BLS Just "Revised" Away Obama's "Fastest" Wage Growth Since The Crisis

Tyler Durden's picture

Back February 2016, Obama took to the stage at a press conference to boast about job growth and "most importantly" how the stronger job market was "finally starting to translate into bigger paychecks."  He also took the opportunity to jab at Republicans saying the strong jobs data was "inconvenient for Republican stump speeches" as they continued their "doom and despair tour."  Obama's specific comments were:

Most importantly, this progress is finally starting to translate into bigger paychecks.  Over the past six months, wages have grown at their fastest rate since the crisis.  And the policies that I’ll push this year are designed to give workers even more leverage to earn raises and promotions.

 

So, as I said at my State of the Union address, the United States of America, right now, has the strongest, most durable economy in the world.  I know that’s still inconvenient for Republican stump speeches as their doom and despair tour plays in New Hampshire.  I guess you cannot please everybody.

The comments can be viewed in their entirety here:

Turns out that revisions to historical real wage growth figures issued by the Bureau of Labor Statistics yesterday are actually fairly "inconvenient" for Obama.  Time to get the band back together for a reunion of that "doom and despair" tour. 

In yet another stunning tribute to the "accuracy" and "consistency" of economic propagandadata being reported by our government agencies, the Bureau of Labor Statistics yesterday reported a massive downward revision of the 1Q 2016 YoY real wage growth from +4.2% to -0.4% (a 4.6% swing)

But we wouldn't worry much about it because the revisions resulted in only "small" changes in the underlying data according to the BLS:

Indexes of all hours-related measures in the business, nonfarm business, and nonfinancial corporate sectors show historical revisions because hours in the base year of 2009 were revised; resulting revisions to percent changes are small.

We guess "small" would be one way to describe a 4.6% swing in YoY real wage growth...we would probably choose something more like "abysmal" or "disastrous" but we're not ones to split hairs.  Revisions to manufacturing wages and durable manufacturing wages were even worse.  Real manufacturing YoY wage growth was revised from +2.8% to -4.3% (a 7.1% swing) while real durable manufacturing YoY wage growth was revised from +1.9% to -5.6% (a 7.5% swing).

1Q16 Payroll Revision

 

Adding to the "inconvenience," 2Q 2016 real wage growth didn't look much better declining -1.1% QoQ.

2Q Payroll

 

Proving that economic data is extremely "reliable," a look back at the longer term history shows that large quarterly revisions occurred all the way back to 2Q 2013.

Unit Labor

We're eagerly awaiting Obama's press conference where he is expected to discuss these 1Q 2016 revisions.  After all, as Obama has pointed out many times in the past, data that might look bad for his Presidency is typically not really that bad at all...it's just that he needs to explain it in a way that we can all understand it.  We're looking forward to the explanation on this one.  

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willpoi's picture

Fiction Peddler!!!!

CHoward's picture

You're way too polite.  I'll say it for everyone: He's a fucking liar!!

nope-1004's picture

Any statistic can be manipulated.  Don't care what the numbers say, or what he said.  It's all bullshit because what I see doesn't match what he said in Feb.

 

Here2Go's picture
Here2Go (not verified) nope-1004 Aug 10, 2016 3:06 PM

In other news, the hockey stick that Obama just carded on the last hole just got revised to a snowman.

 

"Don't count that, I was interfered with"

~Judge Smails

 

YES YES, Winter Rules

https://www.youtube.com/watch?v=MCvgMNnM3OA

nibiru's picture

It's good that he is not a doctor - imagine being given a green light 'cancer free' and then dying because of Obozo 'miscommunication'

NoVa's picture

+100 CaddyShack

Weeeeelllll Do You Danny - do you want to be the Club Scholarship winner???

 

Here2Go's picture
Here2Go (not verified) NoVa Aug 10, 2016 5:40 PM

How bout a Fresca?

t0mmyBerg's picture

I prefer the formulation from the old movie Head Office (lots of good lines in this B movie).  "Lying God Damned Bastards"

wee-weed up's picture

If at first you don't succeed, lie, lie, again!

onewayticket2's picture

they DID succeed....that's just it.....they got the HEADLINES they needed - even though it wasnt true.  Voter minds were influenced....things are getting better!!

 

except they werent.  but not one of those influenced voters realizes that the story has been "amended"

Reverend Galileo's picture

LOL, seems that TRUTH is very quickly becoming more believable than fiction. (One can always hope).

Infield_Fly's picture
Infield_Fly (not verified) Aug 10, 2016 2:55 PM

BLS = Big-Nig-Nomics

Shizzmoney's picture

So that is where that smell is coming from!

delivered's picture

Shall I quote the movie Dodgeball:

- I'm shocked Cotton, shocked I tell you (or something like that).

- That's a bold strategy.

- Now you're a philosophiser.

- Garrrrrr, Steve the Pirate be a bit short this month but I'll make it up to you!

You get the point. The more things change the more things stay the same.

JedClampIt's picture

Wait... you mean it's just been bullshit... I'm shocked!!

onewayticket2's picture

just wait til numbers just prior to the Election....they'll be AMAZING!

Skiprrrdog's picture

Liar liar, negro, fairy, muzzie, ween smoking panties on fire...

Was this bitch always a ginormous fucking cunt, and I just never noticed?

