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BLS Unleashes Whopping Revisions To 2014 Jobs Data, Now Reports 423K Job Gains In November
As reported first thing this morning, in addition to the jobs and wages numbers, perhaps just as importantly, the BLS would revise its entire 2014 jobs data series, which it did today as it noted:
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 2015 reflect updated population estimates. See the notes at the end ot this news release for more information about these changes.
It wasn't kidding: remember that January of 2014 jobs print of 144K which was supposedly "horrible" and was blamed entirely on the snow, and was in fact used by the Fed in its decision-making process. Well, guess what: it was BS, and - following the BLS's revisions - actually turned out to be a whopping 247K.
It gets better: remember that whopping 353K jobs number in November? Well, following the data revision, it was boosted by 20% to a whopping 423K - the second biggest monthly jobs increase in the 21st century!
Here are the details, courtesy of the BLS itself, explaining how it revised, estimated and otherwise massaged the data for the past year:
Effective with data for January 2015, updated population estimates have been used in the household survey. Population estimates for the household survey are developed by the U.S. Census Bureau. Each year, the Census Bureau updates the estimates to reflect new information and assumptions about the growth of the population since the previous decennial census. The change in population reflected in the new estimates results from adjustments for net international migration, updated vital statistics and other information, and some methodological changes in the estimation process.
In accordance with usual practice, BLS will not revise the official household survey estimates for December 2014 and earlier months. To show the impact of the population adjustments, however, differences in selected December 2014 labor force series based on the old and new population estimates are shown in table B.
The adjustments increased the estimated size of the civilian noninstitutional population in December by 528,000, the civilian labor force by 348,000, employment by 324,000, and unemployment by 24,000. The number of persons not in the labor force was increased by 179,000. The total unemployment rate, employment-population ratio, and labor force participation rate were unaffected.
And breaking it more fully down, what was supposed to be a total gain of 2,952K jobs in 2014 has now been revised to 3,197K.
As it turns out, and as had been expected, the BLS has decided to ignore all those reports of thousands workers laid off in the energy space and mask it all with seasonal adjustment.
And the best news of the day: that average weekly wage you thought you were collecting during all months of 2014? That too was just revised higher across the board.
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I just read it on Ed Steer's Gold and Silver
hmmm... so what's the shoe that they know is going to drop on the market? This strikes me as pre-emptive damage control for something else that may hit before the weekend? Or am I just a conspiracy theorist?
HOW did the BLS miss it SO BADLY in 2014. Should't they drag out a young intern to blame. If you can miss that badly for a year then what meaning do the numbers now have?????
perhaps BLS hired some seasonally-adjusted bean counters of their own to help with the adjusting...
Well, now we can raise taxes on those higher earnings.
Remember who runs the labor dept......the commie Thomas Perez. A good commie knows how to skew numbers.
and skewer Gallup
I smell desperation.
But how is the chocolate ration doing?
they just increased it
One day seasonal adjustments will be known as the Achilles Heal of a State Managed economy.
<< I believe! Absolutely, everything is awesome.
<< Nope, I'm not buying their BS
OK, vote above on the following: The US economy created almost half a million jobs in November, 2014 and over 3 million in all of 2014.
Made up numbers are just another excuse for the failures at the top not to fix anything. They keep guzzling their own koolaid as they ram this country into the ground.
This good propaganda announcement explicitly designed to counteract the truth in mathematics press release by the CEO of Gallup this week was brought to you by the friendly Bureau of Lies and Scams (BLS), thanking our great Liar-in-Chief for an 8% increase in budget for 2016!
Glad they re-did the numbers. They fixed the terrible deeds done by christians.
ZH may want to tone down the "whopping" use in its auto-apocalyptic article generator...I assume they had to reboot from backups today at 8:31
I feel so much better now!
Pre-revision -- I am a little concerned about the economy and jobs situation here with a record number of people not working and on government assistence and really think I should hold my money in "the rainy day fund" and not but the new car I need.
Post Revision-- Oh crap, what a dummy I was. Dont know why I let those "doomsday economists" brainwash me. I need to go get a loan and buy a car, new cloths, and IPhone6.
How is CAT doing
Lowest labor participation rate EVER
Highest number of food stamp and WIC dependents EVER
Stopped looking for a job? = Not "Unemployed"
"Seasonal "adjustments" = whatever the government wants it to be
Obamacare premiums = growth
Birth / Death ratio = whatever the government wants it to be
ALL IS WELL.......REMAIN CALM!!!! AND FOR GOD'S SAKE, DON'T BE FOOLISH AND BUY ANY GOLD!!
BLS - Bureau of Lies and Shams
This how data is "driven" for the Fed to keep doling out funny money to the pretend job creators!
I should have known it was going to be a wild day when CNBS had Larry Kudlow and Barney Frank on the set, "debating the economy."
It was like, OK, Bozo and Dumbo agree that mice taste better than crackers. WTF?
