.

    The newly revised figures indicate the economy didn’t get a huge boost last year from President Trump’s tax cuts and higher federal spending. They also signal the economy is a bit weaker than previously believed and could give the Federal Reserve even greater reason to cut interest rates in September.

    “This makes some sense, as the 223,000 average monthly increase in 2018 seemed too good to be true in light of how tight the labor market has become and how much trouble firms are said to be having finding qualified workers,” said chief economist Stephen Stanley of Amherst Pierpont Securities.

    The average 223,000 monthly increase in employment in 2018 — the strongest in three years — could be trimmed to around 185,000, economists estimate.

    Fewer jobs were created in restaurants, hotels, retailers and professional business services. Leisure and hospitality employment was reduced by 175,000, business services by 163,000 and retail by 146,400.

    This annual “benchmark” revision is much larger than is typically the case. The preliminary revision in 2018, for example, showed the economy produced 43,000 additional jobs than initially reported.

    The government’s employment report each month is compiled from a survey of almost 700,000 work sites, but the BLS updates its numbers every year after rechecking its results against company tax records filed in the states. These records are not immediately available.

    In most years the revisions are quite small, reflecting about one-tenth of 1% of total nonfarm employment and attesting to the accuracy of the BLS survey.

    The current revision reflects a larger adjustment of 0.3%, although the number is not final. The 2018 revision was eventually changed again to -1,000 from 43,000. The final results will be released in February 2020.

    What remains to be seen is whether the lower employment figures end up showing that wage growth was a lot stronger in the past year than government figures now tell us.

    Hourly wage growth has topped out at just slightly higher than 3% a year, a surprisingly modest increase given that the unemployment rate stands near a 50-year low of 3.7%. Tight labor markets usually lead to annual wage increases of up to 4%.
    Last edited by Zippyjuan; 08-22-2019 at 04:18 PM.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.



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  3. #2
    Seems legit.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  4. #3
    “This makes some sense, as the 223,000 average monthly increase in 2018 seemed too good to be true in light of how tight the labor market has become and how much trouble firms are said to be having finding qualified workers,”
    Companies having a hard time finding qualified workers typically means low unemployment.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  5. #4
    Quote Originally Posted by dannno View Post
    Companies having a hard time finding qualified workers typically means low unemployment.
    Exactly! That is exactly what is happening in my state--our unemployment is about 2%. "Help wanted" signs everywhere!
    My website: https://www.theherbsofthefield.com/

    "No one is useless in this world who lightens the burdens of another.” ~ Charles Dickens

  6. #5
    Quote Originally Posted by donnay View Post
    Exactly! That is exactly what is happening in my state--our unemployment is about 2%. "Help wanted" signs everywhere!
    Maybe we could import some workers to fill those jobs.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.

  7. #6
    Glad I am not looking for one right now . Hopefully I can just borrow what I need from Zip and @Danke . Working is just too much for elderly like myself .
    Do something Danke

  8. #7
    Quote Originally Posted by Zippyjuan View Post
    Maybe we could import some workers to fill those jobs.
    Or perhaps give up on this notion that every single child needs a Master's in Gender Banalities. Put them to $#@!ing work after during high school. It's not that there isn't enough people to do the jobs. It's just that they are wholly inadequate. I see it all the time. Coddled, given all they want and allowed to remain in the nest for far too long.
    Last edited by phill4paul; 08-22-2019 at 06:03 PM.

  9. #8
    Quote Originally Posted by Zippyjuan View Post
    Maybe we could import some workers to fill those jobs.
    As long as they have been vetted. I have no problem with that.
    My website: https://www.theherbsofthefield.com/

    "No one is useless in this world who lightens the burdens of another.” ~ Charles Dickens



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  11. #9
    Quote Originally Posted by phill4paul View Post
    Or perhaps give up on this notion that every single child needs a Master's in Gender Banalities. Put them to $#@!ing work after during high school. It's not that their isn't enough people to do the jobs. It's just that they are wholly inadequate. I see it all the time. Coddled, given all they want and allowed to remain in the nest for far too long.
    Exactly. I was working at 10 years old, learning to be independent and responsible. Most of these kids today are all holding out for management positions and are as lazy as the day is long--of course not all, but a good majority of them. I have seen it far too many times.
    My website: https://www.theherbsofthefield.com/

    "No one is useless in this world who lightens the burdens of another.” ~ Charles Dickens

  12. #10
    Quote Originally Posted by Zippyjuan View Post
    Maybe we could import some workers to fill those jobs.
    How does importing cheap labor alleviate unemployment for Americans?

  13. #11
    Deepstate propaganda.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  14. #12
    Quote Originally Posted by Stratovarious View Post
    How does importing cheap labor alleviate unemployment for Americans?
    How bad is unemployment? Trump says the economy is great.

    https://www.vox.com/2019/8/12/208019...e-workers-quit

    The US labor shortage, explained

    The US economy doesn’t have enough workers.

    For a record 16 straight months, the number of open jobs has been higher than the number of people looking for work. The US economy had 7.4 million job openings in June, but only 6 million people were looking for work, according to data released by the US Department of Labor.