GreatUncle's picture

Comes with age ... seen one cunt you seen them all.

Although this one has come on in leaps and bounds in size such that the elephant in the room is looking horny.

undertow1141's picture

Actual wages down 5%

Job report adjusted to double so it isn't 50k lower than horrible.

Nah, its all fucking roses.

 

Doom Porn Star's picture

Still no 'trickle down'.

Presently, IF you aren't a part of a racket, and not on .Gov payroll one way or another: You're getting royally fucked.

gregga777's picture

That 'trickle down' is the Oligarchs pissing on you.

gmak's picture

Old-man prostate syndrome is a bitch.

wmbz's picture

All hail! Bakla Obama the very best fag prezident we lucky souls/serfs have ever had!

Vageling's picture

Here are some lies for you, here are some lies for him, some for her... Hell, free lies for eveyone!

Signed,

Dear leader Obama

Neochrome's picture

So, how was Putin involved this time?

Hawkenschpitt's picture

Do these things ever get revised up?

Skiprrrdog's picture

...it's just that he needs to explain it in a way that we can all understand it

I had this dream that Obozo the Brown Clown was tried and convicted and put in Supermax by President Trump. Despondent that he had *no legacy* and was generally considered less trustworthy than even Hyena Rodent Clinton, he was 'desperately' trying to explain it in a way we sheeple could understand, while getting pronged by eight very large Aryan Brotherhood prisoners, who had adopted him as their pet mulatto bride.

 

Does that make me a bad person?

froze25's picture

I think he would enjoy the Aryan Brotherhood part of your dream.

ACES FULL's picture

No,it would be quite a bit rougher than what he is used to.

Skiprrrdog's picture

Yeah, no designer gerbils...

Skiprrrdog's picture

That is what I was thinking; bad dream for me, a dream 'come' true for him...

gregga777's picture

The organs of state propaganda will suppress the BLS (US Feral government Department of Lying Bureau of Lying Statistics) revisions because only happy stories are allowed to be reported to the suckers who believe government propaganda.

froze25's picture

You are 100% right, no one will touch this unless Trump tweets it in a mocking fashion to the president. Then the MSN will have to respond to it by further bull shitting.

GreatUncle's picture

But if Trump tweeted right ... the bullshit response from the MSM would attract everybody's attention.

Hence the MSM is in no economic news mode and just keeps calling Trump a racist thug etc. because then the sheep don't get to figure out economically that 1 + 1 != 3.

Ssssssshhhhhh do not mention it again.

redd_green's picture

Im just really glad that under George Dubya and good ole boy Clinton and my man Reagan, they didnt' lie at all.   None of them. 

ACES FULL's picture

Yeah,that completely justifies everyfuckingthing.

Skiprrrdog's picture

I am curious about something; when the Brown Clown gets convicted of war crimes, crimes against US citizens and for that matter, crimes against all of humanity, will he be able to take his SS bitch patrol in with him? And will he still receive his "pension"?

Maestro Maestro's picture

 

 

 

USA=ISIS

 

 

Vageling's picture

Just stop spamming. This is like the 5th time today you wrote that.

Thanks.

Mini-Me's picture

Assume everything coming out of Washington is a lie, including the revised number.  These a-holes aren't capable of telling the truth about anything.

GreatUncle's picture

Go one better ... don't wait for the lie ... predict the lie.

monad's picture

Assume everything coming out of government at all levels is a lie and act accordingly.

HoserF16's picture

Seven months to the day. You can hack your watch by these Mother Fuckers. Average Dumb-Fuck American, Zero Hedge Readers excluded, can't remember what they did 2 days ago. Let alone, 2.5 quarters earlier (7 months).

To Hell In A Handbasket's picture

It's amazing how many plebs believe this shit. It would help the cause if CNN and FOX had an ounce of credibility. Alas they are both cogs in the machine., so lies like this routinely go unchallenged. The whole system is a lie. 

Pigeon's picture

And has been in particular the last 10 years as they have moved the goal posts, shortened the field and changed the out-of-bounds markers countless times.

CryptBrain's picture

 

So is it fair to say that the [real] market/economic danger-zone starts in early-mid Novembre [if you don't know why Nov.: WAKE UP FOOL!] all the way through 1Q2017?

BC/ This has to be the period when the lung is finally able to exhale its thrust of destruction-fumes throughout the entire planet.  Is that about right?

 

 

 

 

Pigeon's picture

The question should be why this revision is coming out now. It does not help the "everything's awesome -we just need more of it" vote-Hillary meme.

Bill of Rights's picture

Said from the FUCKEN 19th hole..clueless fuck thinks if it's written on paper it's true....

SpeakerFTD's picture

I have to say data presented over a longer timeline as smaller period % changes is pretty damn useless, especially when comparing the effect of revisions.   It's very hard to understand how the upward revision in mid 2015 affect the later revision in 2016.  

What you really need is an income chart indexed at 100 at some date in the past.    Is the current value greater than 100 or less than 100?  How did the revisions affect that number?  If the revisions didn't affect the current number, but just changed the % movements over periods of time, it is a fairly silly story.

 

Citizen_x's picture

So,

Why does he take the stage and
share this ? He gone in a few
month. An attempt at truth ?

Seems out of the ordinary.