In a twist that raises eyebrows, it appears that nearly half of the recently touted job gains were illusory—mostly government or welfare positions. As the WSJ’s estimates cast doubt, questions arise: Are these gains genuine, or is the Bureau of Labor Statistics (BLS) playing with numbers, leaving us with a distorted jobs narrative?
The quarterly census reveals a stark contrast, with a meager 332k private sector job gains in Q2 ’23, painting a different picture than the advertised surge in nonfarm payrolls. The hefty downward revisions further add to the skepticism, uncovering a reality where job gains are roughly half of what was initially presented.
This revelation not only challenges the economic optimism surrounding job growth but also fuels public discontent with an economy where the reality may be far from the headlines. It’s time to scrutinize the figures, unmask the truth, and ask: How much of our economic recovery is smoke and mirrors?
Turns out half the jobs were fake.
Worth noting the WSJ estimates over half of new jobs were government or welfare. Makes you wonder if we gained any real jobs at all 🤔 t.co/FTHpIYwbot
— Peter St Onge, Ph.D. (@profstonge) January 30, 2024
Massively manipulated Economy pic.twitter.com/THxr70AdVU
— Win Smart, CFA (@WinfieldSmart) January 30, 2024