How did the Fed create a million non existent jobs?
Fed Confronts Up to a Million US Jobs Vanishing in Revision
BLS issues preliminary benchmark employment revision Wednesday
Economists still view job growth as healthy, albeit moderating
US job growth in the year through March was likely far less robust than initially estimated, which risks fueling concerns that the Federal Reserve is falling further behind the curve to lower interest rates.
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.
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.
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I suspect the Biden administration may have been trying to make the job growth look more robust for political reasons.
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