Labor Department Revises Away 150,000 Jobs

Tyler Durden's picture

"We felt a great disturbance in the [Obama recovery] farce, as if 150,000 'everything is awesome' job-gainers' voices cried out in terror, and were suddenly silenced. We fear something terrible has happened."

With the swipe of The Labor Department's pen, 150,000 newly created jobs were 'revised' out of existence yesterday.

As The New York Times reports, the U.S. economy likely created 150,000 fewer jobs in the 12 months through March than previously estimated, the Labor Department said on Wednesday.

The reading, which is a preliminary estimate of the department's annual "benchmark" revision to closely watched payrolls data, showed the retail, wholesale trade, education and professional and business services sectors accounted for the bulk of the downward revision.

 

Once a year, the government compares its nonfarm payrolls data, based on monthly surveys of a sample of employers, with a much more complete database of unemployment insurance tax records.

 

A final benchmark revision will be released in February along with the department's report on employment for January. Government statisticians will use the final benchmark count to revise payrolls data for months both prior to and after March.

This revision - which shifts payrolls data lower in 9 of the last 14 months, is enough to knock 12k jobs off each month on average - likely kicking many of these prints to a 'miss'... not that it matters anyway... 

 

We didn't hear too many mainstream media reporters discussing this major loss of jobs over the last 12 months?

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de3de8's picture

Anybody here surprised....?

knukles's picture

Revised to Reality?
I ain't experienced that in 35+ years

maskone909's picture

If you are not short vix you are a terrorist. Vix above 14 means threat level orange. Tanks in the streets.

max2205's picture

And Barry's out of town

greenskeeper carl's picture

Probably moar "good news", since now the fed has another excuse not to raise rates, and they REALLY wanted to this time, promise.

remain calm's picture

The fuckers are still lying, the forgot a zero. Hpw about 1,500,000, thats closer to reality. 

The Alarmist's picture

So it's not enough that the jobs that are created are mostly bull-shit, low-value-added jobs, but now they aren't even real jobs?

Bravo!

bleu's picture

The CURSE will NOT forgive. http://wp.me/p4OZ4v-3z

glenlloyd's picture

In typical fashion they made the fuckin shit up to begin with!

Nothing new here, been this way since Clinton managed to expunge the terminally unemployed from U6 back in the 90's.

Hal n back's picture

actually, the private sector was revised down by 224,000 jobs while government jobs were revised up by 74k jobs.

 

it was not clear this was a 12 month revision, BLS discussed revisions for the remaining months sometime next year

 

If you like fudge, then visit govt data centers cause there is a lot of fudging going on.

Haraklus's picture

What a racket.

 

"Wow, we added 200k jobs last month! :D"
"But it turns out we had 190k fewer jobs than we thought we did. :(" 
"But hey, we added another 200k jobs this month!"

And on it goes. 

Sudden Debt's picture

YES!!!!

that people actually still believe those numbers when they come out...

 

redc1c4's picture

me, like totally, fer sure...

/sarc

PoliticalRefugeefromCalif.'s picture

Obvious rounding error..

remain at graze...

Hohum's picture

Bad news is good news (for stocks).

cossack55's picture

If it is via the MSM it is NO news.

Ralph Spoilsport's picture

There's lots of job offers out there if you don't mind smelling fast food all day. 

ali-ali-al-qomfri's picture

what?........not a word on chocolate rations??

swmnguy's picture

You must not have been paying attention.  The Elites have generously raised the chocolate ration, again!  This time they've raised it from an ounce a week to an ounce every two weeks!  You should send your Congressman a nice thank-you note.

CheapBastard's picture

"Hope & Change" rippling out thru our economy with the only exceptions being Wall Streeters, Bankers and the MIC.

Yes we can!

Consuelo's picture

 

 

And this boys & girls, is how you ratchet-down expectations, so as not to scare the horses...

 

- LIE like you mean it

- Wait a few months (or weeks, or days even...) for America's house-fly memory to flit someplace else more important

- 'Revise' the numbers downwards

- Low bar of expectations met...!!

