Filed under: Bureaucracy, Capitalism, Democrat Corruption, Domestic Policy, Economy, Health Care, Military, Progressives, Unemployment | Tags: Bureau of Labor Statistics, Declining Wages, Federal Government Agencies
That was President Obama, back in February, boasting about the latest jobs report which showed the unemployment rate falling to its lowest level in eight years.”Inconvenient for Republican stump speeches” as they “continued their gloom and despair tour” he chortled. Zero Hedge points out that once again, that was then, this is now.
In yet another stunning tribute to the “accuracy” and “consistency” of economic propaganda data being reported by our government agencies, the Bureau of Labor Statistics yesterday reported a massive downward revision of the 1Q 2016 YoY real wage growth from +4.2% to -0.4% (a 4.6% swing). But we wouldn’t worry much about it because the revisions resulted in only “small” changes in the underlying data according to the BLS:Indexes of all hours-related measures in the business, nonfarm business, and nonfinancial corporate sectors show historical revisions because hours in the base year of 2009 were revised; resulting revisions to percent changes are small.
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