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'Very Significant Sign of Weakening': Bad Jobs Report Sets Off Alarms About US Economy Under Trump (www.commondreams.org)

submitted 1 day ago by pelespirit@sh.itjust.works to c/politics@sh.itjust.works

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What really made the latest jobs report concerning, however, was the downward revision of previous months' gains, which the BLS described as "larger than normal." The number of jobs added in May was revised downward from 144,000 to 19,000, while the number of jobs added in June was revised downward from 147,000 to 14,000. Taken together, this means that the economy has added an average of just 35,000 jobs per month over the last three months.

New York Times chief economics correspondent Ben Casselman described the downward revisions as "a very significant sign of weakening" and he noted that healthcare and social assistance jobs accounted for nearly all of last month's gains.

"If it hadn't been for that sector, employment would have fallen slightly," he observed on Bluesky.

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[–] njm1314@lemmy.world 6 points 1 day ago (3 children)

It doesn't really explain in the article, but how are they off by over 200,000 in the last 2 months? Was there pressure to make it appear larger than it was? That seems like a significant miscalculation.

[–] pelespirit@sh.itjust.works 7 points 1 day ago* (last edited 1 day ago) (1 children)

Trump probably said, "We've added 200k jobs, we're doing tremondous!" Then, his lackeys had to pretend that that was true. Who is going to get fired for releasing the real numbers is the mystery game.

Edit: I went back to the front page and this was there, lol.

Trump Says He’ll Fire Labor Statistics Head After Weak Jobs Data

[–] Bonesince1997@lemmy.world 5 points 1 day ago

That should solve it...

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