30% drop in homebuilding, zero change in employment of residential construction workers.
Government statistics are a joke. https://t.co/74pl67lX67
— Peter St Onge, Ph.D. (@profstonge) July 5, 2024
4.1/ Government
State & Local government jobs account for ~90% of these payroll gains. Tax receipts are still relatively strong but have definitely started to erode.
S&L tax revenue growth has slowed sharply since 2022, with receipts up just 0.2% over the past year. pic.twitter.com/EtNWoCbSws
— Piker Capital (@PikerCapital) July 1, 2024
Wells Fargo was dead-on. https://t.co/Y94Uh4KClI pic.twitter.com/lHk4o6qNGV
— Piker Capital (@PikerCapital) July 5, 2024
What concerns me about today's job report are the following:
🔴 As is happening too frequently, May saw job gains have been revised down on Friday to 218,000 from the 272,000 initially reported last month.
🔴 The Manufacturing Sector has lost another 8 thousand jobs
🔴 Once… pic.twitter.com/8tIlYzH7Vl
— Andrea Lisi, CFA (@Andrea_Lisi_CFA) July 5, 2024
The new jobs report. Most of the new jobs are coming from the government, which is not representative of how the economy is doing.
Also, overall net in the past year we are losing full-time jobs and only really adding part-time jobs .
— Wall Street Mav (@WallStreetMav) July 5, 2024
More Manipulation Of Jobs Data By Biden Admin For Political Gain
The Bureau of Labor Statistics reported Friday that nonfarm payrolls increased by more than forecasters anticipated for the month of June, which sounds like good news… in a vacuum.
Now here come the big shocking numbers of the day: The May jobs numbers were revised from 272,000 all the way down to 218,000; and April’s numbers dropped from 165,000 to 108,000.
Yes, you read that right. The Bureau of Labor Statistics cut 111,000 jobs from the April and May combined totals.
We’re not saying these numbers are cooked, but we’re not naïve to what it looks like.
This is wildly convenient for the Democrats and their defenders in the media. The solid topline number got the main headline even though the reality is that prior good news has been completely negated..