The “good jobs report” is just smoke and mirrors to have something positive to say at the state of the union. Changing how you measure the number of jobs so it looks better is just par for the course for politicians. Using the old measure that 400k over the 100k expected is 20k less than expected.
Maybe they didn’t. Still smoke and mirrors though, we “gained” 500k jobs, even though payrolls would show a decrease in 2.5m. But it was expected we would lose 3m seasonal jobs. So voila!
It’s like when the government says we saved 50 billion in spending this year because we were planning on increasing spending by 150 billion, but only increased it by 100 billion instead.
I’m not saying Biden is only one that does this, but the economy sucks, and those think the spin put out at the state union means otherwise, are like those who admire the naked emperors clothes.
> But it was expected we would lose 3m seasonal jobs. So voila!
This is not smoke and mirrors, it's a seasonal adjustment. Without these seasonal adjustments, the jobs report would be completely and utterly useless. We always lose a massive number of jobs in January after the holidays, each and every year. Removing that seasonal variation from the jobs report is the only thing that produces a useful signal, and it's something we've been doing for your entire life, so there's no difference in the trend.
The economy is quite good. Record low unemployment, near-record high job openings, very low long-term unemployed, low part-time for economic reasons, rising wages, modest inflation over the past six months, record-high corporate earnings. There are some areas that are weak, particularly manufacturing, but it's just not even remotely true that the economy sucks.
