Revising Your Way To Economic Truth

On today’s show we are looking at the latest economic data. The labor department issued new data last week which showed that the private sector payroll job creation was overstated from the period of June 2023 to June 2024 by more than 1.25M jobs. It basically cuts the private sector job creation in half compared to what was originally reported.

It sure makes you wonder that the headline job creation seems to be stellar and resilient each and every month. With few exceptions, the number is quietly revised downward the next month. An then we had a major downward revision in August of 818,000 jobs for the 12 month period ending in March 2024. This latest revision shows what main street has been experiencing for some time. Job growth in the private sector is weak.

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