The BLS data for August claims that nonfarm payroll jobs grew by a seasonally adjusted 187,000, far above the Dow Jones estimate of 170,000 and suggesting that the economy is improving. President Joe Biden himself even touted the job figures for August, claiming it shows that the economy is strong.
"As we head into Labor Day, we ought to take a step back and take note of the fact that America's now in one of the strongest job-creating periods in our history," Biden claimed. "Some experts said to get inflation under control, we needed higher unemployment and lower wages, but I've never thought that was the problem." (Related: Majority of "new jobs" in the US under Biden have gone to foreigners, not Americans.)
"We learned that the economy created [nearly] 190,000 jobs last month. All told, we've added 13.5 million jobs since I took office, around 800,000 of them manufacturing jobs," continued Biden. "We've created more jobs in two years than any president ever created in a single four-year term."
This report from the BLS shows that the unemployment rate rose from 3.5 percent to 3.8 percent – the highest unemployment rate since February 2022, but media outlets reporting on this increase in unemployment claim that this is "still low by historical standards."
A more encompassing measure of unemployment, which counts discouraged workers as well as those working part-time for economic reasons, jumped to 7.1 percent, or a 0.4 percent increase and the highest level since May 2022.
BLS data further claims that the labor force participation rate – the proportion of Americans who either have a job or are looking for one – rose in August to 62.8 percent, the highest level since February 2020. The total labor force size also allegedly increased by 736,000.
Finally, the jobs report also claims that Americans are earning more. Average hourly earnings supposedly increased by 0.2 percent in August and 4.3 percent from the same period last year. Both were slightly below economists' forecasts – 0.3 percent and 4.4 percent, respectively – and is considered a sign that inflationary pressures are easing.
"The U.S. labor market continues to come back to earth but from a very high peak," claimed Nick Bunker, head of economic research at the Indeed Hiring Lab. "The labor market was sprinting last year and now it's getting closer to a marathon pace. A slowdown is welcome; it's the only way to go the distance."
"People are coming off the sidelines, getting back to their workplaces. Job satisfaction is higher than it's been in 36 years," claimed Biden. "We've seen record lows in unemployment for African Americans, Hispanic workers, veterans and workers without high school diplomas and the lowest unemployment rate in 70 years for America's women."
BLS figures subject to revisions so that Biden can claim massive spikes in job creation on certain months
But according to an investigation conducted by "Tyler Durden" on Zero Hedge, BLS payroll figures for the past few months were revised to be significantly lower.
"Why? So that the White House can take credit for a stronger number – one which also sparks algorithmic buying in the market – only to quietly revise it lower one and two months later when nobody is looking to ease the glideslope for the coming recession," wrote the site's author.
The website noted that there were at least two revisions made to previous BLS statistics. For example, initial job creation claimed that around 340,000 new nonfarm payroll jobs were made in May. This was then revised twice to 306,000 and then 281,000 nonfarm payroll jobs were created. These revisions can be seen for every month starting in at least January.
What this means, according to Durden, is that for July and August, instead of several hundred thousand new nonfarm payroll jobs actually being created, around 670,000 full-time jobs were actually lost. This marks the biggest two-month plunge in jobs since early 2020, when around 12.5 million full-time jobs were lost in a month due to the Wuhan coronavirus (COVID-19) lockdowns.
Learn more about the actual state of the American economy at EconomicRiot.com.
Watch this video from "Brighteon Broadcast News" as Mike Adams, the Health Ranger, discusses how nearly two-thirds of Americans are now living paycheck to paycheck as the Biden administration crashes the economy.
This video is from the Health Ranger Report channel on Brighteon.com.
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