Bloomberg Chief Economist's Stunning Admission: Job Revisions Confirm Recession Started In April 2024

One year ago we said that we expect the current run rate of fake "birth-death" jobs adjustments to skew the annual number of payrolls by about 1 million. Today, we ended up being off by a paltry 89K.

Why 1 million jobs will be quietly removed from the payrolls? Because as noted below, 57% of all YTD jobs are statistical fakes from Birth/Death adjustment which assume the same new business vibrancy as just after covid (which was mostly to facilitate PPP fraud) https://t.co/YHvKRyYFds

— zerohedge (@zerohedge) August 20, 2024