So Hundreds of Thousands of Those “Jobs” Were Completely Fake?

Every month, it is almost always the same story.  The government releases a number which indicates the U.S. economy has been creating plenty of “jobs”, and then later on the number is dramatically revised lower.  But by the time it is revised lower, nobody really cares anymore.  The fake numbers initially released month after month have given the American people the impression the economy is performing far better than it actually is.  Now we are about to get another major revision to the employment numbers which only happens once per year…

Once a year, the BLS benchmarks the March payrolls level to a more accurate but less timely data source called the Quarterly Census of Employment and Wages, which is based on state unemployment insurance tax records and covers nearly all US jobs. The release of the latest QCEW report in June already hinted at weaker payroll gains last year.

On Wednesday, everyone is expecting we will be told that hundreds of thousands of fake “jobs” originally reported never actually existed at all…

Goldman Sachs Group Inc. and Wells Fargo & Co. economists expect the government’s preliminary benchmark revisions on Wednesday to show payrolls growth in the year through March was at least 600,000 weaker than currently estimated — about 50,000 a month.

While JPMorgan Chase & Co. forecasters see a decline of about 360,000, Goldman Sachs indicates it could be as large as a million.

Why don’t they just try to give us an accurate number in the first place?

By now, everybody pretty much realizes the initial monthly employment numbers are usually grossly overstated.

So why not just tell us the truth?

Of course telling us the truth would destroy the carefully crafted illusions they have worked so hard to create.

Even though large corporations are conducting mass layoffs all over the nation, we are supposed to believe everything is just fine.

Unfortunately, we have reached a point where even the official government numbers are starting to show signs of trouble.  It takes about 150,000 new jobs each month just to keep up with population growth, and the initial number we were given for last month was well below that level…

Employers added 114,000 jobs last month, which was far below the Dow Jones estimate of 185,000.

The unemployment rate also edged higher to 4.3 percent – the highest level since October 2021.

It should be obvious to everyone that more Americans are unemployed these days.

In fact, most of you probably know someone personally who is looking for a new job right now.

According to a survey recently conducted by the New York Federal Reserve, an all-time record high 28.4 percent of all U.S. adults are currently looking for work…

The New York Federal Reserve’s latest poll of consumers found 28.4% of respondents were looking for a job — the highest reading since March 2014 and up from 19.4% a year ago. That includes both individuals already out of a job and ones currently employed but seeking new roles.

The readings, from the New York Fed’s thrice-annual Survey of Consumer Expectations Labor Market Survey, add to evidence that the U.S. economic outlook is worsening, even as some economists dial back their odds of a recession.

A 9 percent increase in one year is absolutely terrible.

Why aren’t more people talking about this?

We are definitely moving in the wrong direction very rapidly, and many are concerned this could have troubling implications for the financial markets.  If the employment revision which we get on Wednesday is large enough, it could potentially spark another round of selling on Wall Street…

While the stock market has now recovered, a data revision showing a large decline could reignite fears that the economy is headed for a downturn.

‘Markets, having recently experienced a growth scare that led to concerns that the Fed is behind the curve, will be monitoring Wednesday’s release of the benchmark revision to see if the market’s initial reaction was, in fact, correct,’ Quincy Krosby, chief global strategist at LPL Financial, told Bloomberg.

It is getting very difficult for even the most blind optimists to deny where things are heading.

The Conference Board’s index of leading economic indicators has been falling for 29 months in a row.

You would think tjust about everyone would be getting the message by now.

At the same time economic activity is slowing down, most Americans are finding it increasingly difficult to make ends meet due to our seemingly endless cost of living crisis.

According to a brand new survey just released, 82 percent of Americans believe “their money does not go as far as it used to”…

A growing number of Americans are pumping the brakes on spending as they continue to face elevated prices for everyday necessities like food, rent and auto insurance.

New findings published by Empower show that 62% of Americans feel their purchasing power and income in relation to prices is decreasing due to persistent inflation. Another 82% said their money does not go as far as it used to. Additionally, 79% of respondents noted that many household goods like cereal and chips are dwindling in terms of serving sizes.

Our standard of living has been going down.

Everyone can see that.

When our leaders started creating, borrowing and spending money like crazy during the pandemic, I relentlessly warned my readers this would create tremendous inflation, and that is precisely what happened.

Now I am warning that a truly terrifying economic horror show is in front of us.

The people who are running the system literally do not know what they are doing, and now all of us will get to suffer the very bitter consequences of their very foolish decisions.

Michael’s new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com, and you can subscribe to his Substack newsletter at michaeltsnyder.substack.com.

About the Author: Michael Snyder’s new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com. He has also written seven other books that are available on Amazon.com including “End Times”, “7 Year Apocalypse”, “Lost Prophecies Of The Future Of America”, “The Beginning Of The End”, and “Living A Life That Really Matters”.  When you purchase any of Michael’s  books you help to support the work that he is doing.  You can also get his articles by email as soon as he publishes them by subscribing to his Substack newsletter.  Michael has published thousands of articles on The Economic Collapse Blog, End Of The American Dream and The Most Important News, and he always freely and happily allows others to republish those articles on their own websites.  These are such troubled times, and people need hope.  John 3:16 tells us about the hope that God has given us through Jesus Christ: “For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life.”  If you have not already done so, we strongly urge you to invite Jesus Christ to be your Lord and Savior today.

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Michael Snyder is the publisher of The Economic Collapse Blog, The American Dream Blog and The Truth. You can follow him on Twitter right here.