 

 

Cautiously Pessimistic's picture

Who cares, right?  I mean.... we got FOOTBALL and DANCING WITH THE STARS cranking back up!!!!  

Throw caution to the wind.  Go out and get yourself another student loan or two which will tide you over until Christmas.

And remember.... PLEASE DO NOT WORRY.

chunga's picture

Labor Secretary Perez* was on ((( ZNN ))) the other day warning that tRump winning the pResidoncy would destroy the economy and that everyone would lose their jobs.

 

*The tribe guy or gal, can't remember, cleared the air at the end of the skit and said Perez was giving his opinion as a reg'lar citizen only lol,,,((( fuck you )))

Lumberjack's picture

Chunga, when he said everybody, he meant his and a few others.

Fisherman Blue's picture

Perz is even more stupid than Obama or Lew who are really stupid.

HRH of Aquitaine's picture
HRH of Aquitaine (not verified) chunga Sep 8, 2016 6:16 PM

I actually watched that interview, live.  The disclaimer was bizarre but everything seems distorted and weird these days.  The new normal?  

offwirenews's picture

who cares. the market never cares about revisions or verifications of false rumors. "It" only cares about the first number spewed out

WTFUD's picture

It's not a lie if you believe it!

swmnguy's picture

Despite the revision eliminating the 150,000 putative jobs, no doubt the labor-force participation rate went down, along with the Unemployment rate.  You always find fewer of the things you don't count.

junction's picture

As we sink deeper into economic disaster, let's have the latest news on Hillary's health:

"She's dead, Jim."

The Shodge's picture

That won't stop her from running for president.

Wow72's picture

This REVISION BULLSHIT IS A BLATANT FRAUD BY ITSELF. 

HRH of Aquitaine's picture
HRH of Aquitaine (not verified) Wow72 Sep 8, 2016 6:19 PM

Jee, ya think?

Wow72's picture

Its really fucking strange to me MOAR DONT?  One really needs to state the obvious these days because people are really fucking stupid.

Seasmoke's picture

So No September rate increase ???? How convenient. 

arby63's picture

One helluva way to run a country. The last 16 years has been a freight train of disaster. Problem is, we're still rolling.

holycrap's picture

Why only 16 years? Don't forget Bubba and The thousand points of light guy. or thd Raygun, the peanut farmer, tricky dick, Gerald the fall down guy, big Johnson, etc....

Baby Eating Dingo22's picture

 

Great "EVERYTHING IS AWESOME" chart

 

JustPrintMoreDuh's picture

2016 Presdential Vote tally 

Trump : 65%

Clinton : 35%

 

But wait ... after thorough DHS review ... theres a revised tally ... 

Trump : -3%

Clinton : 101% 

 

Margin of error +/- 105% 

 

God Bless Murica

 

blue51's picture

Any chance they could revise away , all those that work at the Dept. of Labor ?

Aubiekong's picture

As a small business owner I have to file a new hire report with the state every time I hire a new person.  It contains all the information of that person including ss number and address.  I also deposit payroll taxes each week.  It would seem like a very easy calculation to track number of employees and the total dollar amount of payroll on a weekly basis to the exact number of workers in the country.  Why the need to guess...

Aubiekong's picture

As a small business owner the dept of labor does nothing for me that is positive.  It requires me to fill out countless forms and deal with their idiot bureaucracy.  I am convinced it exists as a jobs program for individuals that are unemployable and would be unable to find employment in the private labor force.  Idiots and government jobs goes hand in hand...

Pumpkin's picture

This is how I lost my last job.  Revised right out of existence.  The building was even gone.

Nick Jihad's picture

From the "birth model" to the "death model", retroactively!  How do they do that?

 

aliens is here's picture

History will show Obama is just another blk man who swindle the American fools into voting for him twice.

WorkingClassMan's picture

He's a lighter, younger, taller version of Mugabe.