    This is not normal. Ever since Labor began tracking job turnover two decades ago, there have always been more people looking for work than jobs available. That changed for the first time in January 2018. Just look at the chart below.



    Employers have been complaining about a shortage of skilled workers in recent years, particularly workers with advanced degrees in STEM (science, technology, engineering, and math) fields. Nearly every industry now has a labor shortage, but here’s the twist: Employers are having a harder time filling blue-collar positions than professional positions that require a college education.

    The hardest-to-find workers are no longer computer engineers. They are home health care aides, restaurant workers, and hotel staff. The shift is happening because more and more Americans are going to college and taking professional jobs, while working-class baby boomers are retiring en masse.
    While a labor shortage seems like something for President Donald Trump to brag about, there is one troubling sign: The total number of job openings is decreasing. That means economic growth could continue to slow. That’s bad news for the president.
    More at link.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.

  15. #13
    Quote Originally Posted by Stratovarious View Post
    How does importing cheap labor alleviate unemployment for Americans?
    Zippy supports taking advantage of the disadvantaged. He loves his chicken prices cheap all the while ranting for a $15 livable wage for himself.

  16. #14
    Quote Originally Posted by Zippyjuan View Post
    How bad is unemployment? Trump says the economy is great.

    https://www.vox.com/2019/8/12/208019...e-workers-quit





    More at link.
    Looks ok from my house.............

    So once again; How does importing cheap labor alleviate unemployment for Americans?


  17. #15
    Quote Originally Posted by phill4paul View Post
    Zippy supports taking advantage of the disadvantaged. He loves his chicken prices cheap all the while ranting for a $15 livable wage for himself.
    So long as someone pays him to post here, I think he'll say anything.....even when he knows its blsht.

  18. #16
    Quote Originally Posted by Stratovarious View Post
    Looks ok from my house.............

    So once again; How does importing cheap labor alleviate unemployment for Americans?

    What is the unemployment situation for Americans? (you did not answer before).
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.



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  20. #17
    Quote Originally Posted by Zippyjuan View Post
    Maybe we could import some workers to fill those jobs.
    Quote Originally Posted by Stratovarious View Post
    How does importing cheap labor alleviate unemployment for Americans?
    Quote Originally Posted by Stratovarious View Post
    Looks ok from my house.............

    So once again; How does importing cheap labor alleviate unemployment for Americans?

    Quote Originally Posted by Zippyjuan View Post
    What is the unemployment situation for Americans? (you did not answer before).
    Zippy , are you under Doctors Care?
    Is he licensed?

  21. #18
    Quote Originally Posted by Stratovarious View Post
    Zippy , are you under Doctors Care?
    Is he licensed?
    Thank you for that thorough and detailed description of the unemployment situation in the US today.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.

  22. #19
    Quote Originally Posted by Zippyjuan View Post
    Thank you for that thorough and detailed description of the unemployment situation in the US today.
    There is no unemployment. Not for those willing to work.

  23. #20
    Quote Originally Posted by Zippyjuan View Post
    Thank you for that thorough and detailed description of the unemployment situation in the US today.
    As always, zippy when you are fkd with your own idiocy , you build strawmen and point to Haley's comet,
    you said 'import labor' I asked how will that help the job losses for Americans'

    Get a new prescription what the ever fk you're on now, shes' not working Fredo......

  24. #21
    Quote Originally Posted by Stratovarious View Post
    As always, zippy when you are fkd with your own idiocy , you build strawmen and point to Haley's comet,
    you said 'import labor' I asked how will that help the job losses for Americans'

    Get a new prescription what the ever fk you're on now, shes' not working Fredo......
    And I asked you about the job loss situation for Americans. You were unable to reply. But thank you for trying. I am sure you did the best you could. (perhaps you need to adjust your medications).
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.

  25. #22
    Quote Originally Posted by Zippyjuan View Post
    What is the unemployment situation for Americans? (you did not answer before).
    Or Underemployment working several jobs in the gig economy just trying to get by.

  26. #23
    Quote Originally Posted by Zippyjuan View Post
    And I asked you about the job loss situation for Americans. You were unable to reply. But thank you for trying. I am sure you did the best you could. (perhaps you need to adjust your medications).
    Blsht

  27. #24
    So it turns out there are actually four kinds of lies: lies, damn lies, statistics ... and government statistics ...


    Frédéric Bastiat (1801-1850)

    • "When law and morality are in contradiction to each other, the citizen finds himself in the cruel alternative of either losing his moral sense, or of losing his respect for the law." - The Law (p. 54)
    • "Government is that great fiction, through which everybody endeavors to live at the expense of everybody else." - Government (p. 99)
    • "[W]ar is always begun in the interest of the few, and at the expense of the many."
      - Economic Sophisms - Second Series (p. 312)
    • "There are two principles that can never be reconciled - Liberty and Constraint."
      - Harmonies of Political Economy - Book One (p. 447)

    · tu ne cede malis sed contra audentior ito ·
    MOFA (Make Orwell Fiction Again)



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