I should admit that I like a good dose of fiction before facing the real world.
Just when I think we've reached peak full retard, they come up with something new. The upside is that now that the economy is fixed, for good, once and for all, congress can just adjourn and go home, forever.
I think today might be a good day to commit suicide, but, then again, tomorrow might be even better.
Life is death, left is right, up is down and packing your ass with peanut butter is good for picking up chicks (and I'm normal).
BLS AKA Bureau of Lies for Suckers
If so, the joke is getting old.
BLS=Beyond Logic Statistics
The real question is, is why are they so desperate to raise rates?
1. to move bond money into stocks?
2. so they can lower again in 12 months when things turn worse?
PS: Isnt it simply amazing how, after everyone is saying cant raise rates without wage growth, we get............wage growth!
its almost like its all orchestrated.
Left shark must now work for the BLS....just making shit up
BLS -- Bull Long Shite
If I didn't know any better id think someone in the White House is a little worried that the masses are starting to not believe what's being told to them anymore.
Just like Barry is a low 80's golfer. Yeah whatever you say buddy.
And the progressives cheer heartily for the ridiculous progressive lies.....cheering for lies......damn that some twisted ass progressive shit man. Twisted as in criminal.
Grimaldus
Fairy dust really does work! They better start sprinkling some of that on the Labor Force Participation Rate!
BLS Bureau of Lies and Sophistries.
"If you're gonna spew, spew into this (hands a paper cup)" - Garth
The old refrain, lies, damn lies and statistics need to be applied here, that is all!
These guys are at the same level as:
https://www.youtube.com/watch?v=7PFygnZ9O5U#t=84
This must mean a rate hike is imminent? Has to be rate hike coming right? With all these new jobs the FED was unaware of, surely this must mean the eCONomy is even more robust than previously stated!
All I know if Brian Williams reported it, it must be true.
Oh happy day when Bibi comes! The right honouable Nutteryou needs to visit, lecture and scold the stubborn US congress .
Oh joyous day when Bibi leaves .... back to his Unholy Zionist Fatherland.
You may not like him but he gets a lot more respect around the world that Obama does.
This just may explain why the Saudis (good friends of Obama) caused the oil price to drop starting at the end of November.
'Got to get as many people as possible dependent on the government.' That way they can be controlled.
Oh, and in the next reporting of unemployment stats don't bother to count the layoffs in the oil-patch. That way the public will be kept uninformed until it's too late.
Obozo's black ass belongs to the bankers.
The Saudis new friend is China.
Sure, very plausible. Will need to raise rates soon to slow the inflation from this over-heated economy we are all experiening.
And the dollar was strong and getting stronger. And the stocks were high and going higher. And the jobs were plentiful and growing more abundant. And all was good throughout the United States of America on this glorious February day. How could anyone question the legitimacy of this grand recovery? In fact, the detractors were just jealous and even more so, they had evil intentions. You could say, no – they in fact are – terrorists.
Dear Anonymous: will you PLEASE hack tbe BLS and Census Bureau emails in order to blow this thing up already???
This is how I keep my golf score. I hedonically adjust it just before entering the clubhouse.
That's what is holding up the entire shitty house of cards: confidence. And revealing the lies will shatter it. Wait, the story would have to compete with "Deflate-gate" and the season finale of The Voice...... Nevermind.
The powers that be are raising more and more sheeple. Remember back in the 80s when zero population growth, and the limit to growth were big themes? Well, those topics got shelved real fast because what the King wants is more slaves, not less! Cheap labour is what it's all about. Everything is geared towards making the masses more manageable by homogenizing and pasteurizing everything. You are gay, transgender, 1000 shades of grey, a total idiot? And of course Islam is a religion of peace (sarcasm). Israel is our partner we are constantly told. WTF did they do for us recently (or ever) other than being a huge headache? Any person in the media that says ANYTHING against Israel loses his/her job in a heartbeat. Last victim: CNN reporter John Clancy.
It's all good, anybody who dares to say otherwise will be shut up. Just about everything you think is true is actually a lie, the biggest liars being the governments themselves using their secret services not to keep secrets from the other governments, but from their own people.
You can follow just about every major issue we have in society back to the source, and that is high finance. The guys who have always financed both sides of a conflict. The ones who let the taxpayer pay when they screw up. Ever see a big bank go to trial? Nope, they ALWAYS get off with a fine. UBS, WAMU, the list is endless. I can tell you why, because if the top banking brass went to court there is a chance they might talk about how the financial system REALLY works. Not going to happen my friends.
PS I would really like to know whats behind the >50 banker 'suicides' in London....
This is a waste of time unless you are busy writing fairy tales. And then the good seasonal fairy waved her wand .... and everything was alright again. Now go to sleep children, tomorrow an other fairy tale story.
Mushroom manure. For those kept in the dark and fed bullsh*t.