People get mad at me when I say we need to be careful of the official numbers, this is the second largest revision of job creation in US history. The largest revision was during the great financial crisis.
…was actually a loss of 818k jobs, raising U3 from 3.8% to 4.3%.
Which means they counted 1.121 million jobs that did not actually exist.
I wonder how / why they fucked up this badly.
Another question: If you lose your job, and do not receive unemployment… do you just not count as unemployed? BLS says they count job losses via unemployment benefits tax filings from companies, but companies will do whatever they can to avoid paying unemployment.
Every time in my life I have lost a job, I never qualified for unemployment.
I tend to think that right now we're in an era of Soviet-style hyperrealism because things are actually getting much worse for the common man in many ways, and nobody wants to be the one holding the bag and having to tell people that things actually are as bad as they feel.
I've seen quite a few politicians say it outright: "Don't tell people things are bad, they'll start acting like things are bad which will only make things worse" -- sort of like George W. Bush's stupid "The economy is crashing, keep spending no matter what" directions to the people. It's really irresponsible, and one of the reasons why both the people and the state have gotten so much weaker over the past 20 years (They're expressing more authority but the clock is ticking). Instead of pulling back which hurts the economy in the moment but helps individuals be more resilient and prepared, and instead of pulling back spending when times are allegedly "good" so you spend in the bad times and you spend in the good times, both parties shotgun money into the economy during the "good" times and then also during the "bad" times.
Bread and circuses, and the fall of an empire... Much like 1991 I'm sure.
sj_zero 4 months ago
People get mad at me when I say we need to be careful of the official numbers, this is the second largest revision of job creation in US history. The largest revision was during the great financial crisis.
sp3tr4l@lemmy.zip 4 months ago
So… what was reported as a gain of 303k jobs for March, lowering U3 from 3.9% to 3.8%…
bls.gov/…/payroll-employment-up-303000-in-march-2…
…was actually a loss of 818k jobs, raising U3 from 3.8% to 4.3%.
Which means they counted 1.121 million jobs that did not actually exist.
I wonder how / why they fucked up this badly.
Another question: If you lose your job, and do not receive unemployment… do you just not count as unemployed? BLS says they count job losses via unemployment benefits tax filings from companies, but companies will do whatever they can to avoid paying unemployment.
Every time in my life I have lost a job, I never qualified for unemployment.
sj_zero 4 months ago
I tend to think that right now we're in an era of Soviet-style hyperrealism because things are actually getting much worse for the common man in many ways, and nobody wants to be the one holding the bag and having to tell people that things actually are as bad as they feel.
I've seen quite a few politicians say it outright: "Don't tell people things are bad, they'll start acting like things are bad which will only make things worse" -- sort of like George W. Bush's stupid "The economy is crashing, keep spending no matter what" directions to the people. It's really irresponsible, and one of the reasons why both the people and the state have gotten so much weaker over the past 20 years (They're expressing more authority but the clock is ticking). Instead of pulling back which hurts the economy in the moment but helps individuals be more resilient and prepared, and instead of pulling back spending when times are allegedly "good" so you spend in the bad times and you spend in the good times, both parties shotgun money into the economy during the "good" times and then also during the "bad" times.
Bread and circuses, and the fall of an empire... Much like 1991 I'm sure.